Have you read : PayPal Plunges

[Policequilts]

I spotted this on the internet

PayPal Plunges, Forced to Close 4.5 Million Accounts
https://finance.yahoo.com/video/payp...200026623.html

"PayPal Holdings Inc. said it closed 4.5 million accounts and lowered its forecast for new customers after finding "bad actors" were taking advantage of its incentives and rewards programs. Shares of the company fell by the most on record. Kriti Gupta reports"


I hope that eBid will get Stripe Payment integrated soon.

[theElench]

My first thought, before watching the clip that you linked, was -- They should have looked after the account holders that they have better.

After watching it I thought, what's the connection between closing 4.5M accounts for "taking advantage of their incentives and reward programs" and lowering their forecast for new account growth?

Just my opinion but is it (yet again) the way American Corporations seem to believe they can get away with appallingly bad behaviour to their existing customers. Policy changes announced with a couple of lines that give no details what-so-ever to puzzled account holders. No further comment from the company for those who visit their boards seeking further info. or guidance. Very little customer support when problems arise.

Didn't they take into account that incentives and rewards programs might lead to some "taking advantage" and adequately vet applicants? Or did they use another trait that seems common practice in the industry - rush out an untested idea and then use heavy-handed tactics to try and sort out any problems later? No matter how many problems or how much inconvenience the heavy-handed approach causes entirely blameless customers who have absolutely nothing to do with "taking advantage" and simply want a reliable and mostly basic service of moving money from one person/business to another.

On balance I'd say that connecting PP's closure of accounts and falling growth of account numbers might be a bit of obfuscation. The reason for the falling growth figure is more to do with unreliable service and bad customer relations. They seem to forget that a disadvantage of being big is that large numbers of unhappy customers all have friends, neighbours and family that will all hear about bad experiences, act accordingly and go elsewhere.

I also hope that Ebid integrates Stripe ASAP. All the corporations need a kick in the rear and one way of delivering it would be to have some real competition in the industry. The complacency begins because so many of them are effectively near monopolies in their area of interest.

[Policequilts]

I agree that the these money processors should be better regulated.

Ebay and Etsy had to get transmitter processing licenses to have "in-house payment" and really need to be audited. Reading their forums and seeing how those sites "hold" or have "reserve holds" on sellers money for indefinite time is out right wrong. They should be forced to pay interest on these holdings and not the current interest rate, but something that would give them some thought about holding others money.

Hoping for Stripe to be integrated soon.

[theElench]

Yes, the usual reason given on obay is that further verification is needed. After quite happily paying some sellers on numerous occasions over many months they will, without warning, find all payments for sales stopped.

I haven't looked at etsy's boards but I have looked at PP's. Shocking, pages of "Can't log-in" / My account has been frozen" threads.

Again I don't know about etsy but I do know that PP and Obay drew up a new User Agreement for the UK after Brexit, where they both explicitly acknowledge that they are regulated by the UK Financial Conduct Authority.

If there are enough complaints it will trigger "talks" about their conduct and if they don't improve a full investigation of their conduct can follow. I think it's about time that not just payment processing was investigated, but the whole situation in on-line market places. A handful of platforms all controlled by the same major shareholders to my mind is a cartel.

[Policequilts]

I haven't looked at etsy's boards but I have looked at PP's. Shocking, pages of "Can't log-in" / My account has been frozen" threads.

On the Etsy boards, I have read where they have taken 75% as a reserve of the seller's money.
I believe the new sellers it's automatically done, I think up to 90 day held. Then there are others that out of the blue that they take 75% of the money for reserves (and some of these sellers have been seller there for years).

There has to be regulations and there needs to be a punishment (and make it retroactive).

[BordersBargains]

Yeh Etsy have been bad lately with holding people money and I see no reason why they should with sellers that have been using the platform for years

As for getting another payment option here I seriously don't expect it to happen