|Sun May 29 2011 09:23:32|
PayPal Earns Float on Subscription Payments?
By: Ina Steiner
This is something that just happened to me - my monthly subscription to my web host provider was canceled by PayPal because I did not have an active backup funding source. This is what the first letter said:
The payment for your subscription to www. .com failed because you do not currently have a back-up funding source for your instant transfer payment. .com has been notified of this failed payment.
We will try to make payment again on May 26, 2011.
To correct this problem, you must update your funding source to be an eCheck or a credit card.
My primary source had ample funds to cover this expense and when I talk to PayPal they come out with the excuse that "what if my primary source didn't have enough money". So, I compare my PayPal payments to my payments at my Web provider and guess what? PayPal removes funds every month on the 18th and pays my provider on the 27th!
Figure out what the interest is on Millions of transactions being held by Paypal for 9 to 10 days! Another way we get ripped off by them. I went to my provider and am now doing a direct payment to them with a credit card. Paypal loses.
Please keep me anonymous.
Note from the Editor: The reader provided a screenshot of his PayPal account showing a withdrawal for the web-hosting payment on 1/18/11, and a screenshot of his web-hosting account showing payment was made on 1/28/11.
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