Email a copy of 'PayPal Updates User Agreement Effective July 9th' to a friend
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Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.
always only use an empty prepaid card on paypal, so they dont help themselves to your banks accoutn any time they want
Actually, I don’t have a problem with that part of the agreement. I hate my account being negative and I don’t leave an excess of money in PayPal. It’s mine after all. I would like an easier way to clear funds that are in arrears in Paypal instead of the “It takes 4-7 days processing time from your bank). One of my accounts is $9.17 in the red. It’s ridiculous. I figure if they had any brains, they’d take it from my bank account.
I don’t have a problem with this either. The one problem I do have is that when they have to dip into your bank account (or whatever your backup is) to cover a refund to a customer, the customer then has to wait days to actually get their money back.
I had this happen once back when I didn’t used to keep a balance in my PayPal account due to all the horror stories about them putting long holds on people’s accounts for unjustifiable reasons. It never occurred to me that the $0.30 they keep when refunding would cause my account to have insufficient funds to cover the refund.
That’s the one time I got upset with PayPal over the phone because they were jacking with the quality of customer service I provide to MY customers. LOL It’s not that they had to dig into my bank account that I have a problem with. It was the fact that my customer wasn’t immediately refunded.
Ever since, I have been keeping ALL of my business profits in my PayPal account and now use it as my business bank account with my PP debit card. Fortunately, I have never had an issue with PP doing anything unscrupulous to my account.
I agree with PurpleIris. I haven’t had problems with PP. I do a money dump two different days of the week so that I have regular ‘paydays’. Very nice to have finally gotten that consistent with earnings that I can do it. A few years back, I had to dump daily just to be sure bills were paid.
However, I also got a letter from PP about another program that I qualified for, where they won’t automatically delete all the money in my account assuming someone does a chargeback or whatever. I was busy and haven’t had the time to read and comprehend it all, but basically, it was about they would protect me against things that I have never had a problem with. I figure they are assuming that they won’t have to cover for me much since they haven’t had to prior to this. 🙂 I do understand that places like PP have to change as systems change. This change seems for the better, especially now that we can accept debit cards – I think they are meaning Visa, Mastercard, etc. debit cards through your bank accounts.