PayPal is making changes to its User Agreement, which will go into effect next month. The company sent an email notification to users this week with the subject line, “Upcoming changes to our PayPal legal agreements”:
We’re making some changes to our legal agreements that will apply to you. There is no action needed from you today, but if you would like to learn more, you can find details about these changes, when they apply and what you can do if you want to decline the changes on our Policy Updates page. You can also view these changes by visiting PayPal.com, clicking ‘Legal’ at the bottom of the page and then selecting ‘Policy Updates’. If you have questions about any of these changes or your account, please don’t hesitate to get in touch with us. Thank you for being a PayPal customer.
The policy updates are summarized very broadly on this page of the PayPal website; the following two changes jump out involving fees:
- “We are establishing a dispute fee and its terms and conditions for sellers.”
- “Upon the effective date of this update, the currency conversion spread for goods and services or send-money transactions will be 4%.”
Be sure to review all of the changes, and check out the AuctionBytes Blog for more information about the new dispute fee.
PayPal is not necessary.
Credit Card companies take care of chargebacks and other consumer complaints FASTER than PayPal.
PayPal no longer has any purpose on the eCommerce landscape.
Other than the ability to transfer money from one private party to the next, PayPal really never had any purpose. It was a New Fangled idea whose time ended YEARS ago.
For most, PayPal is a distant taxidermied nightmare.
PayPal has been my sole payment processor since late 2001.
Besides costing much less than traditional bank services which often have minimum monthly charge amounts and/or a myriad of additional fees for customer charge backs and previous transaction research, unlike my past experiences with bank merchant accounts and eBay, there has never been a problem or a dispute with PayPal in the nineteen years that I have utilized their services.
Both my customers (i.e., domestic and foreign) and I really like the cost, simplicity, and consistent reliability of PayPal.
Additionally there are no loan services that can compare with PayPal Working Capital.
Banks outrank PayPal.
Always have always will.
Corporate PayPal suck ups will be left holding an empty bag.
@ The End
Given the following statistics which are available online, your grievances with PayPal are definitely not shared by everyone.
With 346 million active users in the second quarter of 2020, which represents a 21% year-on-year growth rate, $17.772 billion in annual revenue and $2.459 billion in earnings in 2019, which amounts to a 15% increase over the previous fiscal cycle, if PayPal was a bank, it would be the 21st largest one in the United States.
As its growth rate has been in the double digits since the divorce, separating from the sinking ship called eBay was the best thing that could have ever happened to PayPal .
Re: “Banks outrank PayPal.”
Aside from the ever present fees for just about everything, have you ever tried to get a loan from a bank?
Assuming a small business can even obtain a loan, the approval process is both lengthy and challenging.