PayPal Wants to Be Your Financial-Services Everything

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PayPal could soon become a one-stop shop for all of your financial services needs? Ummm, I don't think so.

Already a presence in some 30-plus retailers today, alt-payment service provider PayPal is preparing to launch a major expansion of its on-premise checkout service through a partnership with Alliance Data Systems as well as its Bill Me Later lending service through private-label credit cards issued by Alliance's partners.
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f*ck all that mess. I can see it now.. need to pay the mortgage but some "issue" got your account locked out and now they have your REAL money hostage. (as opposed to using PP for minor purchases) They haven't showed any initiative to be consumer friendly.. don't think it's going to start now.
 
Friend is trying to sell his truck via Craigslist. All the out of state offers include Paypal payment. Total scam and Paypal facilitates this kind of behavior. Screw them.
 
really?

arbitrary account lockdowns with no usable appeal process would be my first concern

tons of folks been fucked good by PP
 
Liver said:
Friend is trying to sell his truck via Craigslist. All the out of state offers include Paypal payment. Total scam and Paypal facilitates this kind of behavior. Screw them.
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Yup, they sure do!

When I had my business several years ago some dirtbag THEY ADMITTED WAS DIRTY did a reverse charge on me and cleaned $500+ out of my account. After several fruitless phone calls I finally stated I was going to pass over all documents to the attorney general of CT and you could deal with that well rounded a$$hole camera hound and see how much this chargeback was really going to cost you since you already came clean and stated you knew the guy was a crook.

I was refunded my money at lightspeed, I kid you not.
 
Yeah, when pigs fly (without a catapult)!

Sorry, but unless they're regulated (end to end) JUST like a bank, they can fuck the hell off.

Nobody in their right mind should trust them with so much as a plug nickel.
 
magnetik said:
wouldn't use them even if they were regulated.
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Me, neither. They've got some of the worst practices known to man. I only use them when absolutely necessary (prefer Amazon, but will take PayPal, but it's soon out of there!).
 
Flyboat said:
why do you hate pp? I thought it is alright.
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Paypal catches a lot of flak due to the way they do business. They spend millions of dollars each year lobbying to avoid being regulated like a bank. This means they don't get held accountable to federal banking regulations. Ebay vendors, and normal people with paypal accounts, have had their accounts frozen due to disputes with customers. In many cases that are obvious scams, Paypal will ignore evidence you provide to them such as delivery confirmations, signature verifications, and give the scammer back their money anyway. If someone makes a purchase from you using a hacked Paypal account or stolen credit card, you're liable for the reverse charges since Paypal doesn't have to eat the loss like a bank would due to being unregulated.

The operate like a bank, handle money like a bank, offer credit cards like a bank, yet they're not held accountable like a bank.
 
Gman1979 said:
Paypal catches a lot of flak due to the way they do business. They spend millions of dollars each year lobbying to avoid being regulated like a bank. This means they don't get held accountable to federal banking regulations. Ebay vendors, and normal people with paypal accounts, have had their accounts frozen due to disputes with customers. In many cases that are obvious scams, Paypal will ignore evidence you provide to them such as delivery confirmations, signature verifications, and give the scammer back their money anyway. If someone makes a purchase from you using a hacked Paypal account or stolen credit card, you're liable for the reverse charges since Paypal doesn't have to eat the loss like a bank would due to being unregulated.

The operate like a bank, handle money like a bank, offer credit cards like a bank, yet they're not held accountable like a bank.
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Thanks for the explanation.
 
Gman1979 said:
Paypal catches a lot of flak due to the way they do business. They spend millions of dollars each year lobbying to avoid being regulated like a bank. This means they don't get held accountable to federal banking regulations. Ebay vendors, and normal people with paypal accounts, have had their accounts frozen due to disputes with customers. In many cases that are obvious scams, Paypal will ignore evidence you provide to them such as delivery confirmations, signature verifications, and give the scammer back their money anyway. If someone makes a purchase from you using a hacked Paypal account or stolen credit card, you're liable for the reverse charges since Paypal doesn't have to eat the loss like a bank would due to being unregulated.

The operate like a bank, handle money like a bank, offer credit cards like a bank, yet they're not held accountable like a bank.
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So.......... you're saying they won't get a bailout?
 
magnetik said:
wouldn't use them even if they were regulated.
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Exactly. As a former banker, I can tell you all about some of the problems my clients had with paypal and fraudulent activity along with the nightmare that follows.

From a banking services standpoint, a company that is absolutely serious about security is also my top priority.
 
That and PayPay's policy of not allowing the purchase of certain types of LEGAL goods (in my case, firearms or ANY firearm parts), even when being handled according to the law.
I was buying a stock/barrel combo for a Ruger 10/22, and when Paypal got wind of that merchant... They froze his entire account and started confiscating all payments for parts (like my order).

Any group that works like that gets no money from me EVER again!
 
I use paypay for selling on ebay -- that's IT. Even after having 100% positive feedback rating and being a paypal "customer" for almost 10 years... they still want to put a hold on the money I receive.

They are owned by Ebay currently? Their fee structure is basically like double dipping in my opinion. To the point it costs you 10% of whatever value just to get rid of it. Nuts to that.

I transfer my money ASAP if it's sitting in paypal -- I don't trust them at all. Never had any fraud issues - but then again I don't use them to buy anything.
 
PayPal used to be awesome back in the early days until they got bought by eBay...the rates went through the roof and they became lackadaisical towards everything customer related. I had a PayPal Credit Card about a dozen years ago through Providian and it was the best credit card I ever had. Providian got bought out by Washington Mutual and I was quite pleased for the short time I had with them before Chase bought them out. Now that Chase owns them, it's just been a ho-hum typical credit card.

I've not used PayPal for anything in probably 5-6 years, and I don't have intentions to do so ever again. To me, they are the biggest scammer out there.
 
collegeboy69us said:
I use paypay for selling on ebay -- that's IT. Even after having 100% positive feedback rating and being a paypal "customer" for almost 10 years... they still want to put a hold on the money I receive.

They are owned by Ebay currently? Their fee structure is basically like double dipping in my opinion. To the point it costs you 10% of whatever value just to get rid of it. Nuts to that.

I transfer my money ASAP if it's sitting in paypal -- I don't trust them at all. Never had any fraud issues - but then again I don't use them to buy anything.
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Yeah PayPal is crooked as hell... but even transferring money out immediately from your PP balance won't help you because they can/will try to withdraw it directly back from your bank account.

You can't use PayPal without a bank account, and you've "given them permission" to deposit/withdraw from that account once you associate it so...

You can transfer cash out of PP, and then even clean out your bank account for good measure once the transaction clears... then you can sit back and watch PP rack up NSF fee after NSF fee as they repeatedly try to pull money back from your account until you are literally forced to close the bank account and get a new account #.

Yeah, I speak from experience...

Ever since PayPal got into bed w/eBay and eBay has become so anti-seller (the buyer is pretty much always in the right now, even if they are clearly a scammer) in their drive to become a "marketplace" akin to Amazon instead of a "simple" auction site, using either eBay or Paypal (and especially using them together) is downright dangerous.

They are paying good money to avoid all the laws and regulations that should apply to them and need to be sued big time by the government...
 
DejaWiz said:
PayPal used to be awesome back in the early days until they got bought by eBay...the rates went through the roof and they became lackadaisical towards everything customer related. I had a PayPal Credit Card about a dozen years ago through Providian and it was the best credit card I ever had. Providian got bought out by Washington Mutual and I was quite pleased for the short time I had with them before Chase bought them out. Now that Chase owns them, it's just been a ho-hum typical credit card.

I've not used PayPal for anything in probably 5-6 years, and I don't have intentions to do so ever again. To me, they are the biggest scammer out there.
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Do you use your credit card when you make online purchase?
 
Why hasn't anyone directly challenged a Paypal alternative?
 
Because ebay owns Paypal and they require it's use on all ebay transactions. Expected to be over $20 billion in payments for 2013.
 
WhiskeyTangoFoxtrot said:
You can't use PayPal without a bank account, and you've "given them permission" to deposit/withdraw from that account once you associate it so...
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Uh... you totally can use Paypal without a bank account.

I've had a paypal account for over a decade now and the only thing that has ever existed on it is one of my credit cards. So PP just acts as a happy buffer between whatever etailer I'm hitting up and my CC number.

I have never had any *real* assets connected to paypal, ever. Consequently, I must be the only person on [H] to have never had a problem out of them. I'm not going to wave a 'YAY PAYPAL!' flag or anything, but... well, this is why you never give any other entity direct access to your bank account other than your employer for the sole purpose of direct deposit.

I rarely use angry all-cap emphasis on things but let me say this with intense emphasis... as this is something I tell anyone I know or meet that has had an issue where their money was withheld from them due to another company holding their bank account... ooh and in red too!

NEVER AUTHORIZE ANYONE OR ANYTHING ELSE DIRECT ACCESS TO YOUR BANK ACCOUNT, EVER.
*Other than your employer for direct deposit because, money.
**This includes debit cards.

Cthulhu forbid people ever have to use restraint, but this is why credit cards (from reputable companies of course) are fantastic. They are at your mercy to pay them and they'll go to bat for you with a chainsaw. As an added bonus, as long as you don't spend more than you can pay in a single month (and pay them off every month), you too can have an 830 credit score.
 
DiabloRojo said:
Uh... you totally can use Paypal without a bank account.

I've had a paypal account for over a decade now and the only thing that has ever existed on it is one of my credit cards. So PP just acts as a happy buffer between whatever etailer I'm hitting up and my CC number.

I have never had any *real* assets connected to paypal, ever. Consequently, I must be the only person on [H] to have never had a problem out of them. I'm not going to wave a 'YAY PAYPAL!' flag or anything, but... well, this is why you never give any other entity direct access to your bank account other than your employer for the sole purpose of direct deposit.

I rarely use angry all-cap emphasis on things but let me say this with intense emphasis... as this is something I tell anyone I know or meet that has had an issue where their money was withheld from them due to another company holding their bank account... ooh and in red too!

NEVER AUTHORIZE ANYONE OR ANYTHING ELSE DIRECT ACCESS TO YOUR BANK ACCOUNT, EVER.
*Other than your employer for direct deposit because, money.
**This includes debit cards.

Cthulhu forbid people ever have to use restraint, but this is why credit cards (from reputable companies of course) are fantastic. They are at your mercy to pay them and they'll go to bat for you with a chainsaw. As an added bonus, as long as you don't spend more than you can pay in a single month (and pay them off every month), you too can have an 830 credit score.
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Perhaps I should rephrase... you can't use 95% of PayPal's features or use PayPal on eBay (as a seller) without a bank account.

If you want to use PayPal as an unverified user to buy shit on random websites... well, you might as well just USE a credit card in that case, but more power to you for making your purchase extra complex.
 
Nelson_Ha-Ha.jpg
 
WhiskeyTangoFoxtrot said:
Perhaps I should rephrase... you can't use 95% of PayPal's features or use PayPal on eBay (as a seller) without a bank account.

If you want to use PayPal as an unverified user to buy shit on random websites... well, you might as well just USE a credit card in that case, but more power to you for making your purchase extra complex.
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I wouldn't use anything but a credit card when i buy shit on-line. Makes fighting over shit much easier.
 
Hahaha fuck no. Get out Paypal. I rather use Amazon Payments.
 
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