Very disturbing and frightening read - especially because I've stumbled such horror stories about PayPal quite a lot the last couple of months.
“Is PayPal good for your microISV business?” A short PayPal horror story
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Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#12I suspect that PayPal is the payment processor of choice for all crooks and scammers. Thus, choosing them as your payment processor is risking your business reputation - they will always default to treating their customers with suspicion and if they have your cash in their coffers then they will sit on it given any excuse to be "suspicious" - that's the business model they operate within. While the cost of processing…
The reason that PayPal survived and is still around is because they took a very risk averse attitude and pro-actively try to combat fraud. Most of their competitors didn't fail because of lack of customers, they failed because they couldn't handle the fraud.
If you want to get a more detailed view of the issues have a read of the interview Max Levchin gave to JL in Founders at Work.
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#13What's an alternative to PayPal then?
Google Checkout, Amazon Payments, 2Checkout, Authorize.net, and other cc processors. Or get a merchant account.
Most CC processors are much more expensive if you're only dealing with a small number of sales, they're only worth using if you're beyond a certain size which most mISVs won't be.
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#14Wondering if anyone has a success story with PayPal?
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#15Sounds a lot like the various AdSense horror stories. A recent one:
http://groups.google.com/group/android-discuss/browse_thread...
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#16Do business with your bank. You have a person you meet face to face whenever you need and who's going to crawl within the organization to fix that kind of problem.
What PayPal did is pretty logical given the number of fraud they get everyday. e-mail has got no legal value and from the outside what they did wasn't very rigorous.
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#17Time and time again I've heard these PayPal horror stories (and at www.paypalsucks.com). I am very leery of PayPal and make it a point to always transfer any balance out immediately, as their freezes seem like a nightmare to deal with. I wish Google Checkout had a more compelling product, and that there were a better solution for C2C sales.
I've heard horror story after horror story and yet I've never had any issues with PayPal. I've stored money there, used their Visa/debit cart and even opted into their money market option and made some money (off my money) for several years. Factoring in anecdotal evidence like this (or mine) always has risks. I'm sure you could find someone local who absolutely hates the bank you choose to have accounts with, but th…
Can you tell more about "money market option"? I'd like to try it but I can't find it anywhere in my PayPal account.
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#18Do business with your bank. You have a person you meet face to face whenever you need and who's going to crawl within the organization to fix that kind of problem. What PayPal did is pretty logical given the number of fraud they get everyday. e-mail has got no legal value and from the outside what they did wasn't very rigorous.
> e-mail has got no legal value
How's that?
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#19Time and time again I've heard these PayPal horror stories (and at www.paypalsucks.com). I am very leery of PayPal and make it a point to always transfer any balance out immediately, as their freezes seem like a nightmare to deal with. I wish Google Checkout had a more compelling product, and that there were a better solution for C2C sales.
I've heard horror story after horror story and yet I've never had any issues with PayPal. I've stored money there, used their Visa/debit cart and even opted into their money market option and made some money (off my money) for several years. Factoring in anecdotal evidence like this (or mine) always has risks. I'm sure you could find someone local who absolutely hates the bank you choose to have accounts with, but th…
I've had one account closed down, but luckily I hadn't registered bank account details etc., only one of my credit cards. I recommend only ever registering the bare minimum of details with any given PayPal account, so that you can open up a new one with a different email address and different set of details.
Re: “Is PayPal good for your microISV business?” A short PayPal horror story
#20Do business with your bank. You have a person you meet face to face whenever you need and who's going to crawl within the organization to fix that kind of problem. What PayPal did is pretty logical given the number of fraud they get everyday. e-mail has got no legal value and from the outside what they did wasn't very rigorous.
> e-mail has got no legal value How's that?
No signature.