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We got banned from PayPal after 12 years of business

blog.niteo.co

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Re: We got banned from PayPal after 12 years of business

#111

Post by dTal »

55555 wrote: post #35
chmod775 wrote: post #4

I've been preaching this since forever. Don't rely on PayPal. They're less professional than a kid selling juice next to the road. There are no grace periods with PayPal to give you time to move to another service. There is never more than a generic reason and stonewalling when they terminate you. And yes, their decision is always final. They'll happily terminate your only source of income on a friday afternoon, free…

> And yes, their decision is always final. Perhaps their decision to close your account is always final, but don't lose all hope after having your funds frozen. I had 25-100k frozen (can't remember how much), and picked up the phone and called them and it was unfrozen within 48 hours. Paypal is god-awful though and should be used as little as possible.

Why do we call it "frozen"? It sounds more like "stolen" to me.

Re: We got banned from PayPal after 12 years of business

#112

Post by lawn »

michaelt wrote: post #81
lawn wrote: post #52

Earlier quoted context omitted.

One potential benefit (which merchants so far don't show you) is that cryptos is free for the merchants to accept. Credit cards can take a massive chunk out of your profit and they're open to charge back fraud. Cryptocurrencies remove those fees and the risk for charge back fraud, so the merchant earns more when you pay them with cryptos. To incentivize this they could charge you less than if you paid with a credit c…

According to [1] right now, if you want your bitcoin transaction to have a good chance of being in the next block, the fee is 18,450 satoshis, i.e. $1.11 [1] https://bitcoinfees.earn.com/

Bitcoin is a broken cryptocurrency. It's not argument against cryptocurrencies in large, only against Bitcoin specifically.

For example Bitcoin Cash has a next block fee of $0.0014. [1]

[1]: https://bitcoinfees.cash/

Re: We got banned from PayPal after 12 years of business

#113

Post by dkersten »

viraptor wrote: post #40
LeonM wrote: post #22

Even though I absolutely agree that you shouldn't put all your eggs in one basket, it is ultimately the market that could drive you towards a dependency situation. I have had a couple of customers for which I set up both PP and another PSP (such as stripe). Then it turned out that about 90% of their transactions came from PP. So even if I set up 10 different PSPs for them, if PP bans them, they will still be out of b…

That doesn't necessarily follow. It shows that users prefer PayPal, but not that they wouldn't use alternatives if PayPal's not available. If they really want to know the answer, they could do an A/B test with missing PayPal and see how many people drop out without it. Also, was PP the default/first payment option by any chance?

Personal anecdote: I often will prefer PP as a consumer out of laziness. Its quick and easy and most sites support it, but if PP isn't an option, then I'll happily use a different method.

Re: We got banned from PayPal after 12 years of business

#115

Post by jdironman »

dTal wrote: post #111
55555 wrote: post #35

Earlier quoted context omitted.

> And yes, their decision is always final. Perhaps their decision to close your account is always final, but don't lose all hope after having your funds frozen. I had 25-100k frozen (can't remember how much), and picked up the phone and called them and it was unfrozen within 48 hours. Paypal is god-awful though and should be used as little as possible.

Why do we call it "frozen"? It sounds more like "stolen" to me.

Right, if someone says alright, put your money in this box. But then they take the box and close it and say no, you can't open it, Sorry. What does that sound more like? Frozen, or stolen?

Re: We got banned from PayPal after 12 years of business

#116

Post by viraptor »

LeonM wrote: post #98
jdietrich wrote: post #45

Earlier quoted context omitted.

>If they really want to know the answer, they could do an A/B test with missing PayPal and see how many people drop out without it. I've done these tests, repeatedly; removing the PayPal payments option consistently leads to a statistically significant increase in cart abandonment. Some customers strongly prefer PayPal (especially on unfamiliar sites) and some don't have a credit card.

> and some don't have a credit card If your customers are from Europe, it's not some , but most customers that don't have a credit card. Credit cards are uncommon here (probably hard to imagine if you are from USA). Online payments are a fragmented mess in Europe. Most countries have their own preferred online payment method (like iDEAL or bancontact), Paypal is basically the only reliable method that works everywher…

> If your customers are from Europe

This is not a great approximation. In the UK you can assume almost every person has a payment card that works on the internet (debit and/or credit). In Poland on the other hand, the number of systems gets silly (https://m.lot.com/us/en/payment-methods-on-lotcom)

Re: We got banned from PayPal after 12 years of business

#117

Post by HenryBemis »

Literally NO ONE wrote the below:

Every Friday go online and withdraw all-but-the-necessary £€$$ to your bank account (transfer wire or via card number). I do get some revenue via PayPal, and the very same day (or the next) I 'download' comes it to my bank account (connected to PayPal via card) and IMMEDIATELY is shipped to another account that has all the controls to make money (relatively) unmovable.

I perceive PayPal as my wallet. I do keep 'some' money in it but I keep the motherload away 'layers' deep.

My money flow diagram, in the back end, includes "tax", "expenses", and "vault" (alarm Scrooge McDuck) accounts.

I see PayPal as the envelope that I am given the cash in. It doesn't stay there for more than 24-48h.

Edit: someone below mentioned they do spam.. if e.g. USA authorities has alerted them about doing shady things, PayPal would also receive a gag order with it to a) freeze their $$$$ and b) gag them. If I was Niteo I would get my pencils sharpened and wake up my lawyers.

Re: We got banned from PayPal after 12 years of business

#118

Post by stakhanov »

I've had so many bad experiences with PayPal. (One of them was having the money in a checkout-through-Paypal transaction frozen for no reason. They insisted that they would keep my money and not pass it on to the vendor if I didn't set things straight by sending them a FAX; no other mode of communication accepted).

Even as a consumer I now no longer transact business through PayPal if it is at all avoidable. If I want to buy something from an online vendor that only offers PayPal, I will go to great lengths to find another vendor that offers a payment mechanism other than PayPal.

Re: We got banned from PayPal after 12 years of business

#119

Post by ru999gol »

55555 wrote: post #35
chmod775 wrote: post #4

I've been preaching this since forever. Don't rely on PayPal. They're less professional than a kid selling juice next to the road. There are no grace periods with PayPal to give you time to move to another service. There is never more than a generic reason and stonewalling when they terminate you. And yes, their decision is always final. They'll happily terminate your only source of income on a friday afternoon, free…

> And yes, their decision is always final. Perhaps their decision to close your account is always final, but don't lose all hope after having your funds frozen. I had 25-100k frozen (can't remember how much), and picked up the phone and called them and it was unfrozen within 48 hours. Paypal is god-awful though and should be used as little as possible.

There are lots of horror stories about Paypal, but there is an obvious problem, nobody is going out of their way to write a blog post about how Paypal always worked for them. You can find pretty much the same horror stories about any Bank or credit card company.

Re: We got banned from PayPal after 12 years of business

#120

Post by dkersten »

sincerely wrote: post #72
viraptor wrote: post #50

Earlier quoted context omitted.

> Uber charged $1500 to my debut card a few months ago. There's literally nobody you can call about it. Your bank. You dispute the charge. Uber can deal with your bank. It doesn't matter it was a debit card. It means you're missing the money immediately, but doesn't stop you from disputing.

You get banned from Uber if you do that, no?

Why would you want to stay on Uber? So they can charge you $1500 again sometime in the future?
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