Their policies, verification systems, KYC/AML processes, risk aversion, and customer support leave many PayPal users with unmet expectations, especially when there is an issue with the transaction and PayPal is asked to assist.
The company has found ways to avoid some of the regulations that banks are held to which is partly the reason for the issues.
If you search the web for PayPal experiences, you’ll find concerns such as their 1.3 star rating with almost 35,000 reviews on Trustpilot.
A few matters - About 5-6 years ago - PayPal was going to make telemarketing your phone number a requirement in order to have an account - If you had an account, they were going to FORCE you to allow their 3rd party marketing calls. No opt-out available whatsoever.
PayPal is also an owner of the extension Honey - an extension that promoted they would try every online coupon code to see if you could save money on a deal. Recently (within the last year) it was discovered that even if they didn’t provide you with any discount at all - they were still hijacking the referral links that brought you to the shop site in the first place. They were also striking deals to those same vendors about kickbacks to NOT keep the best coupons in their system. Essentially they were taking money from three sides, promoters, vendors, and the purchasers - all while NOT providing the best possible coupon codes - which was the whole advertised point of their service. Lawsuits on this are pending.
Afaik, the issue that was making the most victims, was that they were facilitating scammers that targeted sellers: 5. Good Luck Recouping Losses as a Seller in Disputes.
89% of sellers experienced dispute resolution problems with PayPal in 2021 surveys. Despite providing evidence the item shipped or service rendered, they lost cases and sums averaging $622.
This is driven by PayPal‘s buyer-favored review round taking 1-2 weeks. This favors scamming buyers at the expense of legitimate businesses.
Iirc, there was a time when Paypal always sided with the buyer, irregardless of evidence or past track record, the review process was useless. Once scammers picked up on this and began scamming sellers en masse, Paypal still kept their policy unchanged for years and sellers started to raise their prices on platforms that forced them to accept Paypal (ebay used to do this). Ebay has since tossed Paypal off their platform. I don’t know if Paypal ever improved.
Honestly fuck Paypal, don’t bring it back.
Asking as an ignorant person, what’s wrong with PayPal?
Their policies, verification systems, KYC/AML processes, risk aversion, and customer support leave many PayPal users with unmet expectations, especially when there is an issue with the transaction and PayPal is asked to assist.
The company has found ways to avoid some of the regulations that banks are held to which is partly the reason for the issues.
If you search the web for PayPal experiences, you’ll find concerns such as their 1.3 star rating with almost 35,000 reviews on Trustpilot.
A few matters - About 5-6 years ago - PayPal was going to make telemarketing your phone number a requirement in order to have an account - If you had an account, they were going to FORCE you to allow their 3rd party marketing calls. No opt-out available whatsoever.
PayPal is also an owner of the extension Honey - an extension that promoted they would try every online coupon code to see if you could save money on a deal. Recently (within the last year) it was discovered that even if they didn’t provide you with any discount at all - they were still hijacking the referral links that brought you to the shop site in the first place. They were also striking deals to those same vendors about kickbacks to NOT keep the best coupons in their system. Essentially they were taking money from three sides, promoters, vendors, and the purchasers - all while NOT providing the best possible coupon codes - which was the whole advertised point of their service. Lawsuits on this are pending.
They quite often steal your money.
They don’t like free speech, they’ve stopped processing payments on steam because they don’t like some of the games on the platform.
Isn’t that like all credit card payment processors? Maybe we should just use Monero
I’ve only heard of Visa, MasterCard and PayPal censoring content but I could be mistaken; but yes we do need a much wider variety of options.
A non exhaustive list of what makes them awful: https://expertbeacon.com/why-is-paypal-so-bad/
Afaik, the issue that was making the most victims, was that they were facilitating scammers that targeted sellers:
5. Good Luck Recouping Losses as a Seller in Disputes.
89% of sellers experienced dispute resolution problems with PayPal in 2021 surveys. Despite providing evidence the item shipped or service rendered, they lost cases and sums averaging $622.
This is driven by PayPal‘s buyer-favored review round taking 1-2 weeks. This favors scamming buyers at the expense of legitimate businesses.
Iirc, there was a time when Paypal always sided with the buyer, irregardless of evidence or past track record, the review process was useless. Once scammers picked up on this and began scamming sellers en masse, Paypal still kept their policy unchanged for years and sellers started to raise their prices on platforms that forced them to accept Paypal (ebay used to do this). Ebay has since tossed Paypal off their platform. I don’t know if Paypal ever improved.