Congratulations, Paypal India !!
What was it this time? After many events such as http://www.warriorforum.com/main-int...ead-today.html and http://www.warriorforum.com/main-int...-joke-now.html and http://www.warriorforum.com/main-int...ypal-bomb.html and http://www.warriorforum.com/main-int...pal-rules.html (some are multiple reports of the same event but there are a distinct few), Paypal has set their system to make it even more challenging to Indian sellers.
This time, at least for me, my account was automatically cleared and all my money in Paypal was auto-deposited in my bank account - which is the less dangerous part.
The more dangerous part is that they have set it to daily auto-withdrawal. What that means is that my account will be cleared daily and any day that I earn less than $130-odd (actually less than INR 7,000) I shall have to pay a fee of INR 50 - around $1.1 - for clearing my account. WOW !! Even if I earn $1 on a day, I shall have to clear my account (because they will force me to do it) and then pay $1.1 to them for doing that, which essentially means I could have a negative Paypal balance now because I earned. Beautiful.
Why are Paypal doing this?
The Government of India wants Paypal to account for the money people hold there. Paypal is NOT a bank so the regulations in India require them to clear the money within 7 days. And more than that, to bring transparency to their system, the Reserve Bank of India (the front face of the Government for monetary matters) want Paypal to report bigger transactions. Paypal wants to avoid that at any cost.
I have requested Paypal on an email to make my withdrawal weekly rather than daily so that I am still within legal rules but don't have the hassle to pay up every day.
But the bigger pain point is, why would they not report to the Government rather than making their sellers pay for it, if they are dealing with money? What does that make them look like?
Really, every time this happens, I feel like going for alternate payment methods and never end up doing that. But this time the daily clearance will hurt my bottom line badly so looks like finally it's time !!
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Nissim
Director of Community at Payoneer
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25 Guidelines For Massive Affiliate Success - Whether you are a beginner or an expert, read these principles and refer back to them many times
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Website: http://vladromanov.com
Get Paid Every 30 Days
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Looking to build stunning, functional landing pages that convert like crazy? Check out Optimizepress.
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