PayPal: 'Aggressive changes' coming to frozen funds policy

15 replies
Interesting article on CNN this morning...

PayPal: 'Aggressive changes' coming to frozen funds policy - Jan. 21, 2013

Perhaps Paypal is starting to feel the squeeze from some of its competitors?
#aggressive #coming #frozen #funds #paypal #policy
  • Profile picture of the author edpudol1973
    Originally Posted by Brandon Tanner View Post

    Perhaps Paypal is started to feel the squeeze from some of its competitors?
    Who are their competitors?

    Interesting articles thanks for the link.. sounds alarming
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    • Profile picture of the author Myles Sinclair
      Originally Posted by edpudol1973 View Post

      Who are their competitors?

      Interesting articles thanks for the link.. sounds alarming
      The article mentions the following as possible competitors -

      "......The field that it once monopolized is now full of competition: WePay, Square, Stripe and smartphone-based systems like Google Wallet are only a few of the up-and-coming rivals...."
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      • Profile picture of the author Dustin Lyle
        I sure hope they follow through with not being so dicey when it comes to big numbers... Because THAT seems scammy.

        But from personal experience, I don't think I've ever had a problem with them. I would be hella' mad if they sat on 50 grand of mine though!
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    • Profile picture of the author John Rogers
      Originally Posted by edpudol1973 View Post

      Who are their competitors?
      Apparently you didn't bother to read the article.
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    • Profile picture of the author MackSell
      Originally Posted by edpudol1973 View Post

      Who are their competitors?

      Interesting articles thanks for the link.. sounds alarming
      There are many.! Moneybooker,Payoneer are some of them.
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      • Profile picture of the author kindsvater
        I had a client get their funds frozen and after looking at the mountain of private information PayPal requested about the business, simply told PP to F-- Off and went elsewhere. At least competition is finally forcing some changes. PP only has itself to blame for competition, getting clobbered by Square in some retail niches, and upteen thousands of upset businesses ripping the company.

        PayPal is desperate to make inroads with bricks and mortar retail, and that will not happen with business as usual. It's one thing to rip some guy doing business online out of his bedroom. Quite another to financially take a down a local business known throughout a community.

        .
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  • Profile picture of the author SunilTanna
    "aggressive" is probably not the best choice of word
    Signature
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  • Profile picture of the author Bill Hugall
    Great post thanks man.
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  • Profile picture of the author mikeac
    Good, its about time. Ive heard countless horror stories of Paypal freezing large amounts of legit funds for nearly 6 months,hopefully all this can come to an end.
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  • Profile picture of the author shawnlebrun
    I've used Paypal off and on for 12 years now... and I'm using them less and
    less these days. I've been using Square in most instances, and also Dwolla
    in some cases.

    I'm a direct response copywriter and was hired a few years ago by a
    well known breast surgeon out in LA.

    I know, I know... tough job :-)

    He paid $10,000 for me to rewrite his sales letter and
    do his marketing... and he paid with his American Express
    and I used Paypal's virtual terminal.

    And needless to say, they froze the $10,000 for months.

    Not sure why, I had been online and well known since
    2001, and my client was a VERY successful surgeon.

    It just didn't add up, their reasoning for the freeze.

    So, ever since that time a few years ago, I try my
    best to avoid Paypal.

    Like any other big business... they can do things
    the way they want (Google?) because there's
    no competition.

    But that will change with these other competitors
    coming on board. I think Square will be the one
    that has the best chance of battling paypal.
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  • Profile picture of the author jasonl70
    As someone who was on the receiving end of my own pay-pal nightmare back in 95, which caused me to go out of business, get my car repo'd, and lose my house.. all I can say it's shameful..

    shameful the way they could care less about about people, shameful that it takes someone famous to get them off their butts, shameful that they didn't give a crap until they felt the heat of competition..
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    -Jason

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  • Profile picture of the author spa3212
    I want to ask you guys, will paypal also freeze small money like $1000 Only. and will it also going to freeze small payments like $5-$100,

    actually I too face this problem few months back when they called me up for verifying an amount in paypal account, but they release it immediately after talking to me. that was only $700

    Is there any specific amount they want to freeze or will they freeze even tiny payments also.

    Thanks
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  • Profile picture of the author James Campbell
    Best comment on the article is this one:
    "He can't go into details about the transparency lol."

    Classic paypal
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    • Profile picture of the author Daniel Evans
      We'll just have to wait and see how much more user friendly the new system is.

      The proof is in the pudding.
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  • Profile picture of the author mikehuff
    "We want to be clear about how people can get out of the [frozen funds] situation," he said. "We need to get better about helping people, or explaining why actions are being taken."

    Well WTF took so long??!!!

    Seriously, these guys have been sitting on people's money (AKA their LIVES) for a LOOOOOOONG time. These "changes" better make this nearly a non-issue in the future. But we'll see. We've all been taught to be fearful and plan ahead for such issues. Better keep doing that for a good while at least.
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