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-   -   Pay Pal Warning!! (http://www.sowpub.com/forum/showthread.php?t=2363)

Joe Makowski March 6, 2002 09:51 AM

Pay Pal Warning!!
 
If you are considering using paypal, check out
www.paypalwarning.com ...very sobering.....


Its right here!

John David Bradshaw March 6, 2002 10:40 AM

Could it be that Billpoint didn't like the competion...
 
and is trying to stir something up to wreck Paypal? The timing of all this excitement was peculiarly about the time of Paypal's IPO.

I still use Paypal. I've never had a large balance with them...I always transfer my funds to my "real" bank when it gets to be more than a few dollars in the Paypal account. I use it mostly with auctions which are usually small dollar amounts.

Since Paypal controls a very large piece of the auction payment pie, I am suspicious of Ebay's involvement, i.e., Ebay payments (formerly Billpoint). You used to hear complaints about Billpoint reversing charges on credit card payments with no recourse for the seller.

And the states involved are probably upset because they can't collect any regulatory fees or taxes because Paypal is not a bank.

(Follow the money...you may find your answer there.)

JDB


Start your own business for $???

Joe Makowski March 7, 2002 10:22 AM

The class action suit...
 
The reason that I found that site was that I was
looking for information on the class action suit
that was filed against paypal on, I believe,
tuesday. When I hear that a company that has my
credit card or checking account info is being
sued, for some reason, it makes me VERY nervous.

True, they may be innocent. But when you start to
think about it...who and where are they?? If they
do abscond with people's money, will they ever
be found? And, if you read the terms of service,
you're not allowed to sue them. Very curious!

John David Bradshaw March 7, 2002 08:05 PM

Arbitration may prohibit lawsuits...
 
And, if you read the terms of
> service,
> you're not allowed to sue them. Very
> curious!

Joe,

If you read the fine print on your credit card service agreement, you may find that you can't sue them either. Many companies are going to arbitrators...and you can't sue in court. The arbitrators' decision is final.

The whole financial world is set up for the big guns...the little guy hasn't got a chance most of the time...unless some hot shot lawyer thinks he can get a lot of publicity by helping the underdog (and a 50% contingency fee!)

I believe Paypal is restricted from saying very much right now because of a post-IPO silent period. (Dien, do you know anything about restrictions on IPO offerings?)

Don't get me wrong...I'm a big fan of Ebay, and I offer Ebay payments and Paypal, both, with my auctions. I know that Ebay has tried to squelch competition in the past...so I am a bit suspicious. Of course, I thought "Conspiracy Theory" was a cool movie, too. :-)>

JDB




Start your own internet business for $???


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