/biz/ - Business & Finance

>>58315557
bad management. many such cases

It went from being a new generation payment system made by younger smart guys and got bought out by jewish boomers who started trying to squeeze every cent out of it that they possibly can

Im buying

>>58315557
>What went wrong?
PayPal once froze my 18€ payment for purchase of keys to Hitman game for 3 days to "investigate it" and there literally was no way for you to input your opinion of their investigation to clear it up

big, big red flag

>>58315570
So basically jews jewing jews again?

>>58315557
>your fiat is frozen for 180 days and maybe forever if we want thanks for playing

They had big goals then once they were rolling in money shelved all the grander pursuits to be lost to time as grandpas internet payment gateway. I grew up by one of their offices. A lot of the guys who worked there forever basically left to mine bitcoin 14-16 years ago

>charges you $2,000 for posting covid memes

>>58315819
would make chargeback for fraud

>>58315557
bad politics
old tech
also they send all transactions to irs on a silver plate

>>58315557
lost their partnership with eBay
Literally won't do business with you unless you write a 500 word essay on why your money comes from a legal source.

Last time I used them for card processing they demanded to "know more about your business" and then limited the amount of funds they'd release to my bank to $300 USD per month. I was receiving payments from the US government, multiple agencies, for documented contracts. And they froze and then limited my funds. Absolutely useless and unprofessional.

>>58316899
>limited the amount of funds they'd release to my bank to $300 USD per month
I mean imagine doing $30k in credit card sales, and then having paypal offer to pay it to you in $300 per month installments FOR THE NEXT 8 YEARS.

These guys are shit. No serious business uses them for anything anymore.

>>58316931
add to that 2 full weeks in automated customer service trying to appeal the freeze and limits.

only getting out of the automated system by threatening to sue them.

and then the (foreign) human on the other end of the line acting like you're a criminal because your transaction didn't involve postage purchased through paypal.

They've reached near godlike levels of absurdity.

>>58316899
My experience with them is they never even asked where the money was coming from when I was selling small to a lot of people ($5-50 payments each, 10-30 customers per day).

But when I started getting "resellers" (when I checked their FB, it was mostly those who were selling to their country speaking their local language), I started getting LOTS of questions from Paypal about the big transactions.

So I could earn $500-1000 per day and it's fine if it's lots of small customers.
Get a single $500 payment and you immediately trip some alarms.

>>58316990
I was getting payments in excess of $10k in one lump. It turned out the problem the algorithm had was I didn't purchase postage to go with those payments. So they froze it for potential criminal activity.

which would be fine if it was easy to resolve, but of course it took weeks just to talk to a human.

>>58316990
I will say once I got a human on the line, I had my funds in less than 5 minutes. But they kept the $300/month cap on future transfers so I just picked one of their approved competitors to do business with instead.

>>58315557
everywhere, greedy devs, the goverment, sponsors, etc
or at least that's about what i know. the day a youtuber makes a 5 hour vid about the topic i'll tell you a TLDR of what transpired
for now i'll just go back and check how my wallets are doing and see if some of my memecoins pumped, hopefully vinu does the same to get some extra cash

>>58315557
> near universal adoption
> no real competitors
> 0 customer service
I think (((they))) are doing just fine.

>>58315557
Their entire business model is scamming boomers who don't know any better

>>58315557
Greed.

>>58315557
they block money on a whim