PayPal Is Dying. Good Riddance.
ฝัง
- เผยแพร่เมื่อ 31 พ.ค. 2024
- Over the past year, much of the tech sector has recovered very well whether that be social media, search, retail, or chips, but one sector that has failed to recover is fintech. And one of the biggest laggards within the fintech industry is none other than PayPal. In fact, PayPal has not only not recovered over the past few years, but it has sunk even lower into the abyss. At this point, PayPal stock is not all that far away from its IPO price itself. At first glance, you might feel a bit bad for PayPal, but when you look at consumer sentiment, you’ll see that this downfall was more than well deserved. It seems that no one is really a happy PayPal customer. On consumer affairs, they’ve got a 1.3-star average rating over 4,500 reviews. It’s even worse on TrustPilot where they’ve got a 1.3 star average rating over 28,000 reviews. This video explains why customers hate PayPal so much and why their downfall is more than well deserved.
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Timestamps:
0:00 - The State Of PayPal
1:55 - The PayPal Problem
6:05 - Unexplainable Bans
9:09 - A Fundamental Flaw
Resources:
pastebin.com/XLLvJaJW
Disclaimer:
This video is not a solicitation or personal financial advice. All investing involves risk. Please do your own research.
www.silomarkets.com/disclosures - วิทยาศาสตร์และเทคโนโลยี
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I loved how when I went to close my Paypal account I was warned: IF YOU CLOSE THIS ACCOUNT, YOU WILL NOT BE ABLE TO OPEN A NEW ONE. Dang. Passive aggresive much? Who penalizes a customer for leaving by telling them "don't ever come back." You WANT customers to MISS YOU and COME BACK. If you are NOT A PETTY TYRANT. That made the decision to cancel SO MUCH EASIER. And No Surprise that they are Fading.
Im afraid they will get a nice financial injection from taxpayer money to stay around and fcuk us for eternity....
kinda sounds like tesla...
@@mugnuz Mr Musk is a disappointment. He should focus on building better cars, and forget going to Mars and implanting Brain Devices. The poor can't afford either, and the rich just want privacy and to be free of impostitions. No one [but niche] wants email alerts going off in their noggins. It appears Musk must live every Phantasy he's had since age 5. HYPERLOOP? C'mon! A SHAME to waste an Empire like that, in my humble estimation.
I hope PayPal goes soon.
Its nothing more than an authoritarian crap fest now.
Funny. I have 3 PayPal accounts (because you can’t change country in PP).
They ban accounts for no reason at all. They just want to keep the money.
Its actually worse, they ban accounts for political beliefs.
Who keeps money on PayPal? I withdraw the instant it hits my account.
We should start a class-action to scrape the last few dimes out of this rotting husk of this PSP.
i do but yea maybe i should move it to chime@@StateAlchemist7
@@StateAlchemist7 Maybe in the moments between withdrawal?
The fact they can lock your account for any reason and given time is what makes stray away from them. I’ve heard too many stories of people losing 100-1000 over a transaction they deem “suspicious”.
My friend had several thousand dollars locked up in an account and had to hire a lawyer. Paypal act like thieves when it benefits them.
There should be federal laws that make payment processors tell the user why the account is locked & limit the criteria for locking or banning the accounts.
They have to right to deny service, but no right just take their money on a whim. That's stealing.
They shouldn't have a right to deny service though. They're basically a monopoly in many ways. Thanks to the PATRIOT Act and many other laws that came after, nobody can really compete unless they are already huge due to crushing regulatory compliance costs.
Less government = more competition in this field.
There is no appeals system, so your only option is to take them to court where, through discovery, you might or might not find evidence that they defrauded you just because they could.
they held almost 2k from me for almost a year i spent 20+ hours trying to get the money back they are rodents
Ok PayPal sucks, I don’t agree with your click bate photo of Elon. He has nothing to do with PayPal for 20 years now.
Yeah and in fact none of the people who invented any of these ideas do except for Zuckerberg
He’s just saying Paypal is starting to suck almost as much as Elon does.
bait, not bate
@@Pivot35 Tracks
Because of Elon milions of people will die from cancer, due to solar radation on mars... How you cannot blame him... Even he did not land on mars yet...
“We can take 2500$ for any reason we want” literally
how??
@@vineetahlawat1850 they are big fans of the blues and you have to pay $2500 if you're not.
Speaking from experience, PayPal is a soft bully. The nerve to freeze a customer's account and never disclose the terms violated is simply big brother vibes.
Saying "most of big tech recovered" and showing nVidia stock price is misleading at best
All of FAANG and big tech has recovered as well :)
@@LogicallyAnsweredthat still doesn’t dispute it being misleading… NVIDIA has seen multiple standard deviations more growth then each company in fang combined….
@@LogicallyAnswered lmao did you just compare FinTech with FAANG 😂how about comparing it with similar stocks from the same field like Block or Ayden
Alright, let's settle down. This was still a great video, so no need to nitpick...
@@huyster6490 No one has ever heard of those companies. If we're talking about stock prices and profits and such, PayPal should be compared to other companies that are also big enough that someone has heard of them (FAANG, Nvidia, etc.).
Never use PayPal as a payment provider. Anytime you have a sale over $200 they lock your account and constantly want “verification”. You send all the business info and they say everything is good and they’ll release the money in 1-2 months. Then rinse and repeat.
Yep. Happened to me
yup i know someone that had a product go viral years ago. Had 20k in sales stuck in paypal but still had to pay his supplier to ship everything to customers. Temu and tiktok shop have taken over that whole dropship market. Even many ebay sellers have cut paypal out.
I do thousand dollar payments with Payments with PayPal never faced any issues. Try using it in conjunction with a digital brokeridge company that tends ro sort out such issues pretty quickly.
Thank you for letting me know. I didn't know that.
it's their M.O, they pocket interest.
Paypal banned the account of one of my editors, he later recovered his account 6 months later, the reason of the ban was because he had the same name of a completely different person who was also banned ☠
Hey Jasper! Did you recover your Google afiliate account? I remember your account was banned by Google mistakenly and I didn't knew what happened after that :(
PayPal treated customers awful and now they are paying the price. I stopped using eBay and PayPal years ago because they enabled and sided with crooked buyers and did nothing for sellers even if you had amazing ratings and sales for years. How has there not been a class action lawsuit over this?
eBay no longer uses PayPal.
@@adaml.5355What do you mean? They still have the option to pay with Paypal.
$2500 for each infraction is just criminal. There's penal damage paybacks for criminals that do not reach such amounts, yet Paypal can randomly decide you owe them tens of thousands of dollars just out of what you say on a completely different site. It should be considered an illegal extortion under any possible level.
There should be a law against that… like the sixth amendment - right to a fair trial and lawyer. …if PayPal is subject to US law.
I used PayPal for 20+ years. Until they banned me last year insisting that my account name be changed to my baby name. (Similar examples: Alexander rather than Alex, Benjamin rather than Ben, Joseph rather than Joe, Matthew rather than Matt etc.) I spent over a month in calls with their management. They said without a court order I do not exist and my 20+ year old account could not be used. Sorry PayPal, you no longer exist for me.
I'm still salty from when I got scammed and PayPal didn't help me at all over 10 years ago.
Basically the only way to win the PayPal claim game as either buyer or seller is to be an outright scammer. Legitimate sellers get burned by scam buyers, legitimate buyers get burned by scam sellers. Scammers know how the automated system works and abuse them to their advantage.
U got scammed because of not used common sense neither didn't u read the PP user agreement hence don't blame others or don't expect others will pay for your error
@@michaelstark5763 That's the point of having a paypal account. Having a soft pad to land on incase you get scammed. If Paypal can't back you up then what's the point of having a paypal account? And that's one of the many reason why people are leaving paypal.
1) As a consumer you have to jump through hoops to get a refund
2) As a business owner you need to jump boulders to settle a dispute
3) PayPal said that they’d fine you for not being “politically correct”. That was my last straw.
@@infoonity3175 everyone would at some point. There’s no limit to madness.
@@infoonity3175 The craziest part of it is that PayPal has no clear ideological direction beyond capitalism, so it's anyone's guess what they would even consider "controversial".
Terrible company. I only had an account with them because I needed one for Ebay. As soon as that was no longer necessary I stopped using them, and when they started punishing customers who expressed an opinion they didn't like I closed the account down completely. I hope they go bust.
@@fredbloggs8072 They've been a terrible company since they were founded. "paypalsucks" is one of the oldest anti-corporation sites that I can remember.
1) Lie! Plenty of consumers game the system daily getting refunds for products they own (and don't return). They gave people up to 180 days to get refunds!!! That's insane compared to ANY brick and mortar BUSINESS!
2) Not true either.. I've had zero issues with PayPal on handling disputes. I was one of the many people who got them to stop allowing anyone to file a complaint w/o proper proof.
3) I'm guessing you got out of pocket with PayPal which explains your outcomes
If you think PayPal is trash.. Try that with Cashapp, Venmo, Zelle, etc... lol it won't get any better
PayPal let a customer dispute multiple transactions totaling $1000. Completely screwed me and my business over
That’s because it was their “protected” bullshit - they attempted to take $1800 from me when they forced me to link my bank account(and the same day the account link, it was shockingly compromised) and before the money even sent I said “no, stop this. I didn’t authorize this.” And they did nothing. Now they’re wanting to send it to a debt collector to try and collect on it.
PayPal can suffer the cost of poor practice in Capitalism.
I honestly hate paypal like hell but the problem is in Kenya, freelanceers who work with americans or europeans have no other way of getting paid so this is like an abusive relationship where i cant just walk away
Yap that's the case
Same, I'm European and I've had clients all over the world. Everybody always asks for and prefers Paypal payments, so I have no other options.
In China, everybody can pay everybody by Wechat，but the US hates China, you know why by now. But eventually the new system will be established globally by China.
Yes - I stopped using PayPal and I emptied out my PayPal account when they shut down the account of the Free Speech Union here in the UK. I did not want to pay any money to an authoritarian organisation that wanted to enforce censorship of political free speech in a democracy. My next immediate action was to sign up to The Free Speech Union myself.
There is a free speech union in UK? Where?
This info is mostly US only.
One of the things that make PayPal so big, is that they are a GLOBAL payment processor.
If you are not in the US, Zelle is not an option.
Their more direct competitors in this regard will be something like Revolut or Wise.
If you are in any other western country you use your credit card. If you are in Europe you can also use SEPA. If you are in Aus/NZ they have their own transfer system. I don't know about the UK.
@@thewhitefalcon8539 And that was the beauty of paypal. It just damn worked for ANY location. One account. Any country. At least from customer perspective. Considering that some people do not have or want credit cards and disputing ANY transaction on debit is 'interesting' at best - well - the choice was obvious.
PS. Sorry, card payment systems are even worse.
PPS. I am now living in a country different from my original citizenship and my bank account is 'non-resident' - I just CAN NOT do direct bank transfers. Can pay by card though.
@@thewhitefalcon8539 For Singapore the gov't has created PayNow, where you can perform a bank transfer directly into a merchant's bank account without them having to give you their account number. Instead you just have to scan a special QR code provided by them, key in a mobile phone number linked to the account or the company's registration no.
heard revolut is just as shady or even worse
PayPal fees and conversion rates should make anyone scream!
No more conversion rates with their USD-Stablecoin!
the fees can be high but its only 1.7% so its not scream level
they have godly fees. 3% credit to cash 💸 dont tell anyone !
I'd drop PayPal in a heartbeat if I could have an alternative, international payment middle-man like Skrill being supported on Patreon. The only reason I keep PayPal is just so I don't have to directly link my bank card to Patreon.
I imagine others have similar reasons for maintaining a PayPal account and would quickly pull out if a equal (or better) alternative presented itself.
Exactly! I'm so ready to jump ship when a better alternative comes. Why such a thing doesn't exist yet I have no idea.
Yeah! I'd drop that god forsaken app anytime if possible but there's simply no good alternatives that are used by a lot of people and (almost) fully international as PayPal is - most of my transactions come from people that wouldn't be able to pay directly to my bank due to me being a Brazilian and my clients being based all around the globe. I'm actually scared of PayPal dying solely because that would make my life much harder. I hope another (better) company picks this spot up before it does.
Yep same. Use PayPal in a lot services because it's the middle man in transactions. I don't trust my credit card information with every possible website on Earth even if the third party seller within the site is legit.
I'd switch over to something else in a heartbeat if there was anything as convenient and available in Europe as PayPal.
yea nd i have so many of my payments routed through paytpal as they do offer more protections from data leaks then entering your bank info directly
Don't listen to this clown, go actually check for yourself on how factual his information is. For example the negative reviews from consumer affairs & trustpilot, both of those companies are scam companies. Look up any company on their sites and you will see that what this clown is claiming is 100% false. This guy is creating false information for views.
PayPal is the absolute worst. I was stupid enough to get their credit card, and that was a huge mistake. Their autopay system is broken and it causes my credit to get messed up. Had to get a lawyer involved to get it fixed.
Paypal is going nowhere. It's sitting at almost 70b market cap and the stock price is stable.
Yeah I use it a lot as a consumer and it’s nice
Lol just got an ad for PayPal for this video!! Got to love the irony!!
Really easy to target ads on videos that include their product.
Hahaha, not surprised
That's awesome
That's the problem with targeting ads based on keywords without context. Anti-crypto subs I go to often have threads laughing at pro-Crypto ads people see on the sub, and how the advertising is just wasting money advertising to the one group of people who hate their products so much that they're a part of a community dedicating to hating their whole business sector.
At least Ari is getting paid for it but not through PayPal 😂
Over a decade ago they stole my $2.99, so I refuse to ever use them lol
That last bit about zelle is very disingenuous. Remember as the consumer using PayPal as long as you use a credit card as your funding source, you still have full consumer protection via your credit card.
Using zelle it is a bank to bank transfer with full access to both bank accounts and no accountability. There's nobody to call. The bank will tell you to talk to zelle or the other bank. And the other bank will tell you the same thing. And zelle doesn't do anything.
It's literally the worst case scenario. At least with PayPal you have a method of using it in a way that you're limiting your liability. You get none of that with zelle. Even if you only sign up once.
I lost over $1500 because two bank kick the ball, and there is nothing you can do, the money just gone.
At least in my country I think the banks can be absolved of responsibility from customer scams if the customer is deemed to have lacked security measures. However there was a scam where scammers impersonated themselves as banks to send SMSes (so when victims receive them, it'll not show them as being sent by a phone no. unfamiliar to them, but show the bank's name instead, just like genuine SMSes from the banks, & apparently SMS technology can't stop scammers from reprogramming the system to choose whoever they want the SMS to appear to have been sent from). The SMSes asked victims to enter a phishing website to enter bank account information, then when some victims called the bank soon after that, upon realising that they've been scammed, it took a few days for the bank to react, which was enough time for scammers to empty out the victims' bank accounts e.g. by maxing out their daily withdrawal limit (~S$300000). This slow response by the bank probably made it harder to absolve itself of responsibility from the scam.
On a side note my country's banks have now programmed their smartphone apps to auto-disable if sideloaded apps are detected on your smartphone, supposedly because such apps are more likely to contain malware for scammers to use. CitiBank's app goes further & also demands Developer Options to be disabled before it can be used. This poses a headache for people who visit mainland China more often, where the only way to download Android apps is via sideloading (typically from the app developer's own website), since Google Play is blocked there. Additionally you can now also voluntarily lock/freeze part of your own bank account's funds to protect it from scammers
Yes this is the way. I like the extra layer of security that PP + a CC provides. I only use zelle if I know the merchant personally or the merchant is right in front of me. All other online transactions can go to paypal or my cc at the very least. It has saved me a couple of times from fraud already.
I know many artists that do a variety of work, some of that includes what could be considered "adult art". Like commissioned drawings. Most of them have been banned by PayPal in the past 24 months. That includes people that have been told they do "inappropriat content" yet they never did.
Yeah, in their own terms, I think it bans any undergarments of any sort, and likely that also applies to swimsuits or anything that looks similar, or even workout gear. It's stupid
They also are banning sites from using them if they allow such art
I was looking for this comment ✊🏻
thats what i also heard
several people over years period reach out to me to draw them art
i declined all of them cause i had no payment plan
and every artist on the planet is stuck to use paypal as their primary source of revenue exchange for working
You should do a video on the fall of customer service. Companies no longer want to help, they give you a chat option or a website portal to submit a form, they don't want to talk to you anymore. I may be old school and want to talk to people when I have a problem, so I always look for a phone number and most companies don't advertise one anymore. Customer service is dying and no one cares
Because paying a human is expensive.
It's because they don't wanna pay people, but they'll put out scammy ads to get info for their own purposes. It's disgusting
Just ban accounts? They also put in the terms of service that they can "fine" PayPal account holders for "Free Speech" actions...and PayPal will pull the money out of the holder's account!
That's why I closed my account.
@@LoveClassicMusic0205 ditto
In my country, there's a highly confidential government-issued number whic is basically only used by the Government and Employers (and then only wit very high security and confidentility). My Bank and credit card companies have not asked for this number. But PayPal insisted that I provide it or they would shut down my account. They refused to tell me if this was a Government requirement or just a company policy and why they needed ot and my Bank did not. In the end, I decided that they simply did not care about customer privacy and shut down my account.
Great video as always. Also for the India reference, I think you wanted to say UPI, which is a payment interface connecting users through their bank accounts, while RuPay is a payment gateway like Visa or Mastercard.
Oh oops, my bad. Thanks for the clarification Balpreet
@@LogicallyAnswered pin the correction?
I figured that he would mention something about twitch streamers being given money through PayPal and then the sender creates a charge back, which causes the streamer to pay $15 fee for the charge back even though the "donation" was as little as $1.
I've often said that PayPal is great for the buyer but terrible for the seller. But if enough sellers decide they don't want to deal with PayPal anymore and use alternatives instead, then PayPal will become irrelevant to everyone.
Also paypal was about to implement a fine for account inactivity.
i received the mail,
then i deleted my account
What if you dont have a bank account tied to it?
@@KoolMeester2 then your credit card or paypal balance would have ended up bleading
Just recently they've come under fire for pressuring Patreon and Gumroad to get rid of NSFW content.
That sounds like the one good thing PayPal is doing.
pareon has already been doing that when it comes to anime stuff
Good ol liberals
@@xcurrentbreeze6626 if you don't like that stuff, then don't look at it. Let others have their fun.
They also forced Pixiv to do it too
ALWAYS record your opening of packages/returns to have evidence to fight fraud.
That' makes sense, however it's highly inconveniencing...but it's a solution atleast
It's a simple. PayPal put out a policy saying that they would start freezing the accounts or even removing money from accounts of people who had opinions that they disagreed with. I canceled my account within days of that announcement. Then they tried to resend their idiocy, but it was too late. Good riddance.
You forgot to mention the opinions were neonazi ones
That's when I got rid of mine. Good riddance.
Me too. Take your misinformation buzzword and shove it. We all know what that was about.
Music To my ears
Savage
Paypal's fee is not 5%, it comes to 9% when you account the pathetic conversion rate. I used it before but since then moved to Wise and other options, Paypal is the last option I use and only if the client is ready to bear the charges.
Meanwhile my ex is still scamming people through PayPal and they don’t care at all.
PayPal has always been like this, I've always heard stories of them banning accounts and keeping the money, it has been their specialty, they just got worse instead of better.
I deleted my account as soon as they started banning conservatives for having conservative opinions on the internet.
I used PayPal a lot early on up till I heard they were keeping funds from people who didn't fit the current popular narrative. Hope they do go under, they should have stuck to payment processing & stayed away from politics.
Oh look, another company making the customer the enemy.
Can anyone tell me the background music or which type of music should i use while making documentaries like this ?
Epidemic sounds
As much as it pains me to be the Devil's Advocate for PayPal:
- Relatively stable net income of $4B per year
- Their true IPO dates back to 2002, and it was around $13
- The complaints shown here by users have been there throughout their history.
- Payment processors and banks can and do shutdown accounts via their own discretion.
Financial institutions really should be required to act as common carriers (your phone company can't cancel you over politics).
Their true IPO? They got bought by Ebay, $13 has no reference. Share price needs shares outstanding and it was a different company
@@chiquita683 They got bought by eBay after their IPO. The initial price for PayPal was $13. The market cap at $13 was about $800 billion. eBay bought PayPal for $1.5 billion in shares. Motley Fool did an article back in 2019, stating if you had bought $10,000 worth of PayPal stock back in 2002, you would have about $160,000 (of which about $120,000 would be PayPal stock). PayPal has had essentially the same business model since 2002.
Edit: That should be 800 MILLION, not billion, for the market cap in 2002.
I figured out Paypal is crooked back in 2009. I sold a bus on eBay and they wanted to hang on to my money for weeks. Never used eBay or Paypal since.
Paypal's support is all overseas. I called them today and heard them in the background chatting in their language. I was then transferred to a department that was closed and got hung up on. I'm waiting for my refund and then closing my account. I'll never deal with them again.
PayPal is free to send money to friends and family. Same as Zelle.
And banks aren't any better about letting you dispute charges to your account. At least in my experience. Credit card companies seem pretty lenient but once it's deducted from your bank account it's gone.
That is why is use Revolut - at least for online. Just lock/freeze all my cards until i use them with the tap of my thumb. Also, it pretty much asks you to confirm any transaction, it has a true temporary cards, numerous virtual cards you can manage as you want, savings with interest, you can buy sell crypto and send it to your ledger (neeb/mom friendly), and much more.
PayPal is dying and nothing of value was lost
I will say the existence of PP did prompt the banks to create Zelle, something that massively facilitated transfers between banks and was very much needed. If PP goes away the banks may not have much incentive to keep it fee-less.
Why does PayPal even involve themselves with these issues? Most of the other payment processors I've dealt with are dumb pipes who just make sure the payments go through and that seems to work for everyone
because they're trying to skim some more off the top using all kinds of internal trickery that you can't prove in any individual case because all of the information is hidden, if it even exists
nope visa does the same thing and so does master card its all about that ESG score and shareholders for all of them
@@admiralkaede Not every company on the stock market has PayPal's specific weird policies. Most companies have other ways to get value to their shareholders.
With misinformation and politics, That's Not their Cup of Tea. They really should be More neutral - it's even in their best interest.
It's incredible that I'm not alone, PayPal banned me for selling supplements in Mexico, the thing is they also banned my brothers too for nothing, they didn't sell anything or bought many stuff on PayPal.
The same problem after selling an item on ebay! Never got my money for the item, and never got access to my paypal account. What a scam product!!
It's almost like PayPal has a bunch of rogue employees working for it who are secretly working for PayPal's competition. I myself have only used PP for sending charity donations so I'm not in any position to complain.
Great video! Just as you pointed out the flaws within their system, can you create a video which tracks the viable options for both consumers and developers alike, which offer a more secure and robust alternative to handle online transactions, subscriptions and other important issues.
Thanks for the suggestion man!
He can't because despite its flaws paypal is one of the worst least worst financail systems. Good luck trying to move money around with old banking or a new e-wallet system.
@@archvaldor Stripe is a decent alternative assuming there is support in your HQ country.
I remember hearing about some artists were suing paypal cuz the company stole well over $100,000 from them so I'm surprised the company is still going, like they can literally ban you if your business were to blow up and you start making more money cuz they deem it suspicious.
Yeah, in Canada nobody uses PayPal when transacting with other Canadians because our banks conspired to create flat fee / free “e-transfers” which is almost equivalent to Zelle from the sounds of it. Now all these bank platforms need to figure out a way of transacting with each other internationally if they want to keep the ability to track everything we do.
I used to absolutely despise Paypal. These days it is more like indifference because there are so many payment options now. I just used Amazon pay to buy something online which I did not know even existed. These days I am offered Apple Pay on almost everything and I think it’s absolutely great.
sounds great but not everyone has an apple device and google pay is kinda broken now thaty they reverted back to google wallet
My account has been frozen for 4 years, and I still can't touch it because I have to provide a picture proof on one of my old debit cards to confirm if it's a real card? But the problem is that card has expired years ago and I already threw it away. So yeah, can't even use Paypal and since their no customer service that can help me. Yeah I am just dissapointed.
Lawsuit
I had no idea Paypal was so controversial. As a Canadian, the "Interac E-Transfer" is what I use to pass money between friends, but to American friends and family, Paypal is miles easier than trying to use the "bank wire" feature and get all of their account information to send a simple transaction.
The fall of PayPal begun when they removed the accounts of internet shops selling fully legal merchandise they disagreed with, like vaping items, etc.
That is what ended PayPal.
I never had problem with them. I have two accounts and I transfer funds between two cards on two different card systems. I pay with with them whenever possible because payment cards are unsafe.. Are you going to trust sellers your credit card details or their system ?
you're stating the basic value proposition of PayPal, but this was also stated in the video and does nothing to counter all of the downsides
Privacy app gives you burner & limited temporary card numbers to shield your card or accounts. The free tier offers plenty for medium use.
@@andrewkoster6506 in essence the video is about user experience
Any recommendations for alternative payment processors?
Zelle in the US
Guess I'm stuck with PayPal for a while #EU 😢
NO zelle is NOT a Paypal Alternative only if you use it for paying a peer to peer, but I would not use it at all for any business related deals. There are no protections with Zelle@@LogicallyAnswered
Alipay maybe? That's becoming more popular. But then you're dealing with China.
Revolut are huge in Ireland but seem to have similar issues with not being able to speak to anyone if things go wrong.
I'm wondering what is a good alternative where you can do transactions without exposing your own address and real name when doing art commissions? I know a lot of artists who use pen names for their side hustle and don't want their real names thrown out there after they get a payment. Same thing goes for people who are paying for the commissions too since their names and address gets exposed as well.
Turns out... People don't like fees for services that are free every where else. And they don't like having their money stolen, or services denied because if their political beliefs.
Bro I love your content, but you are putting Jake Tran like click baiting thumbnails 😂
Appreciate the honest feedback Justine
Lol man's gotta game the system somehow
A company founded by a man raised in an authoritarian South Africa and whose family exploited people for profit founded a company that is authoritarian and explosive seems legit to me. I never used PayPal but my wife did I had her remove her account after a data breach.
Thats why i think future of online transaction is crypto. Thse companies are more profit oriented rather than customer oriented while cryoto currency are based on customer confidence.
If just people start considering it as a currency rather than an investment then nothing can stop cryoto from overtaking any currency or bank
Crypto has to be inflationary to be a currency
Ok I got that Paypal sucks. I only use it to receive donations and buy small things like high promo on games and little microtransactions. I pondered stop using it. But what would be a good replacement ? Paysafe Card ? Another online payment service I'm not aware of/is not available in my country ? Any opinion here is welcome.
They can deny you service. Any company can, as long as they don't run afoul of civil rights. *Stealing* from you is another matter entirely. Holding your money for 6 months or failing to pay what they owe you is stealing. I can't understand how this company hasn't been sued by the DOJ, or its higher-ups indicted for criminal conspiracy.
Been using PayPal over 15 years now. Hadn’t had any complain at all. Thanks god. Whenever I have a dispute it’s easy to get refunded. Whenever I need something most of the time they will call me to explain things over the phone. Unfortunately they don’t offer their services in my country so I mainly use it for eBay and some other websites I feel safer using it over direct visa/master because our banks services are shitty if got scammed they will not refund you a dime. I don’t like their conversion rate though
Glad to hear you’ve had a great experience with them :)
Same for me, I've used PayPal for over 15 years too and never had a problem. I've actually never had a reason to contact their customer service (hope it stays that way) so I can't say if they suck in that department or not. But I mostly use them as a middle-man when I do my shopping online so I don't have to give my credit card out to lots of different sites. I never leave money in my PayPal either and always transfer it to my bank account.
You will find the complaints are mostly from merchants/sellers, this may be opaque to you as a buyer but merchants who accept PayPal will have rolled in extra fees and risk factor of getting burned into the price you pay.
PayPal doesn’t have much margin over what they pay Visa/Master Card. Transaction fee is mostly pass through.
Visa and Mastercard have insane margins hahaha
this is probably why they do a bunch of extra tricks to straight-up steal users' money from their balances or from "suspicious" transactions
yes they do and they do the same thing with the political stuff @@LogicallyAnswered
They make around 1.5-2% off the base transaction, then for any foreign currency transactions they add around 4% in currency spread and additional fees. Also a 3% fee for any non US account holder to withdraw USD. They keep all fees on a refund despite the card networks refunding in full minus a few cents.
@LogicallyAnswered no they dont. issuing banks get profits. but they share with consumer with bonus. issuing banks make money off dumb customers not paying on time and interests.
A few months ago there was a Portuguese person that got banned on PayPal because she used her account to buy a train ticket to “Cuba”, a small city in Portugal
Wow, this is a shock to me. I've been using PayPal for over 20 years and I don't think I've ever had any problems with them ... I will have to watch out!
Great video brother!! Thanks!!
Thanks as always Daniel!
Listening to this and deleting PayPal from my phone.
Thanks for the info.
Ebays system works almost the same with scammers. And their fees are 15%.
PayPal was the only mode of payment for my Minecraft services. Now that I see they're dying, good riddance indeed. I lost 25% of my income for their operational costs.
What are you even talking about? Paypal takes up to 4% not twenty five percent
@@admiralkaedehow much do they pay you to post damage control ? 🤡
@@GovernmentIsOutOfControl nothing i use paypal for many payments and have read through its fees it does not charge 25% unless his stuff is cheap and he's being eaten into by the minimum fee
4 percent my ass.
I'm not a PP defender. However, the tone of this screed is out of alignment with your otherwise excellent body of work. It seemed more like a hit piece.
For example?
I’ve been using PayPal since it launched. Never had an issue and the customer service I’ve experienced with them has been absolutely top notch.
If an online retailer doesn’t take PayPal, I don’t shop there. This video makes me sad.
This makes me so happy! I stopped using it when they announced their "misinformation" policy and I've never looked back. Although G-pay and others are also woke they didn't stupidly broadcast their totalitarian views.
I was victim of fraud with PayPal. Thigh did nothing. Left them with 5k overdrawn balance. They can stick it where the sun don't shine.
I like PayPal. I never had problems with it.
PayPal is the only undervalue stock in todays market lol. While everything is making new highs, PayPal is trotting unsure of what to do or where to go, but it’s probally the best value compare to the rest of the market.
Now the largest position in my portfolio. 2X by 2025 ;-)
Had it happen to my little online store. They decided they didn't like what we were selling and locked our account without warning. This was back when you could actually get someone on the phone and she basically stonewalled me. No further explanation. No apology, no avenues to dispute or appeal. Just $16,000 of funds locked away that we couldn't touch for 6 months for no reason. We didn't even have a single customer complaint. It almost ended us. Fuck them.
A stock price can be misleading, just because the sentiment (and valuation) of a company is beaten up, it doesn’t mean the company is about to go out of business. I still use Paypal and I’m a big fan of Venmo, which is very popular with Gen Z. So I couldn’t disagree more with your analysis
But Paypal is mostly dying off, like since the prevalance of mobile apps for banks in the late 2010s, digital challenger banks (such as Revolut) revoked the need for friends and family because well why wouldn't you just get a bank transfer.
And with people with friends/family abroad generally just favoring money transfer services, or the digital challenger banks. As well as most reputable sellers just taking your debit/credit card with much more protection than paypal.
The only major store I know that takes only paypal is Patreon and that's on its way out too
I love the experience with PayPal. Never had any problems
I got banned for because i created my account many years ago when i was not 18. And the only reason why i even got ban was because I tried to change my name to use my official name so i had to upload my identification card. Thats when they banned me. After more than 10 years. Fantastic
So...what do people outside of the US use for online paying instead of paypal? Just interested.
We have UPI system in India
His suggestion of zelle is not great. Zelle does not make a very good. business transaction. It's only used for peer to peer which I would not use. unless you expressly trust them.
@@julm7744^ we use these in south america too
Klarna from Sweden is popular in Europe
There is less and less use of PayPal and their high fees and scumbag methods. I hope one day that it's totally replaced by cryptocurrency based services instead.
Is there any way to trigger a paypal account cancellation? They have, several times, informed me that i have a paypal account, and by the way here's your monthly statement. IDK how they even got my email. 🤬
I'd take all of that and report to whoever manages banks in your area to ask for advice of what to do. They likely have more ideas of what to do
@@lovelysakurapetalsyt:
Thanks!
@@Provocateur3 Of course. I've never had to deal with these things, since I'm only 19, but I know my first choice would be to contact someone who'd know better than most would lol
My mother had her bank account drained by a PayPal account-and she wasn’t even on PayPal.
YES! GOOD RIDDANCE!!
This is why so many are uninformed, blocking this channel; there's so much misinformation riddled in these video they can't even serve as entertainment anymore.
I definitely noticed in this one..
Can someone explain which parts of the video are wrong?
@Arukateru I've already given one example. If you click on my name it should show whatever other comments I've made on this channel. If not, it's bc -yt is shadow banning me-
@Arukateru 3rd attempt to reply to you. My comments are being suppressed by yt, or I would. Sorry 😞
@@shtfck6006 rip :/
PayPal creates a lot of problems for itself that it should just simply stay out of. Any payment processor has to deal with scams, fraud, laundering and sales of illegal items. But no reason to get into political, moral, etc. garbage that does not affect your business. Keeping the "deposits" is a good way to kill your business.
honestly i am kinda confused by the whole thing of needing an app separate from your bank to be able to send money to an email address or phone number since i have done this already with my bank for several years now.
Some banks just don't do it. I used to go through Dort Federal and they refused to allow me to send money to ANYONE outside of it. With the one I go through now, I can actually do it to my knowledge
Last year they banned an account of a porn game developer because "they didnt agree with the content" wasnt even anything controversial. And paypal insisted they weren't refunding their money.
They banned my account with £70 in it and I haven't been able to withdraw my money at all, I was using it for streamer donations and YT donations but sometimes I would use it with FB marketplace to sell stuff...they said this looked suspicious wanted my ID, I did that and after I followed all their steps they still banned me.
Now I have no safe way to receive donations without using Twitch or YT directly. It's fine to use it but they take a bigger fee.
Their customer service is one of the worst I ever had to deal with.