how can paypal keep our money and earn interest on it?

[whitmo]

How can paypal keep funds of over $300.00 for an undisclosed period of time from their client?. These funds were generated by me with NO input from Paypal, they have already taken their commision on the funds, AND the taxes that has to be paid over. Now they are earning interest on millions of our dollars in their account?????. When they do finally pay over these amounts, where is the interest that we have lost????? This seems to be the biggest scam I have ever seen.

[kernowlass]

@whitmo 

Suggest you glance over the user agreement you signed up to when you opened your paypal account where it says that they can hold funds when appropriate.

[RockyTheRat]

OK, so their agreement says they can hold up payments when appropriate. So why is this appropriate?  I haven't used PayPal in a few months, and this time, I 

a) Logged in and sent my client a request and he sent payment

b) Paypal then sent me an email saying I have to create an account to access the money? 

c) Now, they say for "everyone's protection" they're going to hold onto the money. This is nonsense. My client sent me money Jan 18.  PayPal is still holding onto it. If this persists, I'm going to stop accepting PayPal.  

[kernowlass · Accepted solution]

@RockyTheRat 

https://www.paypal.com/us/smarthelp/article/my-payment-is-on-hold.-why-is-this-happening-faq3297

[whitmo]

answered like a true Paypal pawn. It is not appropriate just because it is hidden in clause 357 revision 124 of an agreement you HAVE to sign in order to use the service. This does not make it acceptable to roughshod rip off anyone and anybody using the service, This just makes it profitable for Paypal and its bed-pal Discogs. Nit JUST or FAIR. Paypal even charges the user commission on the taxes that Discogs retains and pays over to the countries. I suppose this is also in another clause 357 revised 124 times - Johan

[kernowlass]

@whitmo 

When you have to name call to try and make a point then you have already lost the argument.

And every single seller in every country in the world where paypal is available goes through the 'new seller hold'.

Only a few complain as they understand its for buyer protection and want buyers to use paypal.

The hold does not last long and you rarely wait 21 days if you follow the information in the link.

If not then don't use paypal, that would save you arguing losing points.

[whitmo]

Frustration with agreements that has to be signed in order to do business, which is so one sided it should be outlawed, can lead to many objections. Which is visible and experienced on many platforms from a vast amount pf Paypal users. Stating that we must not use the system just because it is unjust and biased does not address the problem, but rather shows the arrogance and unacceptable business practices of Paypal. You should try to be on the other side of the coin before answering and/or offering advise.

[RockyTheRat]

Whitmo, I think the answer to your question is that PayPal does this because they can. Like so many big corporations, they can do whatever they want and get away with it. But that doesn't mean we have to put up with it. There's Venmo and other methods of getting payment. 

[whitmo]

Thanks Friend, I checked them out and will use for transactions. My only problem is that Discogs, where I have more than 14000 vinyl listed seems to be in bed with Paypal and does not offer other payment options but Paypal. My vinyl community and I are investigating starting our own website to advertise our vinyl. As Discogs is as arrogant as Paypal. Collectively we have more than 350000 vinyl in stock.