WORST IDEA EVER. Everything on this board is so true. Who made paypal final authority on buyer satisfaction. I have had several buyers who forgotten to leave feedback or don't. Stick to transferring funds not satisfaction authority. Most people here are genuine sellers and buyers. Due to the small 1% to 5% the other 95% have to suffer. Most of these fraudulent sellers or buyers are from China, NIgeria and Eastern European countries. So implement more stern actions for those buyers or seller not hurt the other 95%.
They should make this policy clear but they don't. Also imagine the millions of users who use paypal and if each person has about a USD 5 sale that's 5 millions dollars that is in their account. In money markets that earns quite a bit on interest. Now compound that by 365 days a year. The interest alone on a rotating multi million dollar deposit would be huge. If that's the case there should be some government oversight or a consumer protection agency looking into protecting the legit sellers and buyers.
I understand need for security and protection but this extreme is unheard of. I thought the law was your innocent until proven guilty. Per this policy it seems that its a violation of everyones rights. They assume everyone is guilty of fraud till proven innocent by leaving a positive feedback. That's a blatant violation of the rights.
Not only are they in bed with eBay. But if you google ebay or on yahoo finance ebay companies are
Total $7.3B Bill Me Later, 10/08 2 $945M Den Bla Avis, 10/08 3 $380M Gmarket, 9/08 4 Vuvox, 5/08 5 Fraud Sciences, 1/08 6 $169M ViA-Online, 10/07 7 Gumtree, 5/07 8 GittiGidiyor.com, 5/07 9 StumbleUpon, 5/07 10 $75M MicroPlace, 4/07 11 StubHub, 1/07 12 $310M Tradera, 4/06 13 $48.3M Skype, 9/05 14 $1.9B Opusforum.org, 6/05 15 eBay, 6/05 16 Shopping.com, 6/05 17 $620M Loquo, 5/05 18 Kurant, 1/05 19 Rent.com, 12/04 20 $415M Marktplaats.nl, 11/04 21 $290M Baazee, 6/04 22 $50M EachNet, 7/03 23 $150M CARad, 1/03 24 PayPal, 7/02 25 $1.5B iBazar, 2/01 26 $100M Half.com, 6/00 27 $350M
Paypal and Bill Me later are their finance wings they got the money to acquire the rest thru such practices. Then if another company comes up that helps transfer money they limit their access to ebay. There are other reputed brokers that help with credit card and process online transactions smoothly and safely but then you wont be allowed to sell or buy on ebay.
So ebay makes money on listing fees and closing fees and also money on paypal transaction. All in all a seller has to pay about 7 to 10% of revenue to ebay. Considering that margins on most products are only about 10% that's them almost taking all your profits away. Ebay and paypal work together to harm the consumer. If they are separate companies then how are paypal disputed connected to ebay and vice versa.
They really need to rethink how they treat and value their customers. Bigger companies like Apple, Newegg, and I think even few travel companies use Paypal. Their funds are not on hold till buyer receives items, or till buyers takes his vacation or trip. Paypal would not do that because they can't or they would be sued. Us legit consumers need someone to protect our rights and interests.
When the company was founded ideas were fair, customer service was top notch and clients were valued. They have become too big for their own benefit. I like ebay and paypal and I hope they can check themselves and come back to the goals and principles the companies were founded on.
