This is a pretty big security hole in my opinion. A merchant shouldn't be able to set itself up for preapproved payment status. Only I should be able to do that manually in my Paypal account! Repeated payments can be taken from my account without my knowledge until I happen to go into that menu and see that the merchant set itself up for a renewing preapproved payment.
This happened to me a few weeks ago where a merchant took money from my account, but I didn't realise that they also set themselves up in my account for a preapproved recurring payment.
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