PayPal suspends India service
Why? Mind your own business
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PayPal, eBay's payment system, has suspended all payments to personal accounts in India.
In fact the online payment service took the action on Saturday, but its UK arm still doesn't know how long the suspension is likely to last.
A blog post says personal payments and transfers to Indian banks have been suspended "while we work with our business partners and other stakeholders to address questions they have about the service".
The post, available here, notes that you can still make commercial payments to India, but merchants won't be able to withdraw the funds.
Apart from irritating Indian eBayers, the unexplained action will also infuriate smaller technology and design freelancers who use the system for cheap money transfers.
Some bloggers suggest the problem is between PayPal and the Reserve Bank of India - India's central bank and financial regulator.®
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COMMENTS
Too many news of this sort
for something that is supposed to be financial entity, where trust is essential, and once lost tends to stay that way. Personally I closed my account when (once again), they freezed wikileaks' account. It is my understanding that if/when one gets scammed when paying with Paypal, the outlook of getting (all) the money back (all the way to your bank account) is rather dim. Ultimately, if shove comes to push, they could and probably would try to weasel out of their responsibility by making issues of applicable law, venue and so forth; resolving an issue of e.g. a goods not delivered is difficult enough with a domestic bank which by definition of 'domestic' operates under the laws of your jurisdiction.
@Brian 6
But people use that exact principle to extract money...
Paypal will not, or do a very bad job at "investigating" fraud.
Received Bricks? Sender used recorded postage? You're stuffed.
Buyer claims item is faulty? Returned a box of bricks with recorded postage? You're stuffed (for money+item).
You use your account from 2 different addresses... paypal will hold your money.
Someone else in your household uses the same account... paypal will hold your money/suspend your account etc.
And a billion and one other reasons....
I have been on the receiving end, buyer claimed the item was faulty (I said f-off it wasnt), they said to paypal after trying to get me to refund them directly using a cheque before they would return it (lol unlikely, using some fake legal department too), they tried to resell my unit, then eventually returned it, with the wiring loom cut up (and half missing), I wired it up to a bench supply to show it was working (useless in real terms without the loom, cost wise to build etc) I sent a video to paypal... all of this, they didn't care... 5 years on their fake debt collectors keep telling me they can take me to court (only paypal can take me to court, and they haven't yet). Plus lots more stuff to show it was a scam, all sent to paypal.
Thing is, this is not an uncommon incident.
I'm still using PP unfortunatly
Currently PayPal are the cheapest way to accept payments online without forcing your customers to signup for an account.
All the other options, such as Google, require you to have an account with them. PayPal let you just use your credit card.
There is a huge potential for someone to develop a proper alternative to PayPal, that doesn't charge you a fortune for the privilege of just having an account, and then screwing you on charges.
With PayPal I only pay for what I use, no setup fees, no recurring fees, just about 3.5% of the transaction value. And there is no need to muck around with merchant accounts.
Annoyingly there isn't anyone that comes close to that. So for small operators like me who are just starting off, it's still the only viable option.
I'd love to move to something better, so if anyone can recommend something please do.
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