I don’t know enough details about what exactly PayPal was so concerned about now, something about Masterbucks as I recall (?), but you’ve been able to resume using PayPal at Epik for a while now. If that’s all PayPal has going for it, that’s not a good long-term recipe for success. Why does any merchant work with a payment service that cuts them off when something is flagged? Well, they feel like there’s little choice because of the network effect of PayPal. Its customers were at risk if their renewal payments didn’t go through.Ī company that wants to work with its merchants would reach out first to resolve the issue. Sav.com had to scramble to identify the issue and get PayPal’s attention through a social media campaign. But its first inclination when something gets flagged is to cut off the account completely. PayPal has systems to catch potentially harmful behavior. This sounds similar to what happened with NameBio.
We learned this morning that our account was disabled last week due only to a domain name that had no association with Sav. Today, Sav announced that PayPal was restored. Additionally, we were never given any prior notice, nor any chance to explain any transaction before being banned. We were never provided any additional information about the alleged violation. The email didn’t state any more information except that there was a trademark or copyright violation regarding the sale of an item. Last night we received an email from PayPal stating that we can no longer do business with PayPal.
Last week came news that PayPal did the same thing to Sav. (The situation with Epik was also concerning, although it’s not clear what exactly happened in that case, and Epik’s response didn’t help it.)
Consider what happened to NameBio two years ago. If there’s a whiff of something sketchy going on with an account, the first thing the company does is turn the account off. It seems like desperation.īut the nail in the coffin is how PayPal treats merchants. And don’t get me started on the many postal mailings I get each month pitching me on PayPal loans. Most of the emails I get from PayPal these days offer me loans or tell me it’s increasing its fees. I can start chatting with a Stripe representative within a few minutes, and they are always able to answer my question. Compare this to Stripe, which I use for one of my businesses. Want support? Good luck getting a timely response that answers your question. I’ve also had problems when payments didn’t go through, and finding and managing active subscriptions can also be troublesome. PayPal is horrible for recurring payment businesses because accounts can’t be transferred if you sell a business. Having a big error on the dashboard for so long is worrying.Ībout a week after I bought PayPal shares, my podcast editor emailed me saying he was switching payment processing from PayPal to another company. This view is on the main dashboard when you log in. Not only did PayPal remove the balance column, but for some reason, it still calls this view Activity (including balance & fees), even though it clearly doesn’t include the balance. This was helpful for reconciling your account with your accounting software. Here’s an example: last year, PayPal decided to remove the account view that shows your latest transactions with the current balance after each transaction. The only thing it has going for it is the network effect: everyone has a PayPal account. PayPal has horrible customer service and treats its customers like a statistic. The next time I logged into PayPal after buying shares, I asked myself, “Why again did you buy stock in this company?” But during the market drawdown earlier this year, I picked up a handful of beaten-down stocks. I rarely buy individual company stocks, preferring to invest in index and target date funds that don’t require constant attention. The Sav incident is another example of how poorly PayPal treats its customers.
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