Paypal has told its customers that starting from November 19, new policies and amendments will be included in the company’s legal agreements.
For the last two days, Paypal has been alerting its users about incoming updates of its legal agreements (Terms and conditions) with customers. The new policies have sparked some polemic among users in social media. Specifically, the section 4.4 of the document became one of the most talked about points of the announcement. Section 4 refers to ‘Non-discouragement’ which states:
A. In representations to your customers or in public communications, you shall not mischaracterise or disparage PayPal as a payment method.
Paypal also demands its customers to avoid placing Paypal behind other payment methods:
B. If you enable your customers to pay you with PayPal, you shall treat PayPal’s payment mark at least at par with other payment methods offered.
Under the new terms and conditions, Paypal will also be granted the right to use its customers business name, trademarks, and logos in all of the company’s websites, mobile and web applications.
The term’s updates are comprehensive across all procedures, for example, the customer’s protection policies will also change to exclude certain types of products and services:
It is possible that such changes may impact the limited part of the Bitcoin ecosystem that interacts with Paypal (some exchanges and Peer-to-peer transactions) as the cryptocurrency falls into the ‘c’ category of the list.
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And that’s not all …
Notwithstanding the otherwise constant stream of disingenuous and delusional nonsense that flows from eBay/PayPal, the share price history of these two clunky operators demonstrates the reality:
Aug 2007: (pre John Donahoe) EBAY ~$40; AMZN ~$40;
Jul 2015 (pre eBay-PayPal split): EBAY ~$66; AMZN ~$480;
Jul 2015 (post-split): EBAY ~$28; PYPL ~$37; AMZN ~$530;
Recently: EBAY ~$31; PYPL ~$37; AMZN ~$770—LOL …
PayPal is still standing still, and eBay has for years been effectively going backwards.
Notwithstanding the “spin-off” of PayPal from eBay, eBay and “PreyPal” remain effectively joined at the hip—for at least the next five years—and anyone that thinks otherwise is simply uninformed; and, thanks to a continuation of most of the destructive policies introduced over the eight year reign (2007–2015) of the “Pain from Bain”, John Joseph Donahoe II, the eBay marketplace is continuing on its slow journey down the toilet; nevertheless, during Johnny Ho’s occupation of the eBay corner office, this cretin and his gang of hand-picked Keystone Kops still managed to obtain for themselves massive, unearned, “performance” bonuses—while the company’s shareholders received not one penny.
PayPal is a clunky, non-bank-licensed (except in Luxembourg), non-deposit-insured, virtually non-regulated, “pretend” bank; a higher fee-charging payments intermediary that, in the main, rides on the back of the world’s banks’ existing payments systems, with no formal agreement with those banks other than PayPal’s operating of a credit card merchant account facility with, and the making of direct debits/credits on some users’ bank accounts via, one of those real banks.
PayPal is, in its own words, “a merchant of sorts”; it is not a licensed “bank”; virtually everything that “PreyPal” does is done via “marketing” arrangements with licensed financial institutions—for example, look for the identity of the actual credit provider (in the micro print) on their credit providing instruments.
Merchants’ funds received via “PreyPal” are at risk of being subjected to lengthy arbitrary holds; $18 billion of users’ funds left “on deposit” with the PayPal faux “bank” are not FDIC deposit-insured. Even more perilous (for PayPal’s shareholders), the great majority of PayPal’s business originates from its (still) effectively mandated place on the eBay marketplace, so it logically follows that—with the destructive Johnny Ho-Ho-Ho now sitting at the head of the PayPal boardroom table—”PreyPal” will undoubtedly be accompanying eBay on its journey to the sewage farm.
“Effective October 1, 2015, we will remove the tiered merchant rates for US domestic and international Purchase Payments*. This means your rate will increase if you are currently receiving a merchant volume discount. Your new rate will be the standard rate of 2.9% + $0.30 USD for domestic transactions and 3.9% + fixed fee** for international transactions.”—PayPal, 27 Aug 2015.
The reality is, PayPal’s parasitic, higher fee-charging payments operation has little long-term future—outside of its mandated place on the atrophying eBay marketplace—now that professional online/mobile payments offerings from MasterCard (“MasterPass”) and Visa (“Visa Checkout”) are available to any online merchant that has (or can obtain) a credit card merchant account with a real bank.
With respect particularly to “mobile” payments, notwithstanding Apple Pay’s disappointing initial showing, methinks Apple Pay, Samsung Pay, Android Pay, “MasterPass”, and “Visa Checkout”, that is, those entities that have formal relationships with the world’s retail banks and MasterCard/Visa, will eventually bury PayPal’s parasitic operation.
By using PayPal you forego the usual statutory protections that apply to credit card transactions. Nevertheless, PayPal users should never give PayPal an authority to direct debit their bank account; PayPal should only ever be given access to funds via a real-bank credit card account; that way your credit card-issuing bank will be the final arbiter of any transaction dispute. Conversely, sellers should never accept payment via PayPal for goods that are going to be picked up by the buyer; in such circumstances PayPal offers sellers zero protection from “item not received” scammers .
PayPal is effectively a “pay day” lender. In May 2015, PayPal was fined $10 million over its “Bill Me Later” service, in part for unfairly charging some customers deferred-interest fees. The company was also required to return $15 million to consumers who used the service, which is now called PayPal Credit.
PayPal’s one-time adoptive parent, eBay, is likely the most unscrupulous commercial entity operating on this planet; but, have no fear, eBay is an equal-opportunity fraudster; demonstrably, they will knowingly aid and abet the defrauding of buyers by unscrupulous eBay merchants who bid on their own auctions, and, conversely, of honest sellers by unscrupulous buyers—as long as there is a financial benefit in such fraud for eBay.
And if anyone thinks that the clunky “PreyPal” is any more scrupulous than eBay—given their equally poor customer service and lack of any truly balanced mediation of transaction disputes by human beings, which effectively results in a hard-wired bias towards buyers/payers that they now necessarily have to pander to—good luck to all you small online merchants who may get burned in the process.
For a detailed analysis of the ugly reality of eBay’s demonstrable, calculated, facilitation of endemic shill bidding fraud on consumers on its auctions marketplace—Google “Shill Bidding on eBay: Case Study #5”
This is Not racist..it is information.
Google : “number of blacks killed by black”
Did you know that in a 10 year period 1,130 blacks where killed by cops.
7,439 blacks where killed in 1 (ONE) year alone by other blacks.
Average:
cops will kill 113 blacks in one year (99.9% justified)
Blacks will kill 7,439 blacks in the same time frame (all murdered)
It will take about 66 years of cops killing blacks to equal just 1 (ONE) year of blacks killings blacks.//