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For most of their existence, PayPal have been living the "shady questionably-legal startup" dream, operating in a heavily regulated industry while ignoring almo
by zyx321 10y ago
For most of their existence, PayPal have been living the "shady questionably-legal startup" dream, operating in a heavily regulated industry while ignoring almost all of the regulations.
They've been screwing over their customers, closing accounts on allegation of fraud and dragging out refunding the alleged victims for months and months, since before they were acquired by eBay. People still use their service.
It's always been this way. People use PayPal because it's convenient, and because there's no real competitor with comparable market penetration. No, I'm not sure that PayPal's brand will suffer much from continuing to act the way they've always done.
- dopamean 10y ago> For most of their existence, PayPal have been living the "shady questionably-legal startup" dream, operating in a heavily regulated industry while ignoring almost all of the regulations. I'm not saying you're wrong (because I actually don't know) but this seems to be way off base. What specific regulations are they ignoring? My understanding is that most of the things people gripe about with PayPal are borne out of PayPal's attempt to stay in line with regulations.
- zyx321 10y agoI suppose it depends on whether you think of PayPal as a payment processing company that just so happens to prefer keeping your money on their internal accounts indefinitely rather than paying out ASAP like most competitors, or as a pseudo-bank in denial about their bankiness.