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In this case they are acting as a payment processor. Payment processors are not banks usually. More regulation can only help in forcing PP to have a human that
by Idiot_in_Vain 4y ago
In this case they are acting as a payment processor. Payment processors are not banks usually.
More regulation can only help in forcing PP to have a human that you can talk to after the algorithms have banned you.
- nicoburns 4y agoPayment processors also don't usually hold funds on your behalf. Visa can refuse to process your transaction, but they can't hold your money hostage because they never have it the first place. IIRC, in order to avoid banking regulations, Paypal claims that legally the balance you hold with them is owned by them. So if they want to close your account and just keep your money then they can (and do). Which is bullshit and a state of affairs should absolutely be regulated out of existence.