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Any startup that wants to depend on Paypal in any shape or form is only setting up itself for a disaster and world of hurt Paypal are the scum of the scum, wit

by dcc1 13y ago

Any startup that wants to depend on Paypal in any shape or form is only setting up itself for a disaster and world of hurt Paypal are the scum of the scum, with the most clueless customer support, they act like a bank but are not a bank (well here in europe anyways) and hence not subject to same regulations and scrutiny (what little of those there are) so if something happens to your money with them (and its guaranteed they will screw you sooner or later) then you are f%&cked so beware!

aroch 13y ago
I can see it now: "We've determined that your startup has violated, uh, our integrity clause so we're holding your IP while we decide what to do about your violation"
pallandt 13y ago
Normally I'd completely agree, however, to get accepted into the program you must be 'nominated by a Startup Blueprint partner (accelerator, incubator or VC) or are directly on-boarded by PayPal.' This makes me thinks program members might enjoy special treatment, hopefully perhaps less of the type that got PayPal its terrible reputation.
- conductr 13y ago
  Why risk it? the only real benefit -if all goes well- is the free processing, and processing isn't that expensive. If you're processing enough to max their 50k limit, then you're at much greater risk of them screwing you out of a big piece of revenue
zt 13y ago
Actually, in Europe they ARE a bank: "In 2007, PayPal Europe was granted a Luxembourg banking license, which, under European Union law, allows it to conduct banking business throughout the EU.[54] It is therefore regulated as a bank by Luxembourg's banking supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)." http://en.wikipedia.org/wiki/PayPal#Regulatory_status http://en.wikipedia.org/wiki/PayPal#Regulatory_status
zengr 13y ago
"Free PayPal payment processing: all transactions fees waived for 18 months, up to $50,000 USD" They are literally giving away free money. Why this hate?

by dcc1 13y ago

aroch 13y ago

I can see it now: "We've determined that your startup has violated, uh, our integrity clause so we're holding your IP while we decide what to do about your violation"

pallandt 13y ago

Normally I'd completely agree, however, to get accepted into the program you must be 'nominated by a Startup Blueprint partner (accelerator, incubator or VC) or are directly on-boarded by PayPal.' This makes me thinks program members might enjoy special treatment, hopefully perhaps less of the type that got PayPal its terrible reputation.

conductr 13y ago
Why risk it? the only real benefit -if all goes well- is the free processing, and processing isn't that expensive. If you're processing enough to max their 50k limit, then you're at much greater risk of them screwing you out of a big piece of revenue

zt 13y ago

Actually, in Europe they ARE a bank: "In 2007, PayPal Europe was granted a Luxembourg banking license, which, under European Union law, allows it to conduct banking business throughout the EU.[54] It is therefore regulated as a bank by Luxembourg's banking supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)." http://en.wikipedia.org/wiki/PayPal#Regulatory_status http://en.wikipedia.org/wiki/PayPal#Regulatory_status

zengr 13y ago

"Free PayPal payment processing: all transactions fees waived for 18 months, up to $50,000 USD" They are literally giving away free money. Why this hate?