Paypal The Biggest Payment Processor- Can You Really Trust Them?

September 4, 2009 - 11:00am | Articles | Fraud |

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Paypal The Biggest Payment Processor- Can You Really Trust Them?

Paypal is the most used payment processor on the web, but does that necessarily mean that they are number one? Let us just reflect on for a minute the principles we were taught way back in elementary school, when our parents taught us just because our peers were doing something that was popular, doesn't mean it was good for us. For instance, we past hundreds of people on the street daily, with cigarettes dangling from their lips. Just because smoking is prevalent doesn't mean that it's healthy for us. The same can be thought of in this situation.

Whether it's making purchases online or receiving payments from others worldwide Paypal is the number one option because it is reputable and so called "trustworthy". It's used by most get paid to sites and other online companies. But is Paypal really worth your service?

If you haven't heard the latest buzz on the web and seen the number of websites calling Paypal a big fat SCAM, than it's time someone bring it to your attention. Websites such as PaypalSucks.com and Screw-Paypal.com are airing out all of PayPal's dirty laundry. Look at a snippet of this month's Paypal Horror story:

"Today without warning Paypal "closed" my account with $5,772.91 dollars in it. They say on the website and in several calls I made to them that they will not release the money due to a routine credit scan they made and didn't like what they read in my equifax credit report. "

I've personally had a similar experience, I have $70.00 in my closed Paypal account that they will not let me withdraw any kind of way. I received an email from them one day saying that there was an suspicious activity going on in my bank account and that they were closing my account. I called the bank and they said everything was fine, they didn't know what Paypal was talking about.

Reasons Why Paypal Doesn't Deserve Your Business
They over step their boundaries. They are just a payment processor meaning they help you receive and send payments. Yet, from the reports online Paypal has been going into peoples bank account, getting credit reports on users and they are even known withdrawing funds from people bank account, without user's knowledge.
They close and freeze user accounts on false reasons. In one month I had my account limited at least ten times for various bogus reasons.
The fees are regularly increased. Paypal charge the highest fees known to online payment processors.
Not to forget, hackers love Paypal. They claim to be safe but you'll find that hackers are always coming up with new ways to hack paypal accounts and there database. Check Youtube you will find that there are dozens of hackers willing to sell you their programs. Their workers are also untrustworthy, so beware.

There has been several lawsuits filed against them, check PaypalSucks.com, you will learn all about it. Who trusts a service with tons of lawsuits against them?

Is Paypal, the right payment processor for you? Are you ready to put your money, and your business at risk?