So Paypal just updated their policies and basically committed digital suicide. After reading what is in the new terms of service I can honestly say I want nothing to do with this company ever again. I find it hard to believe that they would go this route but it has been done so it’s on to the next payment processor.
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
• We’re changing the balance functionality for your PayPal account depending on whether we have been able to verify identifying information that you provide to us.
• If we have not verified your identifying information, a balance in your PayPal account can generally only be held in your PayPal account and transferred to a linked bank account or debit card.
• If we have verified your identifying information, a balance in your PayPal account can be held in your PayPal account, transferred to a linked bank account or debit card, used to make purchases or send money to others.
Restrictions and limitations on such accounts may be lifted upon validation of the user’s identity by PayPal.
• We’re removing the variable rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States when you send money using PayPal balance or your bank account and introducing a new flat fee of $2.99 or $4.99 per transaction depending on the recipient’s country. However, when you send money using your credit card, debit card, or PayPal credit you will be charged the new flat fee per transaction depending on the recipient’s country + 2.9% of the transaction amount + a fixed fee based on the currency.
I’m not sure what kind of statement their trying to make with this but it is clearly founded in the thinking of the past. Will any of you ever use them again? Is it just me?
