PPC Submitter : Tuesday, September 27, 2011, 10:23

Contacting my credit card company about PayPal

I am also on a rant! about needing to get “verified.”

PayPal had no problem letting me use my MasterCard to charge about $5,000 on merchandise before they had any business relationship with me whatsoever. I paid all my bills on time. And NOW that I am a seasoned customer they tell me that my own credit card’s underwriting standards are not good enough for them?

I recently I spoke to some person at PayPal that kept parroting the most idiotic line: She kept saying that I will feel MORE SECURE once I give PayPal my banking information. I replied, “Do you think that I am a moron? Now, I wake up every morning without fear that PayPal will dip into my personal banking. However, if I give you my banking information, then I will live in constant uncertainty and fear that PayPal will get into my bank account. Do you REALLY think that that would make me feel MORE SECURE?”

I am contacting my credit card company. After all, PayPal is undermining THEIR card and THEIR underwriting standards and, in fact, is going behind their back to scoop their customers. Aren’t they concerned about this? Have they collectively (Amex, MC and VISA) thought about REVOKING PayPal’s right to accept their cards–THAT should change PayPal’s tune! (Note: The PayPal card is a MC, but how does Amex and VISA feel about this bait and switch tactic?)

Ironically, PayPal punishes any Seller that dares to go around them. So, I believe that we should all complain to our credit card companies (especially Amex and VISA) that PayPal is abusing their credit card customers and (possibly) abusing their merchant authorization agreements by going around THEM.

BTW, I know many people who got to the “verification” point and decided that they could happily live without PayPal in their lives. Count me as one of them!

Hopefully, some enterprising person will start a “FairPay.” If so, post here so that we can sign up. The opportunity is there to pick up all of us who have ALREADY successfully bought thousands of dollars of merchandise. Let PayPal keep the “newbies” until they get to the point where they are “seasoned” and have proven their creditworthiness.

Smart “business plan” PayPal! Chase away your best customers…. Did their CEO even attend business school? Someday, business students will read about this “business decision” like they read about the “New Coke” fiasco–and they will shake their heads and laugh at how stupid a company can be. And PayPal will richly deserve to be a case study in bad business decisions.

It is a BIG market out there—there is bound to be some real competition soon. And, we are READY!

Submitted By:: IC

Location: Montecito, CA, USA

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