PPC Submitter : Wednesday, March 2, 2011, 10:24
Paypal “Plays the Float” with Purchasers Money
I ordered merchandise from a vendor that only accepted payments through Paypal (which alone should have clued me that something was amiss).
Paypal withdrew the funds from my account the following business day (Monday). By Thursday, I hadn’t received notification from the vendor so I called Paypal and was told that they hadn’t forwarded the funds because payments were “processed by batches,” as though they were doing it by hand.
The money was forwarded the next day, so my order was held up for 5 days while Paypal earned money on my funds just by sitting on their hands. To make matters worse, the product didn’t work as advertised but the idea of having to deal with Paypal again to get my money back caused me to just say “Forget it!”
Submitted By:: A. Long
Location: Atlanta, GA USA
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PayPal actually has this “float” covered in their User Agreement.