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paypal's greed
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78 posts in this topic

4 hours ago, Shrevvy said:

If I recall, Shadroch, you lied about your dog being a comfort dog to get a break on rent. Damn capitalist want to stick their grubby fingers everywhere.

Wow. Lying about someone lying. My dog is a legally certified companion dog. I didn't lie about anything. I exploited a loophole in the law but to accuse me of lying is simply incorrect. You owe me an apology. If the law is broken, fix the law, don't attack people who take advantage of it.

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6 hours ago, stock_rotation said:

Why do you think they're doing this? When they had an exclusive with Ebay, they made up for the small losses from returns on the sheer volume of transactions. Now that they're being cut out of a market that was probably 80% of their business, they need to lock down some of that revenue.

I think they need to make things easier not harder.

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18 hours ago, James J Johnson said:

Absolutely more exposure for paypal than 30 cents per transaction! :whatthe: 

Now this is hypothetical and I'm using Berk as an example because we discussed their taking in $118,000 "for charity" last month. But say paypal facilitated $118,000 worth of sales for them last month for them, the money went where it was supposed to, to whatever account Berk has those funds transferred to in those 100% charity auctions. Over a period of 2 weeks, they gradually spend the money through a third account, having been disbursed from the charity account. A charity investing to amplify their donations, let's say. The $118,000 worth of books they bought through another account have almost all come in, and any money left in the account that didn't go to purchase more inventory has dwindled to almost nothing. Now Berk is holding $118,000 of product, almost all delivered after two weeks of buying, and almost nothing in cash in either paypal account, or a third for buying.  But let's say while doing this, Berk has not sent out any of the books that the winners paid for! Let's even assume that Berk might answer questions of "Have you sent out my books yet?  by stringing buyers along, "I'm so sorry. An unexpected death in the family. I'll get them out to you as soon as I'm back in town, you can count on that". But the tracking info never comes, the complaints start coming in to paypal and ebay and guess what.... too late for paypal to recover $118,000 to pay back the claims for buyers who did not het their material, many of which funded the purchase with credit cards. Now paypal is on the hook for some, a lot, or most of that missing $118,000!

No. Paypal's exposure is a lot more than 30 cents per transaction.  I'm sure that there are many instances where paypal becomes a victim of a non-responsive seller in having to step in an reimburse once a seller's accounts are empty and their funding sources as well. .

Do you know how many transactions they do. Also you are assuming a big event like $118k from a single customer.

Fact is their profit levels are at near all time highs which is a much better gauge as to whether the 30 cents they presently make on every transactions plus 3% of all sales that are fully completed results in terrific profits. Have you read their Financials? Do you know for a fact refunds they are unable to collect are not offset by every single 30 cent charge they perform? What percentage of sales returns are uncollectible and result in Paypal having to eat the costs?

You throw out big numbers saying there is a big risk but have no evidence that paypal has any difficulty collecting from the seller. Also for every single sales they make 30 cents regardless of the end result. Do you know how many transactions paypal does on a daily basis? 

Your original analogy was awful, paypals charges are nothing akin to rent and I called you on it. Paypal's pay structure is more akin to a royalty (think McDonalds) except Royalties dont get paid on money that has to be refunded.

Also if the simple process of returning money from one account to another is so time cumbersome and costly, how is it they can process all friends and family transactions for free. Its doing the same thing, shifting of funds from one account to another and there is zero cost.

Feel free to throw out more extreme level examples that have either not occurred or have not had a material impact on Paypal's profitability. 

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On 9/19/2019 at 3:48 PM, porcupine48 said:

Like that charming currency conversion fee they keep raising?While we're griping about them,I'll throw out my rant.PP can suckit

This just bit me big time, Bought a book off the boards from one of our friends north of the border and when the transaction went through I noticed it was  nearly 5% more than I anticipated. Went through the user agreement and found it after about 10 minutes a 4.4% conversion fee tacked on. This will definitely impact my buying from non-us sellers in the future. 

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1 hour ago, Rezin1234 said:

Do you know how many transactions they do. Also you are assuming a big event like $118k from a single customer.

Fact is their profit levels are at near all time highs which is a much better gauge as to whether the 30 cents they presently make on every transactions plus 3% of all sales that are fully completed results in terrific profits. Have you read their Financials? Do you know for a fact refunds they are unable to collect are not offset by every single 30 cent charge they perform? What percentage of sales returns are uncollectible and result in Paypal having to eat the costs?

You throw out big numbers saying there is a big risk but have no evidence that paypal has any difficulty collecting from the seller. Also for every single sales they make 30 cents regardless of the end result. Do you know how many transactions paypal does on a daily basis? 

Your original analogy was awful, paypals charges are nothing akin to rent and I called you on it. Paypal's pay structure is more akin to a royalty (think McDonalds) except Royalties dont get paid on money that has to be refunded.

Also if the simple process of returning money from one account to another is so time cumbersome and costly, how is it they can process all friends and family transactions for free. Its doing the same thing, shifting of funds from one account to another and there is zero cost.

Feel free to throw out more extreme level examples that have either not occurred or have not had a material impact on Paypal's profitability. 

:roflmao:

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1 hour ago, spideyfan68 said:

This just bit me big time, Bought a book off the boards from one of our friends north of the border and when the transaction went through I noticed it was  nearly 5% more than I anticipated. Went through the user agreement and found it after about 10 minutes a 4.4% conversion fee tacked on. This will definitely impact my buying from non-us sellers in the future. 

Yep. Nothing unusual. Someone told me that last year, paypal nerfed one of their international transactions, with a 7+ % hit! The transaction fee plus a conversion fee. Add eBay's 10% to that and that's a 17% bite.

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2 hours ago, spideyfan68 said:

This just bit me big time, Bought a book off the boards from one of our friends north of the border and when the transaction went through I noticed it was  nearly 5% more than I anticipated. Went through the user agreement and found it after about 10 minutes a 4.4% conversion fee tacked on. This will definitely impact my buying from non-us sellers in the future. 

Being in Canada,this one gets me ALL THE DAMN TIME :censored: I'm not sure if there's a cap to it either,I read that the percentage is just a minimum.

 

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I get paypal provides a service but think they are being a little greedy here.  Most sellers will issue returns if a buyer is unhappy for any reason and eBay will almost always allow for returns
if a seller requests one.

When dealing with high dollar items this can add up just on one returned sale of a 4 figure book.  Should PP get something, probably, but the full original transaction fee, no way.

Short term I think they are going to make a killing with this change until people move to alternate payment methods.

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21 hours ago, Rezin1234 said:

Do you know how many transactions they do. Also you are assuming a big event like $118k from a single customer.

Fact is their profit levels are at near all time highs which is a much better gauge as to whether the 30 cents they presently make on every transactions plus 3% of all sales that are fully completed results in terrific profits. Have you read their Financials? Do you know for a fact refunds they are unable to collect are not offset by every single 30 cent charge they perform? What percentage of sales returns are uncollectible and result in Paypal having to eat the costs?

You throw out big numbers saying there is a big risk but have no evidence that paypal has any difficulty collecting from the seller. Also for every single sales they make 30 cents regardless of the end result. Do you know how many transactions paypal does on a daily basis? 

Your original analogy was awful, paypals charges are nothing akin to rent and I called you on it. Paypal's pay structure is more akin to a royalty (think McDonalds) except Royalties dont get paid on money that has to be refunded.

Also if the simple process of returning money from one account to another is so time cumbersome and costly, how is it they can process all friends and family transactions for free. Its doing the same thing, shifting of funds from one account to another and there is zero cost.

Feel free to throw out more extreme level examples that have either not occurred or have not had a material impact on Paypal's profitability. 

Excellent post.

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2 hours ago, Rezin1234 said:

Ill take that as throwing in the towel.

Wrong interpretation. Needless to read more into it than what it was.

Simply interpret :roflmao:  at face value, as was intended.

And that gem, that literary masterpiece took you 5 days to come up with?

:roflmao:

Edited by James J Johnson
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15 hours ago, James J Johnson said:

Wrong interpretation. Needless to read more into it than what it was.

Simply interpret :roflmao:  at face value, as was intended.

And that gem, that literary masterpiece took you 5 days to come up with?

:roflmao:

5 days. Don't flatter yourself. Unlike you, I dont hound the cgc forums much. Check out my history, large intervals of no comments.

 

Its ok you dont have any better retort and an emoji. I am sure you are a bastion of knowledge on this matter but just prefer to keep it to yourself.

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2 hours ago, Rezin1234 said:

5 days. Don't flatter yourself. Unlike you, I dont hound the cgc forums much. Check out my history, large intervals of no comments.

 

Its ok you dont have any better retort and an emoji. I am sure you are a bastion of knowledge on this matter but just prefer to keep it to yourself.

You're 4 days ahead of schedule. You must have put a lot of concentrated thought and effort into this trolling attempt. :roflmao:

While I realize this may not be possible, and you seem determined to "get my goat". Since I don't have a goat for you to get, why not make a similarly focused effort to steer all of those off-topic posts back to the subject of tangible forum themes. Hobby related things. CGC related things. Matters of interest. None of which anything you've written to me in the last three posts, nor my replies to your off-topic trolling have.

 

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31 minutes ago, James J Johnson said:

You're 4 days ahead of schedule. You must have put a lot of concentrated thought and effort into this trolling attempt. :roflmao:

While I realize this may not be possible, and you seem determined to "get my goat". Since I don't have a goat for you to get, why not make a similarly focused effort to steer all of those off-topic posts back to the subject of tangible forum themes. Hobby related things. CGC related things. Matters of interest. None of which anything you've written to me in the last three posts, nor my replies to your off-topic trolling have.

 

Awwww someone needs a hug. Sorry I cant agree with your assessment on corporate greed. Its honestly not my fault I can read a financial statement while you remain illiterate to it. I am an avid collector and do post some of my books from time to time. I also sell on ebay and find this action by paypal to be a pure money grab but then again i do know what 2 + 2 equals.

 

Many others on this thread are also quite capable as well. Shame you arent. Enjoy your Goat or whatever you have.

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21 minutes ago, Rezin1234 said:

Awwww someone needs a hug. Sorry I cant agree with your assessment on corporate greed. Its honestly not my fault I can read a financial statement while you remain illiterate to it. I am an avid collector and do post some of my books from time to time. I also sell on ebay and find this action by paypal to be a pure money grab but then again i do know what 2 + 2 equals.

 

Many others on this thread are also quite capable as well. Shame you arent. Enjoy your Goat or whatever you have.

124 posts and now 5 of those are personally directed at me about issues of a personal nature. 5 of your last 5, about such things as my needing hugs, as though you have any idea at all as to what I need or don't need! I don't know whether to feel honored  or concerned. Not for me. For you.

I think it's funny, in a sad way, but at some point the mods won't, you'll get a warning, I'll get a warning, I'll heed mine, you won't heed yours, you won't be able to help yourself, and you'll be gone.. :roflmao:

So out of the utmost respect for the forum, This is my last reply to you, before the mods even have to mention it.

Edited by James J Johnson
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7 minutes ago, James J Johnson said:

124 posts and now 5 of those are personally directed at me about issues of a personal nature. 5 of your last 5, about such things as my needing hugs, as though you have any idea at all as to what I need or don't need! I don't know whether to feel honored  or concerned. Not for me. For you.

I think it's funny, in a sad way, but at some point the mods won't, you'll get a warning, I'll get a warning, I'll heed mine, you won't heed yours, you won't be able to help yourself, and you'll be gone.. :roflmao:

So out of the utmost respect for the forum, This is my last reply to you, before the mods even have to mention it.

I was all for a standard convo until your poor reply with an emojo and zero support. 

 

Awww you went through my history. Thats cute. so yeah I really dont come on here much, I have other outlets that I spend my time on, unlike you who seems permanently locked in. 

 

End of the day, poor analogy, zero retort, name calling. Yeah you are a beacon for this forum. 

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