PayPal Just Lost $200 Billion In 8 Months...

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  • Опубликовано: 30 сен 2024

Комментарии • 792

  • @bressplay446
    @bressplay446 2 года назад +399

    I'm very happy seeing this company fails after:
    1) Freezing money for absolutely no reason
    2) Freezing money from 14 days to 180 days
    3) If someone try to scam you and the person wins the dispute you got hundreds of dollars in negative balance
    4) A very tedious process to verify your account

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +27

      Fair enough

    • @Andriuha49378
      @Andriuha49378 2 года назад +39

      Exactly, I hope they'll go bankrupt. One of my business accounts was also suspended for half a year after receiving a first big pay-check. And then combine that joy with their insane fees once I tried to move all that money to my bank.. Oh boy.. This is the best news I could hear for this shit company.

    • @andrievbastichy8551
      @andrievbastichy8551 2 года назад +6

      never had a problem with paypal.
      most of the reasons u mention is because banks dislike paypal..
      and in the past would constantly cause delays and freezes claiming they had to investigate.
      banks limitations = freezes.
      presenter mentions Venmo.. but isnt it owned by paypal? lmao!

    • @Jonathan900S
      @Jonathan900S 2 года назад

      I Had to verify account after recieve a certain amount of cash

    • @rick2216
      @rick2216 2 года назад

      Insane fee's

  • @hilihkintil6789
    @hilihkintil6789 2 года назад +245

    I like how the comments tell many differents stories that made them quit paypal. For me the deal breaker was when they implement no return fee when customer cancelled their order.

    • @warrenpuckett6134
      @warrenpuckett6134 2 года назад +2

      My bank was the reason. For some reason it refused to allow the transfer. They also stated had no problem with the vendor. Most likely there were just too many complaints both ways.
      It was not a Ebay transaction

    • @wobbler6372
      @wobbler6372 2 года назад +1

      EBay is keeping it now . 30p on every sale

    • @davido3403
      @davido3403 2 года назад +1

      @@wobbler6372 Yeah eBay and there con said save 3% PayPal fee and pay directly though us. But all they did was jack up there fees so you pay the same in the end if not more! It was 10% of sales now it is like 13.5%

    • @the_kombinator
      @the_kombinator 2 года назад

      @@davido3403 Yup and now there's even less recourse against fraud. I was essentially made to accept a return on a non-returnable item (stated multiple times in my ad, and the ad description) because the seller said it was damaged in transit. Failed to provide pics, said the original box was gone, couldn't make a claim with my carrier, lied about the damage, and refused a Zoom session to correct the problem. When I got the item back, it was not only sabotaged (fixed it in 5 minutes) but also shipped in the largest box FedEx had WITH THE ORIGINAL IN TACT BOX INSIDE. I fucking lost it when I got the adjusted freight bill from FedEx - $212 USD, for a dimension adjustment. eBay did nothing about it. Fuckng fraud supporters. If I had been on PayPal, the situation would look a lot different.

    • @joy_12
      @joy_12 2 года назад

      I don't think there is any other app which could replace paypal(in India) for international transactions
      There is Gpay but everyone don't use it

  • @TomWenceslao
    @TomWenceslao 2 года назад +552

    I'm glad to see PayPal struggle... they banned my business account in Jan 2020 (started since 2007) because I tried to process payment with a South Korean credit card (transaction never went through). The excuse they gave me for the ban was that PayPal does assessments on small businesses from time to time and determined that processing payment with a foreign credit cards made my business a high risk liability... I feel discriminated against... Companies like PayPal should not place limitations on people's accounts for stupid reasons like this, but PayPal has a long history of doing this to all its customers.
    I feel like this is a violation of CPNI government laws, since they accessed my transaction history to refuse services (put limitations and then ultimately ban my account) because they didn't like that my foreign client wanted to pay with his foreign credit card.

    • @Bugnarok
      @Bugnarok 2 года назад +55

      Somehow I can relate and I feel what you experienced. I do glad to see them struggle as well. My account got suspended also and they didn't want to reveal anything, even on call they only said "we have the right to suspend any account we deemed necessary". That's all. So yeah, I do hope they got what they deserve. They just become greedy and selfish.

    • @sacredk1
      @sacredk1 2 года назад +58

      We used to have an online Tshirt shop... some had cannabis designs, so Paypal cancelled the account and kept 7k as we were selling ´drug related paraphernalia´... 6 months of emails, money lost. They did this twice.

    • @jonathanLToronto
      @jonathanLToronto 2 года назад +18

      @@sacredk1 quite the story you tell. Paypal acting like as if they were in conservative red state.

    • @jonathanLToronto
      @jonathanLToronto 2 года назад +7

      Company may struggle but I dont think the ceo cares much. Looks like he is just fine.

    • @babagandu
      @babagandu 2 года назад +10

      @@jonathanLToronto no acting like they are in China

  • @mafiousbj
    @mafiousbj 2 года назад +332

    Also...insanely high fees for transfering money....way higher than the traditional banks they said they would replace.
    They could get away with that when they were the only kids in the block but now there are tons of cheaper alternatives for online wallets

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +27

      They do have high fees hahaha

    • @thesunshinehome
      @thesunshinehome 2 года назад +14

      I hate dealing with paypal, they treat their customers like twats

    • @sjors8264
      @sjors8264 2 года назад +2

      True, it's around 5% way too high
      the problem is allot of international small businesses only use paypal

    • @mafiousbj
      @mafiousbj 2 года назад +2

      @@sjors8264 Indeed! Although in that case I think it's the business that receives less money so the user may never realize it.
      But even between people it charges you that 5% so if you wanna send money to a friend to pay for dinner you need to send more to compensate! It's not worth it for that

    • @sjors8264
      @sjors8264 2 года назад +3

      @@mafiousbj Oh I'm dumb I meant currency conversion fees are too high, because paypal has a conversion rate lower then the actual rate
      and for the sending money to people just do the send money to friends and family option to not get the fees

  • @XantheFIN
    @XantheFIN 2 года назад +69

    Big fees.. freezing money automatically even if all is honest and clear... being big brother and being helping scammers by giving money back to them... hell no to PayPal.

    • @marianomontiel
      @marianomontiel 2 года назад +1

      YUGE FEES!!! With Y! YUGE!

    • @the_kombinator
      @the_kombinator 2 года назад

      LOL, if you're a seller on eBay, God help you now. At least with PayPal you could pull your money out right away and defend against fraud, now eBay has its fingers in your bank account.

    • @jameysummers1577
      @jameysummers1577 2 года назад

      Well said!

  • @leakedclipsdaily
    @leakedclipsdaily 2 года назад +92

    PayPal needs a major change of leadership at the top. The core issue with them is simply that they don't care about their customers and have the worst reputation of any online payment processor. The decision at the top to close 4.5 million accounts and to lure people to signup to their site, not verify them, allow them to process payments only to limit their accounts and later seize their funds without any explanation why this happened (class action opened up against them) should sum up why PayPal is losing trust and will be under $100 in the near future.

    • @Loading-lg6hs
      @Loading-lg6hs 2 года назад

      $85 a share. Guess you weren't wrong lol

    • @leakedclipsdaily
      @leakedclipsdaily 2 года назад

      @@Loading-lg6hs - It was much lower. Never hodl especially in a bear market. We're going farther down until the fed pivots. The fools that laughed at me initially and held now down half their money.

  • @vukasinspasic6099
    @vukasinspasic6099 2 года назад +188

    I am so happy to hear this. Their policy was super bad, let alone backing the frauds and doing nothing to make things right despite the fact I provided all proofs.
    I hope PayPal cease to exist

    • @FirstNameLastName-il8ev
      @FirstNameLastName-il8ev 2 года назад +6

      The way they could just close ur account if they even suspected u were a minor and would refuse to give you access to any of the money until you were able to prove you were 18 was dumb af too. I rmr so many young artists back then getting frustrated when their acc full of money they earned from commissions and merch would be frozen and left them with nothing

    • @vukasinspasic6099
      @vukasinspasic6099 2 года назад +1

      @@FirstNameLastName-il8ev you're so wrong,,,,

    • @the_kombinator
      @the_kombinator 2 года назад

      I had the opposite experience - As a seller on eBay, once in a while I would get fraud. The solution was always simple for me; after every transaction, I would pull money out of PayPal and into my account. Once a buyer (to be clear this happened exactly twice in 15 years) made a fake claim, eBay would signal PayPal to issue a refund - well, they couldn't, as there was no money in the account. PayPal then went into the negative and I had to pay them first to keep using their service. eBay always sides with the buyer (even more so now) pretty much no matter what, so the solution was simple - cut the PayPal account off, open a new account, ban the buyer on eBay, and keep going.
      Now, recently, despite a NO RETURNS policy (I sell vintage computers on occasion, these things are 20-40 years old) I was basically forced into a return as eBay now has a very invasive system that connects to your bank account - those guys took the money out and gave it back to the buyer. I fought with them for months, I got my insertion fee back, but was out for the shipping (both ways) - I got my computer back, the buyer sabotaged it. I was able to fix it in 5 minutes and it was relisted. eBay would hear nothing of it. I have since had to make my items more restrictive, therefore unattractive to buyers. I don't make a living doing this, it's just a hobby, but it is now soured with the departure of PayPal from eBay.
      On top of that, eBay counts your SHIPPING FEE as profit, and charge more off the top than PayPal did.
      I miss PayPal (at least on eBay).

    • @philliplawrence7052
      @philliplawrence7052 2 года назад

      You are absolutely right

  • @greeceuranusputin
    @greeceuranusputin 2 года назад +156

    No discussion of paypal's demise is complete without including the way they abused their customers, even stealing their money. I'm one of the many who used paypal in the past but never will again.

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад

      Sorry to hear that Throbbie!

    • @varquaz5
      @varquaz5 2 года назад

      Same, always owe some ridiculous fees after the fact. Either pay or no play, never even thought about it, but it always seemed strange how PayPal seemed so effortless and integrated but if anything happens unexpected you might as well just accept it , mine closed because I owed money, even though they didn't me ton it until I had 0 balance

    • @allie6150
      @allie6150 2 года назад

      Me too

    • @Camelotsmoon
      @Camelotsmoon 2 года назад +2

      There was one time there was a mysterious $1,000 withdraw out of my bank account from PayPal... I was confused as all hell, and it overdrew my bank account by like $700 or something. It took an hour to get through to anyone on the phone, and it miraculously fixed itself a couple hours later when I got off the phone, so ya, I believe you when you say that, though I got it fixed in the end; I think that was back in.. 2016?
      That's really the only problem I've ever had that I know of, otherwise PayPal has been great since I signed up in 2007. Their customer service has improved miles since then though, I was surprised. I had to call them recently within the past few months for.. something, not sure what, but I got someone on the phone after like 5 minutes in the US, I was shocked lol.

    • @GamesNShit
      @GamesNShit 2 года назад +1

      Same here lost 1600$ and couldn't do anything about it. Paypal need to go down bad.

  • @4evertrue830
    @4evertrue830 2 года назад +60

    I don't feel sorry for them it serves them right. They denied many of us in developing countries access to their services for many years, even today...

    • @badreddinekasmi8919
      @badreddinekasmi8919 2 года назад +4

      And now if we have access it's very restricted.

    • @sashamoore9691
      @sashamoore9691 2 года назад +1

      Wtf? Why? I send money to a friend in Palestine thru paypal

  • @dexterfretsing2055
    @dexterfretsing2055 2 года назад +62

    PayPal takes terrible care of its customers. They side with fraudulent and abusive buyers despite copious proof of wrongdoing (e.g. a buyer is banned from eBay for committing multiple documented cases of fraud, but PayPal sides with a buyer and allows him to continue making fraudulent claims through PayPal while disregarding evidence. EBay is supportive in reversing claims, PayPal is not). They charge $20 dispute fees up front, only to deliver repeated unhelpful, unindividualised canned responses which don't address matters. As well, they charge fees out the yinyang including percentage markups on all currency exchanges, and a big percentage tax on top of transactions, thus directly undermining their key utility, which is to be more convenient for international transactions than e.g. bank transfers. 5-7%+ fees is cost-prohibitive, no matter where you try to bury the hidden fees. The video betrays what appears to be a lack of experience using PayPal. After its divorce from eBay and my personal experience with PayPal, as well as countless others with similar experiences which I learned about through researching solutions, I'm not surprised it's lost hundreds of billions, and personally couldn't care less if the company continues to fail.

  • @London-Lad
    @London-Lad 2 года назад +46

    As a seller, PayPal r*pped me. I hope they burn in hell.

    • @mwanikimwaniki6801
      @mwanikimwaniki6801 2 года назад +17

      Relatable. Fuck Paypal

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +4

      😢

    • @dputra
      @dputra 2 года назад +3

      I know that pain bro

    • @uob3817
      @uob3817 2 года назад +4

      Paypal are predator to seller

    • @jonathanLToronto
      @jonathanLToronto 2 года назад +1

      Im a seller who was reimbursed by paypal for fraudster hacked into someone's account and ordered from us. From my memory they protect sellers as well.

  • @zacharywissinger3996
    @zacharywissinger3996 2 года назад +117

    Since eBay moved away from PayPal to managed payments, the amount of scammers on eBay have decreased. PayPal would side with scammers even after eBay acknowledged and sided against the scammers. PayPal customer support was severely understaffed. The biggest upside was using cash back CCs to pay fees, now they are withdrawn from funds before distribution.

    • @entechcore
      @entechcore 2 года назад +9

      Got scammed by a key selling site, accidentally put "Not as described" instead of "Received nothing" in the dispute centre or whatever all of that's called. They refused to give any money back because I had accidentally put the wrong thing, and they wouldn't let me escalate it or re-open it or anything. PayPal is awful.

    • @justacinnamonbun8658
      @justacinnamonbun8658 2 года назад +3

      I used to sell a lot on eBay back in 2004-2006. You could make money back then, even with the eBay and PayPal fees and shipping, it wasn't so bad. Back then you could also get paid with cash or check on eBay. Now you can't sell anything on eBay. eBay fees have skyrocketed, you HAVE TO USE PAYPAL for payment, so that's another fee, and shipping is impossible now, $8 just to ship a few ounces. Instead of PayPal and eBay going away how about you drop your damned fees?? Doesn't matter I guess, at this point the CEO and the rest of the C-level managment will sell their positions, they'll liquidate the company and fire everyone and life goes on.

    • @zacharywissinger3996
      @zacharywissinger3996 2 года назад

      @@justacinnamonbun8658 You can still make money on eBay, just sold 98k last year. Yea the fees and shipping knocked it down to 71.5k before expenses, but there is still money to be made. You don’t have to use PayPal anymore, but eBay collects the processing fee now. I have been on managed payments for almost 2 years now.

    • @zeeshanbhat
      @zeeshanbhat 2 года назад

      @@justacinnamonbun8658 Didn't the CEO, CFO of Paypal buy millions worth of shares though? At least $1.1 mil

    • @justacinnamonbun8658
      @justacinnamonbun8658 2 года назад

      @@zacharywissinger3996 How much did you have to work to make that 98k in revenue?? You left that part out. Like the Uber driver that grosses $100k a year but has to drive 70 hours a week. 😆

  • @robingood2493
    @robingood2493 2 года назад +20

    paypal is a total scam. normally they must lose their lifes in painful agony

  • @IzyHamblinz
    @IzyHamblinz 2 года назад +36

    Looking at these comments, it's crazy how many other people also have animosity against PayPal. I thought it was some sort of necessary service back when I was younger and got my first debit card. I tied the card to the account, didn't really use the account for a year, and was surprised to see it locked at random. When I submitted the documents listed on the page, they banned me from their service and refused to explain why. Not only was I banned from their service, but any online merchant that used PayPal as a "payment processor" also didn't accept my card because they had it tainted. Never got any explanation why, and now that I have newer cards I've kept far away from their service.

  • @kaiblade760
    @kaiblade760 2 года назад +34

    Is it strange that I find it so satisfying to see PayPal losing a lot of money? I want them to fade into obscurity as they have really frustrated me in the past.

    • @the_kombinator
      @the_kombinator 2 года назад

      As an eBayer, I wholeheartedly disagree.

  • @darkodbd3415
    @darkodbd3415 2 года назад +40

    I'm so happy to see PayPal struggle too, i got banned on Paypal and lost all my balance too
    they never explained what was the reason of the ban and they don't care about their own users
    just make a quick search and u'll find thousands of unfair ban stories ... it's just a shitty company

  • @HistoryHouse45
    @HistoryHouse45 2 года назад +44

    This is what happens when a company takes its users for granted

    • @TheDragonfriday
      @TheDragonfriday 2 года назад

      Sadly many companies still trying are users for granted

  • @daltontrader2740
    @daltontrader2740 2 года назад +21

    Very happy they just got what they deserve, discriminate all clients from developing countries and acting cocky on us closing accounts without valid reasons, let this give them lesson that clients wins at the end !

  • @paulrukwaro1751
    @paulrukwaro1751 2 года назад +16

    PayPal is just the worst financial services company. They are very insensitive to their customers needs. Freezing funds for no reason, closing accounts even for businesses that rely solely on them. I have suffered enough with them.

  • @Vorb
    @Vorb 2 года назад +11

    all i gotta say is thank god i hope they go out of business some day they're horrible, rip off people, ban and close accounts for stupid reasons then they make you wait 180 days, they ghost you, they hang up, truly hope something better comes along

  • @netrowex
    @netrowex 2 года назад +17

    Glad to see PayPal struggle, those guys are taking people's money.

    • @LINCOLNMINAJ
      @LINCOLNMINAJ 2 года назад

      How so bro? I stopped checking my balance consistently after a while and I thought I had a certain amount- and then one day I saw a charge to my debit card (from Uber where checkout was default to PayPal balance for years) which meant that my PayPal was depleted but I just couldn’t believe, fathom, or calculate how I depleted the balance, the math was not matching up at all.
      I took it as it was, because I consciously knew I hadn’t been checking my balance so I couldn’t verify anything wrong without knowing what the balance was or any unauthorised transactions in history (which there weren’t). But to this day it doesn’t sit right with me 100%.

  • @wallstreetbro
    @wallstreetbro 2 года назад +34

    You're killin it bro. Keep up the good work

  • @Distanc3
    @Distanc3 2 года назад +22

    The story I've heard is that PayPal has done everything in their power to avoid being labelled a bank. Because they have been successful, they do not need to provide the same consumer protections (FDIC Insurance, for example) and can essentially treat their users however they like.
    I think this seems like a reasonable explanation as to why so many commenters here, myself included, abhor PayPal because of terrifying experiences with them.

    • @Caesim9
      @Caesim9 2 года назад +1

      Man, I hate how corrupt our law systems have become.

    • @Artificial-Cognition
      @Artificial-Cognition 2 года назад

      a lot of horrible things in their ToS/EULA, but you've no choice to accept it if you want to use many services that only use PayPal as their processor.

  • @MrStifleras
    @MrStifleras 2 года назад +25

    Ok now it makes sense...because someone accidentally deposited 200 billion in my payapal account.

  • @mama9048
    @mama9048 2 года назад +7

    I'm so glad to see PayPal loosing money. They are nothing but crooks to customers be it through there high fees and poor policies. The last time I used them properly was about 2016 and now my account just lays dormant unless they send me a 5 or 10 bonus just for signing in every so often then I just send it to my bank.

    • @LINCOLNMINAJ
      @LINCOLNMINAJ 2 года назад

      A sign in bonus? Where does this miracle occur

  • @joekim8459
    @joekim8459 2 года назад +75

    They should have grown globally. Most Fintech these days offer credit, transactions and deposits. If a company cannot offer these 3 services, they will be wiped out by competition. Its a cut throat industry out there

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +8

      Fair enough, fintech is getting super competitive

    • @davidzindler5858
      @davidzindler5858 2 года назад +4

      (PayPal offers all three of those)

    • @joekim8459
      @joekim8459 2 года назад +20

      @@davidzindler5858 only in the US maybe. In emerging markets they do not, they only offer transaction services. Meanwhile other companies are aggressively entering that space and giving credit facilities.

    • @ShastaLevi
      @ShastaLevi 2 года назад +1

      True many at times tried usually the PayPal pay later option to no success, l think if they could have expanded such services to other countries by partnering with the local banks they would be a force to reckon now.

  • @sirnicholas6626
    @sirnicholas6626 2 года назад +18

    PayPal used to be super convenient and protect the customers and PayPal credit didn’t report to credit agencies (could be pro or con depending on how you look at it) now PayPal kind of sucks, I’d rather just use a card, they don’t really protect buyers as much and they report PayPal credit now. That mixed with the new tax laws I use them far less then I once did.

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +1

      Fair enough

    • @Hippie459MN
      @Hippie459MN 2 года назад

      Yeah, the new tax law here in the US regarding online payments is absolutely ridiculous and stupid. I have stopped like 95% of my online transactions and just buy and sell locally and only take cash.

  • @jonhscott6681
    @jonhscott6681 2 года назад +117

    Crypto currency is the future, investing in it will be the wisest thing to do especially with the current rise.

    • @justinlaw5568
      @justinlaw5568 2 года назад

      Stocks are good but crypto is better

    • @justinlaw5568
      @justinlaw5568 2 года назад +1

      Stock's are crashing, Bitcoin Investment right now will be at every wise individual list in a month you we be ecstatic with the decision you make today

    • @luistaveras2343
      @luistaveras2343 2 года назад +1

      2021 online stock is just difficult and unbelievable, II'l rather invest my money on crypto

    • @luistaveras2343
      @luistaveras2343 2 года назад +1

      People are ignorant of the profitability in bitcoin Investment and that had been their major issues limiting their Investment

    • @Mariagomez-dc5vq
      @Mariagomez-dc5vq 2 года назад

      I'm enjoying investing under a platform that brings good return in my life and I've been making my weekly return without stress all in crypto currency ❣️❣️

  • @yanky22
    @yanky22 2 года назад +10

    You could also mention, that PayPal is simply the WORST business on the planet ...

    • @the_kombinator
      @the_kombinator 2 года назад

      LOL no, eBay's new payment system is. Even MORE oriented to facilitate seller fraud, and they count profits (and reap a higher percentage) off your shipping expense. They are by far worse than PayPal.

  • @tonymaries1652
    @tonymaries1652 2 года назад +2

    I got burned by Paypal selling goods on eBay and I won't have anything to do with them. Purchaser pays ... PayPal messes up and fails to pass the payment on to me ... Purchaser complains to eBay that he has paid and hasn't received the goods ... of course he hasn't, I haven't received the payment and I am not going to send the goods until I get it ... PayPal refunds the purchaser from my account so I end up paying Paypal for something I already owned. Paypal don't have proper customer services that speak intelligible English and would not act on my complaint. I even wrote to the UK directors in London who did not reply to my letter.
    It warms my heart to hear that they are losing money and I sincerely hope they go under. They won't be missed.

  • @AnshAgrawalag09
    @AnshAgrawalag09 2 года назад +144

    I'm strongly believe that PayPal has got a wayy bigger marlet to cover and it has started doing so. If you look at countries like India, the online payments market (UPI as a service) has grown like crazy due to demonetisation and then the pandemic. Although payments from UPI don’t really give us any cashbacks or added benefits, its just the ease of convenience that really really benefited apps like Paytm, gpay etc.

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +17

      Ah yes, the convenience tax hahaha

    • @ShubhadaKAMBLE3016
      @ShubhadaKAMBLE3016 2 года назад +7

      @@trtrhr UPI(unified payment interface)

    • @anustubhmishra
      @anustubhmishra 2 года назад +13

      @@trtrhr upi so popular becouse you can pay from any app to any other app so a paytm user can pay to google pay user and viceversa. also usefull for paying college fees as they dont charge a commission right now compared to neft 1 percent commision

    • @thomascrabtree
      @thomascrabtree 2 года назад +11

      @@trtrhr cash is rare in India these days, just like China… You can even link your debit and credit cards into the UPI system meaning you just have to scan a QR code on the delivery guys phone when something arrives at your home - or pay a street vendor in a dodgy area, and can feel safe as they don’t have your details and can’t rip you off... It’s a really clever system… The only thing it’s missing is the NFC tap to pay abilities of Apple Pay, you’re forced to carry your phone everywhere with you and keep it charged + have a data signal

    • @babagandu
      @babagandu 2 года назад +1

      Samoosa

  • @RealSerie26
    @RealSerie26 2 года назад +50

    “But Elon was distracted.” No! He had a bigger vision and was surrounded by people with relatively small minds. Bezos did the same thing w/ Amazon and that’s why it dominates online shopping today.

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +13

      True, the other board members simply felt that the short term future was more important at that point

    • @agvulpine
      @agvulpine 2 года назад +3

      @@LogicallyAnswered "And so PayPal fired Elon Musk in much the same way Apple fired Steve Jobs, hurting the company by getting rid of their only visionary." Imagine if it turns out that Musk is Satoshi Nakamoto, inventor of bitcoin.

  • @SI-Hobbs
    @SI-Hobbs 2 года назад +11

    I own a development company and we had exclusively used PayPal to receive payments for over a year. Then one day, we accepted a large amount of funds for a project and luckily we were able to transfer money into one of our company business accounts, but shortly afterwards it was flagged and permanently disabled. We showed them our licenses, registrations, certificates, and permits repeatedly, but they decided to keep the account disabled and gave us no real reason why. They're idiots for doing this to so many businesses. Its clear that you're not using the account for bad reasons when you're a registered and known local company, but its their loss.

    • @notcool4314
      @notcool4314 2 года назад

      What was the conclusion? Did you get the funds back?

  • @xhyhbdka
    @xhyhbdka 2 года назад +2

    Have always hated PayPal and haven't used them in over 10 years!! I would actually prefer paying a 20% fee paying with something else.

  • @supercompooper
    @supercompooper 2 года назад +2

    PayPal support is just beyond terrible. I've lost thousands to scams and never use them anymore.

  • @weeguy52
    @weeguy52 2 года назад +2

    Good to see paypal in trouble😁👏they cheated me out of money twice on items and continued to charged me monthly fees for using their service which i didn't agree too 12 years ago and i haven't been back since🙂

  • @vinaybhat7670
    @vinaybhat7670 2 года назад +6

    UPI (Unified Payment Interface) system of India has made online payments just like texting each other... If world adopt UPI kind of system..i don't think there is any future left for PayPal...

    • @da4127
      @da4127 2 года назад

      The problem with these services is that they are very bad internationally. You won’t find a competitor that can let people from so many countries send money between them, and the payment is reflected in seconds, that is the sole reason why PayPal is still present, otherwise online bank transfers and the like would have already taken over.

  • @YABBAHEY1
    @YABBAHEY1 2 года назад +2

    Always wondered why they dumped my acc. ( PP never gave an explanation ) It's because I opted out of 3rd party use of my info. The scumbags can rot as far as I'm concerned , broken trust

  • @broniabdul-razak110
    @broniabdul-razak110 2 года назад +4

    Well, I'd say PayPal themselves are quite the headless type. It's an online payment service but you can't register in most African countries.its quite discriminatory as a country like Ghana is being blacklisted.

  • @pamelavalencia7334
    @pamelavalencia7334 2 года назад +7

    I'm in Indonesia and I don't understand why I could never make an account in PayPal and the customer service wasn't helpful either 🤷🏻‍♀️
    I'm glad I couldn't make an account. My friends accounts were problematic too. Transaction didn't go through, or PayPal charged ridiculously high fees for small transaction.
    Edit: They also banned several accounts with no good reasons.

    • @Ausf
      @Ausf 2 года назад

      Nigeria's princes have the same trouble.

  • @youtubeaddict2018
    @youtubeaddict2018 2 года назад +2

    They held my $10,000 tax return hostage when I had it sent to my account because they thought it was fraudulent even though it came from the IRS. They held it for 6 months before releasing it to me

  • @vvhitevvizard_
    @vvhitevvizard_ 2 года назад +3

    I'm not using PayPal for many many years... Way too high transaction fees, too much hasle with account verification.

  • @davor-debrecin
    @davor-debrecin 2 года назад +4

    Their rate of innovation was and is poor. That's the root cause.

  • @elonnut
    @elonnut 2 года назад +1

    PayPal has been pretty down hill, fees for not using account, fees for returned / canceled orders and fees for pretty much every transaction. I’m betting my money on newer payment processing company’s. I can wealthsimple, cashapp and even Apple Cash becoming leaders in the payment processing industry

  • @jasonsparks1726
    @jasonsparks1726 2 года назад +4

    I immediately cancel paypal when I found out they gonna report me to the IRS if I get more then $600 a year

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +1

      😂

    • @zacharywissinger3996
      @zacharywissinger3996 2 года назад +3

      That’s not just PayPal, that is every digital payment provider. Unless you were evading taxes, it make no difference.

  • @JeanFrancoisDesrosiers
    @JeanFrancoisDesrosiers 2 года назад +2

    Don't talk to me about it. I thought I had a good deal at 160$, now at 105$, eating my socks.

  • @woodknotts6050
    @woodknotts6050 2 года назад +2

    having to Report over 600.00 yrly income removed alot of online sellers and a big segment of the cottage industry sellers who have returned back to only accepting cash payments

  • @PWingert1966
    @PWingert1966 2 года назад +4

    This overview feels very American-focused. Some factors in places like Canada and Europe have also been influential. Changes in financial regulation have been slower and different in Canada. The other elephant in the room is the phone-based payment system. Namely Apple Pay. with 87% of all teens having an iPhone that strongly suggests that Apple Pay is b becoming a much more dominant platform. The final factors are data residency requirements and data sharing regulations in Europeprompting Facebook to threaten to shut down in Europe if they can't share data outside of Europe. I suspect that this is weighting on many tech stocks but has not surfaced in the media yet.

  • @travaa54
    @travaa54 2 года назад +2

    they deserve every damage!!! they held my payment without reason

  • @dfec1391
    @dfec1391 2 года назад +2

    I think that PayPal's real problem was with abusive practices. They became known for burning customers to make an extra dollar, which only allows for long-term company stability when there is a monopoly - PayPal does not have a monopoly.

    • @the_kombinator
      @the_kombinator 2 года назад +1

      I actually got them to refund me $30 for some DIN5-PS/2 adapters I bought off Aliexpress, which were wired backwards and sent +5v into the clock signal, destroying the keyboard. I proved that the wires were installed incorrectly and that as a result of this, the keyboard broke. They said the seller asked that the items be returned TRACKED MAIL to China. I laughed, as that would far outweigh the money I paid for those adapters, and they knew it. By accepting payment for a broken item, one that destroys equipment when used as directed, PayPal was an accessory to fraud. I proved my case (it took a few weeks) and they refunded me my money. I told them that I didn't want the money, instead they need to not accept transactions from that seller, as anyone who buys their product and uses it will have a destroyed keyboard. They gave me the refund anyways, and asked that I send a detailed report (I sent them a RUclips vid showing the cross-wiring) so they can investigate the buyer. I hope they shut him down for selling trash... I actually managed to rewire those adapters, but I had to buy more DIN adapters (with the refund I got) and spend an afternoon stripping wires and soldering. It would have been cheaper in the first place to just get proper ones.

  • @anonymousanonymous7593
    @anonymousanonymous7593 2 года назад +2

    You can't say "just" and "8 months" in the same sentence

  • @kamalbella9026
    @kamalbella9026 2 года назад +1

    people don't appreciate how evil paypal is, it's bad for US based sellers but it's terrible elsewhere, so as a merchant you start selling stuff legally until they suspend your account, so paypal takes the money and you still have to ship the merchandise since the customers have paid, paypal holds your money for 6 months, they can do whatever they want with it and when that's up you don't always give you your money, they take as they call it a risk cut or something like that, I hope they go to fucking zero, and I hope providers like Stripe and others don't become just as evil when they feel they became indispensable

  • @batsonelectronics
    @batsonelectronics 2 года назад +2

    PayPal sucks. As a seller, I have been ripped off by them 4 times and since last year they no longer refund the 2.9% fee if I issue a refund to the customer. I sell Computer stuff and the margins are

    • @JustGeminis
      @JustGeminis 2 года назад

      Well now they are gone , you lose %15 to ebay on each sale .

    • @batsonelectronics
      @batsonelectronics 2 года назад

      @@JustGeminis WRONG. 12.9% , 15 for the sale and 2.9% for CC fees.

  • @bratwizard
    @bratwizard 2 года назад +1

    WooHoo!!! Couldn't have happened to a MORE DESERVING company.

  • @Camelotsmoon
    @Camelotsmoon 2 года назад +1

    My PayPal account is older the my first bank account, which I still have both open. I love PayPal, and I use it for everything online that I can as I always have... I even use the debit card that just auto takes out of my bank account; have even considered in the last few years in just closing my bofa account and making PayPal my default... There's only one or two things keeping me from doing that.

  • @ironpolux
    @ironpolux 2 года назад +1

    Pitchforks and torches! get your pitchforks and torches!! get your combo for 5$, and no, we do NOT accept paypal, I don't want to get ban for no reason

  • @RLFrocco
    @RLFrocco 2 года назад +1

    PayPal is crap!!! Good for them. That’s an early 2000’s thing. They are going obsolete!!!!

  • @rayoflight62
    @rayoflight62 2 года назад +1

    I used to use PayPal for many Internet purchases, so I hadn't to type address details or give the credit card number.
    Sometime ago, PayPal decided that I couldn't buy some type of items anymore thru their payment system.
    That was that, if they can decide what I can buy or not buy, I can decide not to use them anymore.
    This is why I forgot about PayPal.
    I believe they began their fall the moment they become politicised.

  • @vladimir_k_bestplayerna1217
    @vladimir_k_bestplayerna1217 2 года назад +1

    Man, I've only ever used Paypal to make online purchases, so I've never had any problems with them. So from my clearly limited perspective, these comments were such a surprise to me!

  • @Likely_Alucard
    @Likely_Alucard 2 года назад +1

    I use paypal for peer to peer stuff mainly. Also, for payment for stuff like custom mods for games I make for specific people. So again, peer to peer. Everything form favors to hobby stuff. Mainly, the paypal key system is a great way to mask card info. Usea fake card for a single transaction on a site, then kill it and make another. Great way to protect your actual cards data

  • @supersonic2101
    @supersonic2101 2 года назад +2

    Paypal is one of the worst company

  • @Riddle6EOS
    @Riddle6EOS 2 года назад +1

    I don't understand, Most of the comments here. I used PayPal for over 10 years.. and I never had a problem. And that one time I actually had to reach out to customer service. I got all the help I needed. So what is up with these comments ?

  • @maxlostchild7187
    @maxlostchild7187 2 года назад +8

    Facebook has also lost 200B.

    • @LogicallyAnswered
      @LogicallyAnswered  2 года назад +4

      Ah yes, it was also extremely quick

    • @wesleycastner4860
      @wesleycastner4860 2 года назад +1

      Ik couldnt of happend to a better asshole gotta love it 😁

    • @jonathanLToronto
      @jonathanLToronto 2 года назад +1

      @@wesleycastner4860 you are right considering he paid less income tax than you.

  • @Drew_TheRoadLessTraveled
    @Drew_TheRoadLessTraveled 2 года назад +1

    I was personaly tageted by PayPal. Robbed at "keyboard-point" in my own home. No regard for laws.

  • @Mendaz
    @Mendaz 2 года назад +2

    I really mostly use PayPal now to send money internationally and for the Pay-in-4 program for when I want to buy tech but don’t want hundreds of dollars leaving my account all at once.

  • @MagdiYT
    @MagdiYT 2 года назад +1

    paypal once just said to me that my prepaid gift card is a "threat" and i cant just do transaction LIKE BRUH

  • @Jsarson1976
    @Jsarson1976 2 года назад +1

    I hate PayPal and some of there practices, disgusting behaviour 😡

  • @pcs9518
    @pcs9518 2 года назад +1

    I haven’t used this dump of a service in almost 7 years now and I haven’t looked back!

  • @Kataroku
    @Kataroku 2 года назад +1

    PayPal doesn't even return fees to the merchant when refunding a customer. Signs of a desperate company.

  • @Zuchy101
    @Zuchy101 2 года назад +1

    PayPal has a lot of problems with its customers, I have a problem with it too, but its stock is a strong buy.

  • @rebeccaaldrich3396
    @rebeccaaldrich3396 2 года назад +1

    I have lost plenty so far. I'm not going to sell until it goes back up. Maybe I'll own it forever?!

  • @mathewomolo
    @mathewomolo 2 года назад +2

    Seller's nightmare. Having to wait weeks for a buyer of digital items to confirm they received their digital downloads.

  • @maccsol6207
    @maccsol6207 2 года назад +1

    PayPal sucks they just suspend my business account. I no longer use PayPal.

  • @JingDalagan
    @JingDalagan 2 года назад +1

    Still have an account but no longer as active due to other options way better than PayPal.

  • @lombardo141
    @lombardo141 2 года назад +1

    Can you imagine where we would be today if Elon was never fired ? Damn! 👀

  • @laos85
    @laos85 2 года назад +3

    Great news. I hate what they did so far

  • @arnoschaefer28
    @arnoschaefer28 2 года назад +1

    I just hate these clickbait titles. Paypal did not lose 200 Billion, they DROPPED 200 Billion. That is NOT THE SAME THING!!!

    • @dhaval-20
      @dhaval-20 2 года назад

      Thanks for genuine INFO

  • @uberloler
    @uberloler 2 года назад +1

    According to Wikipedia Elon was never the CEO of paypal: "the board ousted Musk and replaced him with Thiel in September 2000.[59][note 2] Under Thiel, the company focused on the PayPal service and was renamed PayPal in 2001."

  • @qtngrey
    @qtngrey 2 года назад +1

    I don't use paypal anymore , because they favor the dishonest seller rather than the honest buyer. This loss serves them right.

  • @dddd-us7xc
    @dddd-us7xc 2 года назад +2

    I heard about fee per year I guess it's too expensive I guess : "PayPal to introduce £9 a year fee for 'inactive' accounts"

  • @zboobafett5984
    @zboobafett5984 2 года назад +1

    i use paypal to pay artist when they draw my furry art or when I buy bitcoin to then buy nft of apes

  • @lyon9489
    @lyon9489 2 года назад +1

    The title should've been The History of PayPal

  • @TruthbyMean
    @TruthbyMean 2 года назад +1

    or is this just the a sign of the bubble bursting paypal being its first victim.

  • @Falconlibrary
    @Falconlibrary 2 года назад +1

    A scammer once stole $1000 from me through Paypal by impersonating me and fooling Paypal into giving him my user credentials. Paypal refused to reverse the charges even though they admitted that the loss was 100% their mistake.
    Paypal, when you get to Hell, tell 'em I sent ya.

  • @Cannabonsai
    @Cannabonsai 2 года назад +1

    Good, I hate PayPal.

  • @quintrapnell3605
    @quintrapnell3605 2 года назад +1

    I use PayPal to keep money in my account longer and add a buffer to transactions. Money doesn’t leave when I make a purchase online. It leaves when the item ships. If I need to cancel a reoccurring or subscription type transaction I can before a pending transaction is final and instantly get my money back. Besides that there’s the purchase protection that works like any good credit card.

  • @KillyWildlands
    @KillyWildlands 2 года назад +1

    Didn't facebook lose 200b in 1 day?

  • @PacificAirwave144
    @PacificAirwave144 2 года назад +2

    I've always wondered what it was with after-hour sales. The free market...and then THEM?

  • @JohnNjoroge0
    @JohnNjoroge0 2 года назад +3

    They limit and close Africans accounts randomly, I don't feel sorry for their dip

  • @adityasahani9056
    @adityasahani9056 2 года назад +1

    Great news, they have my money which they are not directing in my bank account

  • @MrBernabn
    @MrBernabn 2 года назад +1

    wait, didnt paypal bought venmo?

  • @Jody8337
    @Jody8337 2 года назад +9

    I came here to learn how to invest after listening to a guy on radio talk about the importance of investing and how he made $960,000 in 4 months from $160k, somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas.

    • @SimonKelly7836
      @SimonKelly7836 2 года назад

      It is possible to produce superior performance provided you do something different from the majority. However most of us tend to pay more

    • @Dylan-baerber3486
      @Dylan-baerber3486 2 года назад

      Interesting. I have a lump sum doing absolutely nothing at all in my bank account, I wanna get something started with it. You seem to be doing excellent for yourself, how do you achieve this?

    • @Jody8337
      @Jody8337 2 года назад

      @Dwayne Wright Hello Do you trade on your own?

    • @Jody8337
      @Jody8337 2 года назад

      @Dwayne Wright That's impressive. Are you giving her your money or the money stays in your trading account? What's really the idea behind copying trades.

    • @Jody8337
      @Jody8337 2 года назад

      @Dwayne Wright Is her service available outside of the US? As her broker is registered in the US.

  • @nick90000
    @nick90000 2 года назад +1

    Paypal's customer service is horrible

  • @futuresocieties.
    @futuresocieties. 2 года назад +1

    Goodbye Paypal and hello Microsoft!

  • @killout18
    @killout18 2 года назад +1

    They banned pastor anderson, may they burn in hell

  • @frankchong5585
    @frankchong5585 2 года назад +1

    I use PayPal for refund protection which is one major consumer protection lack in S.E.Asia

    • @colinfleming1200
      @colinfleming1200 2 года назад

      You need to take your money out asap before they steal it you too...

  • @jimyry3707
    @jimyry3707 2 года назад +1

    Meanwhile FB losing 200 billion in 1 day

  • @swaygfx
    @swaygfx 2 года назад +1

    PayPal allowed the government to dictate their future

  • @snek_john_titor
    @snek_john_titor Год назад +1

    2:00 Increase costs for no reason? Elon moment XD

  • @tayloredbydrew
    @tayloredbydrew 2 года назад +1

    PayPal Mafia