posted on June 7, 2010 08:21:32 PM new
AuctionBytes article ...
"Firm Files Class Action Lawsuit against eBay for PayPal Holds"
"The lawsuit charges that PayPal's practice of "holding" funds for up to 180 days in the accounts is fraudulent because of the "systematic and arbitrary manner in which the freezing is done and the lack of information shared with affected customers."
posted on June 8, 2010 09:43:10 AM new
It happens every day,retailers complaining their bank/merchant account providers holding their fund !
If you recall when you sign up with Paypal or read one of their many amendments,we agree to let Paypal run credit report on us anytime during the service term.
This is how they find out retailers/ex retailers evaded charebacks they lost with their previous merchant account providers and/or using stolen credit cards to make charges in their shops.
One day I went into an ice cream parlour and the owner taped his cc machine ,he said the bank wanted $700 from him???Now can you think of any situation where someone will buy $700 worth of icecream from him?Before that he was an electronic retailer in NYC,before that he was in South Carolina running a 7/11 store.
My hair dresser has a machine also,one day he taped the machine and said it is not working,why?It work yesterday?
Another hairdresser will swipe my card several times,claiming it is not working,they all showed up on my statement,making it a very expensive haircut.
Years ago on this forum,someone posted a thread claiming her uncle who used to own retail jewelry shop sell on Ebay and Paypal locked up his account,it will hold his fund for 180 days and would not let him withdraw or accept any payments,practically ending his Ebay selling career!
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There is no 'Global savings glut',only wild horses and loose bankers.
posted on June 8, 2010 10:14:29 AM new
as great as capitalism seems to be, it favors the corporations who have the money to begin with. they can afford the attorneys, they can set the terms, they can do what they want and we either have to agree to it, or not. The only way that changes is when we mobilize and make it an issue to the point our government steps in and regulates it. No negotiations, no level playing field. If you want to run an e-commerce business, you have little choice but to accept credit cards. There are few businesses that succeed without a credit card machine... unless you're a hot dog vendor.
I can honestly think of only two places that do very well as a cash/check only business... both restaurants. One is the Hollywood Burger Bar a block from our store, and the other is Nicolas' Mediterannean restaurant. Neither serve a market outside of where they conduct business.
The beauty in this is that the credit card companies do very little to decrease fraud. eBay had a fraudulent purchase made against me. they didn't bother to do anything about it. someone burglarizes your car or home and you just fill out a police report and hand it into your insurance company. they make you believe you're a risk because you make a claim, so they raise your rates. If you take the overall rate increases an insurance company does, i guarantee you those rate increases out perform the overall claims made. so, basically insurance companies are making money off of crime. It's like being protected by the mob... only its legal.
posted on June 8, 2010 11:37:18 AM new
Plenty of restaurants and shops in ethnic neighborhoods do not accept credit cards.
I was in a dollar store one day,there is a sign which said MC/VISA -minimum purchase of 5 dollars .Somehow they manage to get away with it.
I recently visited a dermatologist,old timer,he does not accept credit card,only personal check or cash and he does not file your insurance claim for you,you take the form and do it yourself.
He is very good at what he does,total bill for me is $135 office visit plus $25 for lab test.
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There is no 'Global savings glut',only wild horses and loose bankers.
