Whoa...I know I'm late to the game, but I just heard about this. I haven't used PayNow...err...I mean PayPal in a while, but lets look at something here....PayPal's net income per year (after tax) IN MILLIONS....
2014 = 419
2015 = 1,228
2016 = 1,41
2017 = 1,975
2018 = 2,077
Am I missing something here? How greedy can they get? (Dangerous question, I know). And, what added value did they put forth to justify this? It would have to be one heck of a tremendous value if you take into consideration the potential profit increase this move will bring them. This alone would bring in hundreds of millions of dollars per year.
Also, thinking on the legal side of things. The $0.30 transaction fee is understandable (even if they increased it a few points), but...the 2.9% is a commission/transaction fee based on the amount of the sale, but after the refund, the sale is ZERO!!!!! You can not be paid commission when there is no sale (or trust me, I would become a sales rep for any company willing to hire me, simply because I would get paid commission whether I sell product or not. I would work a deal out with friends to purchase something and then return it for full credit so I can get my commission. Sounds sleezy, right?!.... RIGHT PAYPAL???) Once product has been returned and the sale is refunded, the sale is no more, does not exist, ZERO dollars & ZERO cents. No more obligations between the seller and buyer. No one is ahead or behind. So, to me, that would mean PayPal is effectively committing theft? Stealing money right out of our hands. So we have Theft? Computer fraud? Wire fraud?
I see PayPal is listed on the BBB (Better Business Bureau). Oddly enough they have an A+ rating with 1 out of 5 stars based on 612 customer reviews. Not sure how that works.
Hey Amazon, here's your chance! Jump on it before someone else does!
Hey business owners out there...what would happen if you told your customers you were keeping 2.9% of their refund just because you wanted to??? Or because you want to give your CEO another 5mil a year raise and need to come up with the money somehow.
The would is getting out of hand. The little guy gets bent over once again while big businesses & corporations get away with this type of sh*t .