Our story is a shocking symptom of the problem at hand. Paypal is withholding $33,306.86 that was successfully reversed to our Paypal account on November 7 without claims or disputes by any other party. Paypal initially declined to approve the transaction that became reversed, and no money changed hands between buyer and seller. The buyer made alternative payment arrangements with the seller because Paypal also failed to deliver the payment venue with the ease its advertising promises. Although no claim or dispute by the seller has been placed on the amount in over 30 days, Paypal continues to hold our $33,306.86 without offering any reason or date of resolution after repeated phone calls.
This presents numerous problems for which we think Paypal should be investigated and regulated. This pattern of milling and holding legitimate charges from honest customers on a large scale, in an imperious manner, is self-evident to anyone who investigates the volume of Paypal complaints. Whether this pattern is suggestive of secondary gain or whether its just bad business service is the real concern at hand for the US government. If the former is true and Paypal wishes to fund their own investment strategies with customer money, then customers at least need a Prospectus for full disclosure prior to that money being used elsewhere as "capital" to Paypal. If the latter is true then customers will still need some sort of consumer protection from mayhem the likes which we are experiencing. Paypal must not be allowed to continue to advertise "ease of use" while ensnaring customers in charge back schemes and debacles for which there is no accountability to a third party. As such Paypal is a threat to many businesses who find their cash flow suddenly impeded by questionable Paypal decisions for which their is no governing authority to mediate.in many cases businesses are financially damaged by such undesired mismanagement.
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