We had been warned by friends and exchange providers, but we did not listen to them. Unfortunately all the horros stories we have been hearing about PayPal were TRUE.. Despite our careful client verification procedures, despite the fact that not one single transaction was fraudulent, yesterday afternoon, we received the following email from PayPal, WITHOUT any prior warning.!
Dear PayPal Merchant: As you know, the PayPal User Agreement (Section V.3) states that PayPal, at its sole discretion, reserves the right to close an account at any time for any reason. We write to inform you that, after a review of your site, and in accordance with this section of the User Agreement, your account has been closed. Your funds will be held for 180 days from the date of the last transaction on the account. After 180 days have expired, we will refund your funds by mailing a check to the address linked to your account. Very truly yours, The PayPal Team Note the key words "PayPal, at its sole discretion, reserves the right to close an account at any time for any reason"!!! This means they could freeze YOUR account at any time, for ANY reason, and just keep YOUR money for SIX MONTHS! In a phone call with an account manager later yesterday, we learned that PayPal does not intend to deal with sites or organizations exchanging egold or other digital currencies, so be careful there! We apologize for this situation, even though none of our clients has been damaged by PayPal's decision, and despite their holding our funds, all PayPal orders have been processed and completed. We wish to remind you that we can offer credit card funding at the same % we were offering PayPal transfers, i.e.12.5% and we are currently in negotiation with another credit card processor to further reduce this fee regards marco www.paybygold.com --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
