Paypal is Up to Their Old Tricks of Creating Havoc for Online Business.
Over the last month trying to operate our business has been nothing short of a headache concerning PayPal. We have had clients who have had their PayPal frozen. We have had clients who insist on using it so we get docked 3%. Then we have clients outside the USA who are sending us money in their currency and we are getting hit with the 3% plus a currency exchange fee.
This is problematic for a business like ours because we sell social media marketing as a commodity rather than a high priced service. Our margins are much smaller than your average social media marketing company. When you add up all of the fees and headaches PayPal causes, what is the value?
Bitcoin and Crypto is the Answer.
Over the last few months many of our clients have opted to pay us in Bitcoin and Crypto-Currency. This has led me to research ways to use Crypto in a more efficient way. One of my friends recommended Wirex formerly E-Coin. I think it is time we order our cards. They ship worldwide via DHL!
What to do About PayPal?
Over the next few months we will try to transition the remainder of our clients over to Bitcoin and Crypto-Currencies. Currently only 40% of our clients are still using PayPal. We have the luxury of working in the world of Crypto so most of our clients are happy to pay us in Bitcoin, Dash, Steem or any other currency they desire to pay in.
Digital Currency is Changing the World!
PayPal will have to adapt, eventually. Or they'll be replaced by one of the cryptocurrency exchanges.
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They sure will, just two years ago 100% of our clients used PayPal, now less than half.
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You're saying that at this moment, it's cheaper to convert to and from a cryptocurrency than to make a transaction through PayPal?
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When a client sends me a Crypto we generally keep it in that form and not switch to anything else. So the transaction is cheaper.
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Do you pay your employees in crypto? How about volatility - their paychecks may look rather different month to month :D
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It is ancient history to some but I have not forgotten. Paypal is a tool of the elite used to censor information and they are not forgiven. #OpPayback #AvengeAssange
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Government regulations—so-called Know Your Customer and Anti-Money Laundering laws—are stifling. And it's part of why PayPal is only available in certain countries. It's just government trying to keep people from using their techniques... They want our transactions to be transparent and theirs to be hidden behind smoke and mirrors. PayPal sucks. Go crypto! :)
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It is so hard to deal with. My wife has a PayPal account that can only be used to Pay. Sure she can receive money but it can't be sent from PayPal to her Panama bank account. The rules make it so difficult. Crypto is making the world much smaller one transaction at a time.
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i wish i could keep you in a guest house on the lake
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Not a Friday the 13th style lake right? I could sure go for an old school bonfire on a lake.
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One problem in getting cryptocurrency widely accepted is the narrative that it is mainly used by criminals.
I studied money laundering and terrorist support fairly in depth in grad school, and the "justifications" that the banks use to track YOUR use of your money is bullspit.
For example, the NY Times leaked our operations in tracking hawala ( informal money exchanges) movements by known terror groups; the NY Times nor the people responsible for that security breach suffered no criminal repercussions. And yet, people making small BTC transactions have been nailed for not filling out the required paperwork. Paypal will freeze your assets in a heartbeat if THEY don't like how you use your money.
Which tells me the public narrative is wrong ( and I could digress for pages regarding our government's refusal to target specific known terror agents and put restrictions on the public at large).
We have a need to argue for the benefits of cryptocurrency to our communities. If nothing else, to put our money solely under our own control.
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Yes, I am all about controlling our own money. The more gov interferes the bigger the headaches we have.
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PayPal is very convenient, but they are slowly but surely moving towards "not worth it", especially with all the new alternatives.
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Exactly my sentiments.
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I hate banks, and I hate PayPal. Both have given me hassle from time to time over the years, up to and including not letting me access my own money for long periods of time for dumb reasons. If I could realistically operate on an all-cash basis, I would. It's the only thing I really trust. But, being a freelance writer, with clients all over the world, I have to have SOME way of getting paid electronically.
I used to have one client in China who would pay me via Western Union. That meant a trip to the Western Union store to pick up the money, but it was better than banks or PayPal.
I've only ever used Bitcoin to cash out Steem Dollars I've made here. Maybe moving my clients toward paying me with Bitcoin is something I should look into. There would be a learning curve for them, as there was for me, but it seems like the more secure option.
Thanks for some food for thought here.
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Believe me, once you make the move to crypto business gets so much easier.
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Hear hear. I can't agree more. Worst thing is when I use PayPal for subscriptions and rather than take the money off mybCC they overdraw my bank account and then the bank smacks me with even more fees.
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I think I would go nuts if that happened to me Stephen!
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I have an international clientele and use Bitcoin, PayPal, as well as Gold and Silver in a few platforms (and actual coin).
90+% use PayPal and getting them to change(believe me I try, even with a 20% discount), is soslow I am sure it's going uphill in high humidity.
What needs to be developed is a direct pay (via Bank Transfer, Credit and Debit card) into BitCoin... so they the clients do not need to get into BitCoin first.
PayPal is so far behind this game.
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which coin will replace paypal in future.
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