Big PayPal changes on ‘frozen funds policy’ being expected soonBy Angel Cuala on Jan 22, 2013 in Business, Finance, Internet •
Big PayPal changes are being expected to arrive soon. The eBay-owned online payment scheme company will reportedly improve its frozen funds policy, which will be very beneficial to their millions of customers. This could be the answer to tons of complaints on fraud and alleged slow reaction from the company.
Image Credit: PayPal.com
As noted at CNN Money on Monday, January 21, 2013, PayPal‘s goal on implementing these big changes is to ensure more transparency in their business and to prevent fraud. The company is now getting ready to implement them within the next several months, with frozen funds being a major concern of some users.
Apparently, some users had their funds frozen and their complaints have been appearing on various sites and blogs for years. A dedicated website called PayPalSucks.com was even created, along with a Tumblr called “Conferences Burned by PayPal.” Fundraising projects and ticket selling are among the PayPal transactions that experienced frozen funds.
“These are not minor — these are aggressive changes. This is a fundamental shift in our business operations.” Anuj Nayar, senior director of communications of PayPal, was quoted in the report, noting that she could not give specific details on the changes right now.
“We want to be clear about how people can get out of the [frozen funds] situation. We need to get better about helping people, or explaining why actions are being taken.” Nayar added, emphasizing that transparency is a major focus on the upcoming changes on PayPal.
Based on the current PayPal policy, if the company suspects fraud, it will freeze the funds for 21 days and could possibly reach to until 180 days. Users with frozen payment are usually being asked to submit proper documents, like sales record, to prove the deal’s authenticity. But of course, not all buyers and sellers have it.
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