Paypal being helpful... Yes

Greeniejr

I know I have been incredibly critical of eBay and Paypal but I must say I just finished a very positive interaction with Paypal. In an attempt to crack down on scammers, Paypal has put restrictions on the accounts of some people who process a high dollar volume from coins and bullion on eBay. They sent this ridiculous email requesting all sorts of information including bank statements, supplier info and lots of other stuff that is really none of their business. After a frustrating half hour of dealing with the helper monkeys on the phone, they finally transferred me to another department where I spoke to someone intelligent with decision making power. We spoke for an hour and he admitted that Paypal AND EBAY (yes he confessed they are the same entity which Paypal reps will never admit) really don't understand the nature of the coin business but want to learn. It has reached the point where we are working to set up a meeting between reps of the company and people from our industry. It is not set yet but the chances of getting a sympathetic ear from someone and open up lines of communication. Oh and we discussed the restrictions, we figured out what documentation would accomplish their goals (which were reasonable for a payment processor) and they removed all restrictions on our account.

derryb

Ahha - The paypal circle of trust! I want in, how about a reference.

JupitarCoins

i didnt realize paypal was opened that early today.

notwilight

Well, paypal and ebay have a special fee structure for electronics, apparently recognizing that the competition is stiff and the markups are thin and if they don't charge less, they'll lose the business.

if they figure out that coins are often rebought from those you sold them to, that they are not considered a consummable, but actually treated as a commodity, and the buy-sell spread can't be 50-95% like it is on container goods imported from China, they will realize that coins need a lower final value fee and exemption from the paypal required rule or they'll lose the business.

--Jerry

lcoopie

it doesn't sound like they have been too helpful

shorecoll

At least early on, there was a lot of cross-staffing between Paypal, EBay and Wells Fargo in the payment area, I'm not sure this is still true. The end result of this was that they pay the absolute industry minimum for payment services and charge the absolute maximum. Good deal, if you can get it.