War on PayPal from MC/Visa? PP took a big hit when eBay discontinued them as a payment option and put in their own system. Now, this eliminates using PP for any overseas purchase at aliexpress, banggood, dealextreme, dhgate, etc. but the credit cards are still OK to use there. Finally, any private transaction from a forum classifieds is gone if you bought anything out of the U & vice versa. Are CashApp, Venmo, & Zelle also affected or soon to be? Wild times.
BUSINESS accounts can't receive PERSONAL payments...from overseas. Personal payments are those that avoid fees. Business payments get nailed with the normal PP usury.
As if no one has overseas friends?
Will be interesting as I have overseas friends that I get stuff for as a friend and they reimburse me.
PayPal's whole business model outside ebay is they were a replacement for the usual credit card service to make life easy for small businesses to receive payment from customers.
If PayPal was grubbing for money, they would just up their fees and bend people over the barrel. It would suck. But a hard cancel like this is high suspicious. Its going to cause PP to lose a lot of money, IMO.
Only think I can think of is they are running SCARED from Biden's new IRS, since there are quite a few tax issues to deal with when taking payment directly from foreigners.
Of course this is TERRIBLE for US-based small businesses since it means they cannot sell outside the USA via payment services, but not like Lord-Bitem gives a fuck about Americans, he needs to scrape MORE taxes so he can send a 2nd $trillion to Ukraine to be laundered by Soros.
Was reading a big business tax guy's opinion on how US businesses are talking about laying off 50% of the work force & that in the job market it will be better to start your own manufacturing & service business.
Reading this makes it pretty clear that if the payment gateways go this direction, that we will need to go that direction.
PayPal is ground zero? Lol, nah, just using your credit/debit card is.
We already have digital currency, and virtually everyone in the country uses it primarily. It's just not incredibly standardized. The vast majority of us pay with credit/debit cards which is literally digital currency.
And "please enter your personal digital ID number to proceed with transaction"? We already have that. It's called a PIN... personal identification number.
2FA
2FA's typical implementation (TOTP) isn't invasive at all. While you have to use your phone, it doesn't give any access to your phone from whatever service you are using. You can even use a completely offline phone. You can use a completely open source TOTP app. You don't have to use Google or whatever.
That's not to say there aren't nefarious ways to implement it; but they should go with the normal one that is battle tested.
TOTP is nothing more than a mathematical algorithm based on the current time, and has nothing to do with any cellular, phone, or internet network. The algorithm is defined at https://www.rfc-editor.org/rfc/rfc4226.html and https://www.rfc-editor.org/rfc/rfc6238.html and if you have basic programming skill and can understand these documents, it's not hard to implement yourself.
There are people here, though, who don't understand this. They're convinced that TOTP is just a way for services to gain access to their phones.
It's extra hilarious because I guarantee their phone is running a version of Android that is closed-source, and they have Google Play services enabled, and everything else.
I only use cash when shopping local. I use credit cards online and pay them off so I have no debt. I know most people don't but I don't need every store knowing exactly what I am buying by linking to my CC or my CC company knowing what I buy other than a few things online.
I've always been fine with selling some of my data. The key is understanding that you are selling your data, and understanding how much of your data you are selling, and what can be done with it.
When you use Facebook, you are selling your data of what you are browsing, what you are posting, who you are friends with, etc. You are selling this in exchange for the service of Facebook.
When you use a credit card, you are selling your data of what you are buying (with that credit card). For me, this is worth it, because by using a credit card and paying it off every month, I am getting about $1k per year in rewards. It's a fair trade, in my opinion. In addition, it serves as a buffer for my monthly spending, so my checking account doesn't always need to be fully funded (I always have the money, it may just be in a savings account, etc.). These are fair trades in my book, for me. Not necessarily for everyone, though.
I wonder if this has anything to do with Eric July's crowdfunded non-woke comic book company the Rippaverse? He has raised over $3 million so far, part of it through PayPal. He only used PayPal for payments from oversees (he used a different method for within the U.S.) PayPal seized the foreign payments (over $1 million), and he's taking them to court over it. The timing of this suggests a possible connection.
Why would businesses keep letting themselves get destroyed
Because businesses set up under the new model and then they kill that one off too! A vicious cycle....
War on PayPal from MC/Visa? PP took a big hit when eBay discontinued them as a payment option and put in their own system. Now, this eliminates using PP for any overseas purchase at aliexpress, banggood, dealextreme, dhgate, etc. but the credit cards are still OK to use there. Finally, any private transaction from a forum classifieds is gone if you bought anything out of the U & vice versa. Are CashApp, Venmo, & Zelle also affected or soon to be? Wild times.
/still stacking, didn't say what...
This actually looks like a tax/fee grab.
BUSINESS accounts can't receive PERSONAL payments...from overseas. Personal payments are those that avoid fees. Business payments get nailed with the normal PP usury.
As if no one has overseas friends?
Will be interesting as I have overseas friends that I get stuff for as a friend and they reimburse me.
This makes some pretty good sense.
Link to PayPal's notice: https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
Thanks for the post and providing the link.
Why would they do this?
PayPal's whole business model outside ebay is they were a replacement for the usual credit card service to make life easy for small businesses to receive payment from customers.
If PayPal was grubbing for money, they would just up their fees and bend people over the barrel. It would suck. But a hard cancel like this is high suspicious. Its going to cause PP to lose a lot of money, IMO.
Only think I can think of is they are running SCARED from Biden's new IRS, since there are quite a few tax issues to deal with when taking payment directly from foreigners.
Of course this is TERRIBLE for US-based small businesses since it means they cannot sell outside the USA via payment services, but not like Lord-Bitem gives a fuck about Americans, he needs to scrape MORE taxes so he can send a 2nd $trillion to Ukraine to be laundered by Soros.
This is kind of my thinking when I first saw this. Although perhaps there's some new legistation / EO affecting this that we don't realize is.
That will stop access to several of the offshore pharmacies. Stock up!
This was my thought exactly. That's how I currently order ivermectin
Personal transactions, because idiots are getting scammed . I’m no fan of PayPal and I don’t use them
This makes me sick. I donate to some small animal rescues out of country with PP. These people literally have nothing. Fucking bullshit
Weird, this was the main reason I got a PayPal back in 08.
Was reading a big business tax guy's opinion on how US businesses are talking about laying off 50% of the work force & that in the job market it will be better to start your own manufacturing & service business.
Reading this makes it pretty clear that if the payment gateways go this direction, that we will need to go that direction.
I had a couple online businesses that used PayPal and I never accepted personal payments.
PayPal is ground zero? Lol, nah, just using your credit/debit card is.
We already have digital currency, and virtually everyone in the country uses it primarily. It's just not incredibly standardized. The vast majority of us pay with credit/debit cards which is literally digital currency.
And "please enter your personal digital ID number to proceed with transaction"? We already have that. It's called a PIN... personal identification number.
2FA's typical implementation (TOTP) isn't invasive at all. While you have to use your phone, it doesn't give any access to your phone from whatever service you are using. You can even use a completely offline phone. You can use a completely open source TOTP app. You don't have to use Google or whatever.
That's not to say there aren't nefarious ways to implement it; but they should go with the normal one that is battle tested.
You don't need a phone for TOTP. If you use a Google Chromium based browser, there's this extension: https://chrome.google.com/webstore/detail/authenticator/bhghoamapcdpbohphigoooaddinpkbai which offers it. Most Linux distributions offer oathtool which can do it, and there's plenty of other implementations as well.
TOTP is nothing more than a mathematical algorithm based on the current time, and has nothing to do with any cellular, phone, or internet network. The algorithm is defined at https://www.rfc-editor.org/rfc/rfc4226.html and https://www.rfc-editor.org/rfc/rfc6238.html and if you have basic programming skill and can understand these documents, it's not hard to implement yourself.
Correct.
There are people here, though, who don't understand this. They're convinced that TOTP is just a way for services to gain access to their phones.
It's extra hilarious because I guarantee their phone is running a version of Android that is closed-source, and they have Google Play services enabled, and everything else.
I only use cash when shopping local. I use credit cards online and pay them off so I have no debt. I know most people don't but I don't need every store knowing exactly what I am buying by linking to my CC or my CC company knowing what I buy other than a few things online.
I've always been fine with selling some of my data. The key is understanding that you are selling your data, and understanding how much of your data you are selling, and what can be done with it.
When you use Facebook, you are selling your data of what you are browsing, what you are posting, who you are friends with, etc. You are selling this in exchange for the service of Facebook.
When you use a credit card, you are selling your data of what you are buying (with that credit card). For me, this is worth it, because by using a credit card and paying it off every month, I am getting about $1k per year in rewards. It's a fair trade, in my opinion. In addition, it serves as a buffer for my monthly spending, so my checking account doesn't always need to be fully funded (I always have the money, it may just be in a savings account, etc.). These are fair trades in my book, for me. Not necessarily for everyone, though.
I wonder if this has anything to do with Eric July's crowdfunded non-woke comic book company the Rippaverse? He has raised over $3 million so far, part of it through PayPal. He only used PayPal for payments from oversees (he used a different method for within the U.S.) PayPal seized the foreign payments (over $1 million), and he's taking them to court over it. The timing of this suggests a possible connection.
I call this : MAFIA