Paypal have led us to believe that they are making online transactions quick and simple….my current experience is anything less than that!
I sold a phone on 22nd July and the item was collected by the buyer on 24th July when the transaction was therefore closed…..but not according to paypal
We are now 30th July (7 days later) and the payment is still on hold – no reason given – paypal suggest to contact ebay and ebay are not interested in responding. Apart from the shocking customer service the fees for this transaction are staggering…
Paypal is charging 14.31 GBP to process a 400 GBP transaction – that is 3.6% fees AND the money takes 21 days to clear
Why would you use Ebay and paypal?
Lets imagine marketplace where the payments are made in cryptocurrency – the fees will be less than 0.1% and the transaction would take an hour maximum to clear
Maybe I am not seeing the facts, but I do not see why and how ebay and paypal will exist in a few years – I will be looking to use cryptocurrency as soon as possible to secure my transaction and get my cleared funds in less than 21 days
RIP Paypal and eBay