posted on May 17, 2002 03:32:48 PM
Stopwhinning, Whew alot of questions.
1. As I said at the time I was in business most of the other market makers WERE using paypal. They have also stopped.
2. The preferance button that paypal put in their software was at my request but it was after the 71 chargebacks. We were dicussing how we could settle my situation and also how to protect sellers from running into similar problems. I did have a paypal link and their verified gold seal on my website.
3.The RED CARPET account. I was told I was given one because I was one of their largest accounts. I was told if I had any problems to call this number and they would see that any situation was seen to promptly. BS it was a week later my account was restricted. To use you own words they pulled the carpet out from under me. At the arbitration the only difinitive answer that was given was "they listen longer".
3.It's hard to explain the preference issue only I suggested they put an accept or reject feature so If a known customer sent me money I could accept it and if an unknown customer sent me money I could make the decission as to accept or reject and then It was my responsibility. They didn't do this it was either accept all or reject all and the preference had to be changed everytime I got a transaction.
4.Your right gold was bottomed out so it had only one way to go. UP. Example of this is that if I had the amount of gold that I normally kept on hand I would have made at least 50k on it in only 2 months time. That's investing. As with anything there's a risk.
5. I have a merchant account now, but at the time I was willing to pay someone with experience in the field to take care of that. Realize this was a new venture to me and besides that customers used paypal because it didn't cost them anything except my fee.
posted on May 17, 2002 05:15:58 PM
thanks for your quick response,it does not tell me much.
i am less interested to know that you would have made 50k if you hold your gold for 2 months,i am really more interested in what kind of customers would push that paypal button and send you 500 dollars with their credit card to participate in e-gold ,especially those whose action resulted in 71 chargebacks??
[ edited by stopwhining on May 18, 2002 07:46 AM ]
posted on May 17, 2002 06:02:13 PM
What can I say their people who,I guess you could say wanted to own a piece of the rock or were buyind something online just like with paypal. The big difference is that when paypal holds your money they make interest which you don't get and when you leave your money in e-gold if gold goes up you make money. Personally I think that a few of those 71 chargebacks were people who wanted gold and not have to pay for it and saw that paypal was an easy mark. The others I think but can't prove were an inside job. You would have to see the records and they are confidential. But I can tell you most were not lost or stolen credit cards.
posted on May 17, 2002 08:11:58 PMclub1manPersonally I think that a few of those 71 chargebacks were people who wanted gold and not have to pay for it and saw that paypal was an easy mark. The others I think but can't prove were an inside job.
Why didn't e-gold supply the authorities with information on who ended up with these funds that were purchased and then charged back? Surely you reported this to the authorities right? Is e-gold outside of US jurisdiction? I think already know the answer to that one since e-gold is based on a 36 square mile island in the Caribbean.
I know you feel PayPal is unregulated but they aren't based on some island in the Caribbean.
posted on May 17, 2002 08:31:22 PM
if i come to your site and want to buy gold from you,what do i do??
lets say i prefer to send you a personal check or money order or cashier check .
the amount i have in mind is 500 dollars?
posted on May 17, 2002 09:23:12 PM
Uaru
They also have a division called omni pay in Florida. Paypal has offices in India so what's the big deal.
Stopwhinning thanks to Paypal I'm temporally out of business so I would referr you to one of my compeditors who are also friends of mine.
posted on May 17, 2002 11:11:34 PMclub1manPaypal has offices in India so what's the big deal.
I refuse to believe you don't understand the difference between a company being based on a tiny Caribbean Island and a U.S. company having an overseas office.
BTW, I've never read anything about PayPal having offices in India. Frankly that doesn't make any sense. I read many news articles, but I seem to have missed that information. Where did you find out that PayPal has offices in India?
posted on May 18, 2002 06:46:29 AM
club1man said.
i have a merchant account now, but at the time I was willing to pay someone with experience in the field to take care of that. Realize this was a new venture to me and besides that customers used paypal because it didn't cost them anything except my fee. \\\\\\\\\\\\\\\\\\\\\\\\
customers never have to pay a fee to use their credit cards.the merchants always bear the fees-discount fee,transaction fee,deposit fee,statement fee,monthly processing fee,gateway fee etc,chargeback fee.
you also said you asked paypal to make changes to their preference, and you asked them to pass you the transactions so you can decide whether it should be accepted or not?
millions of people use services such as paypal,billpoint,amzn,c2it,ccnow and play by their rules,the rules are there for good reasons.
for example,amzn sellers who accept amzn one click payment would never see any malaysian /indonesian payments coming through,as amzn does not want to accept any transactions coming from those countries.
my question to you is- what is so different with your customers whose credit card transactions did not meet paypal screening criteria?
posted on May 18, 2002 07:49:54 AM
club1man said,
The big difference is that when paypal holds your money they make interest which you don't get and when you leave your money in e-gold if gold goes up you make money\\\\\\\\\\\\\\\\\\\\\\\\\\\\
IF PRICE GOES DOWN,YOU LOSE MONEY.
posted on May 18, 2002 11:49:44 AM
Uaru you need to get your facts straight>>>>from paypals TOS>>>You are not required to keep funds in the PayPal system (i.e., carry a balance in your PayPal agency account) in order to use the Service. If you do carry a balance in your PayPal account and do not enroll in the PayPal Money Market Fund, PayPal will pool your funds together with funds from other Users, and will place those funds in accounts at one or more FDIC-insured banks ("Pooled Accounts". You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent.
Also all auto emails from Paypal come from New Delphi(spell check) India.
Stopwhinning Yes as with any investment there's a possibility of losing money. However I've learned the probably is greater with paypal
Also paypal approved those credit card transactions I didn't. As I see it these people deposited credit card money into their accounts and then transfered it to me. They transfered money. Paypal said "you've got cash" not credit.
posted on May 18, 2002 12:11:24 PM
If paypal accepts the credit card transactions for you and send you an email saying you have cash,what does it say of the sender-is he a verified paypal member with confirmed address?
how does one deliver e gold to a confirmed or an un confirmed physical address??
posted on May 18, 2002 12:54:42 PM
sorry for the bad spellin. gold is transfered to the persons account e-gold only delivers to the address on the e-gold account
posted on May 18, 2002 04:51:34 PMclub1manUaru you need to get your facts straight>>>>from paypals TOS>>>You are not required to keep funds in the PayPal system (i.e., carry a balance in your PayPal agency account) in order to use the Service.
Wait just a cotton picking minute there guy! What facts are you accusing me of not getting straight? You're addressing me on a matter I've made no comment on. To put it bluntly I've no idea what the hell you are even talking about.
As for your evidence that PayPal has offices in India, I don't see it. Futher more even if PayPal had offices in India or even Nigera it would be a moot point. PayPal is based in the U.S. it isn't based on some tiny island in the Caribbean out of U.S. jurisdiction like e-gold is.
posted on May 18, 2002 05:37:32 PM
Uaru please accept my humble apoligy as it was Coonr that I was refering to. Sometimes it's hard to tell you two apart. As far as e-gold and gold and silver reserve are concerned they are legal companies and comply with the laws of the United States unlike paypal.
Ask Damon about New Delhi.
[ edited by club1man on May 18, 2002 05:47 PM ]
posted on May 18, 2002 05:38:51 PM
Don't feel bad Club1man, I get urau and coonr confused all the time. (Sometimes I'm sure it's the same person with 2 sign-on identities). LOL
But you sure got urau's panties in a wad. (Even made it curse)! ROFLMAO!
posted on May 18, 2002 09:07:56 PM
WOW. I'm Damon. No wait I'm URAU. LOL...
Club1man your the one who needs to ge ttheir facts straight.
direct from the FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934, For the quarterly period ended March 31, 2002 filed on 5/15 with the SEC.
Prior to February 2002, as part of its cash management process, the Company earned interest on funds held on behalf of others by investing the funds that customers chose not to withdraw in bank money market accounts and money market equivalent securities. The interest income received on these investments was accrued and recognized as income in the period in which it was earned. On February 15, 2002, the Company received an advisory opinion from the Federal Deposit Insurance Corporation on the availability of pass-through FDIC insurance for its customers. This opinion concluded that pass-through FDIC insurance is available to the Company's customers if the Company (1) places pooled customer funds in bank accounts denominated "PayPal as Agent for the Benefit of its Customers" or similar caption, (2) maintains records sufficient to identify the claim of each customer in the FDIC-insured account, (3) complies with applicable FDIC recordkeeping requirements, and (4) truly operates as an agent of its customers. Beginning in February 2002, the Company deposited all U.S.-based customer funds not transferred to the Fund in FDIC-insured bank accounts. The objective of this strategy was to obtain pass-through FDIC insurance for individual PayPal users covering their PayPal balances. Accordingly, nearly all of this revenue source ceased in February 2002.
As these customer funds have been transferred into non-interest bearing accounts, the Company's revenues from interest on funds held for others in future periods will decline. For the three months ended March 31, 2001 and 2002, these revenues represented $1.1 million and $428,000, or 8% and 1% of the Company's total revenues, respectively. Cash and investments held as agent for these customers and the associated liabilities have been removed from the Company's balance sheet effective February 2002 and will continue in future periods. As of March 31, 2002, such custodial assets held for the benefit of customers totaled $188.5 million.
posted on May 18, 2002 09:43:45 PM
Darn just what does it take to prove to you they lie like a rug I copied this from their TOS 2 days ago don't sound dumb read it your self>>>>>
You are not required to keep funds in the PayPal system (i.e., carry a balance in your PayPal agency account) in order to use the Service. If you do carry a balance in your PayPal account and do not enroll in the PayPal Money Market Fund, PayPal will pool your funds together with funds from other Users, and will place those funds in accounts at one or more FDIC-insured banks ("Pooled Accounts". You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent.
This bunch of kids are liers and that includes lying to the SEC. The SEC is reviewing their filing.
[ edited by club1man on May 18, 2002 09:46 PM ]
posted on May 19, 2002 08:43:16 AM
with brokerage accounts,if you do not want to invest your idle cash in money market account,you do not get interest.with certain checking account with bank,you do not get interest.
if you give someone a deposit for future transactions,you dont get interest.
the point is most folks do not keep much of a balance in non interest bearing account.
posted on May 19, 2002 04:42:08 PM
I dont see the conflict. What did I post that was a lie? Nothing.
The Terms of Use may say,
PayPal will pool your funds together with funds from other Users, and will place those funds in accounts at one or more FDIC-insured banks ("Pooled Accounts". You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent.
The SEC filing says those accounts do NOT earn any interest. The TOU did not say they earn interest. I would imagine the SEC reviews ALL filings.
posted on May 19, 2002 07:01:56 PM
Coonr what does this mean--any "earnings" on the Pooled Accounts will be the property of PayPal If those funds were not earning interest then they would be put into escrow accoubts that would need insurance.
P.S. If you like paypal that's fine with me,I sincerely hope they never hurt you like they have tens of thousands of others.
Rest assured that when the protective order is lifted from my case or I decide enough is enough I will put the entire procedings across the internet for all to see the lies and deceit this company is about. Even as far as influencing witnesses and threating the integraity of others if they sided with or published stories about me. ARE THEY SCARED OF THIS OLD,OVERWEIGHT TEXAN?
posted on May 19, 2002 08:51:22 PM
Man my Texas logic must be screwed up. Why would you tell people they weren't entitled to something if there was nothing to be entitled to.
Also dealing with a company that BELIEVES but is not SURE about things.
>>>>>>> FDIC pass-through deposit insurance protects you only against the failure of the bank at which PayPal places your funds, and does NOT protect you against PayPal's insolvency. Through the terms of our User Agreement, we BELIEVE that your funds will also be protected from any claims of PayPal's creditors and will be returned to you even in the unlikely event of a PayPal insolvency.
posted on May 19, 2002 10:11:51 PM
Chargeback may not be seller's fault!
Bad buyers got item and don't like to pay to ask credit card issuer to charge back! (Good idea for buyer, buy something and no need to pay)! Poor seller got restricted PayPal account and lost money!
Seller has risk (lose merchandise and payment –double lost), buyer not!
posted on May 19, 2002 10:14:52 PMWhy would you tell people they weren't entitled to something if there was nothing to be entitled to.
Because the switch to non interest bearing accounts just very recently happened.
Prior to February 2002, as part of its cash management process, the Company earned interest on funds held on behalf of others by investing the funds that customers chose not to withdraw in bank money market accounts and money market equivalent securities.
posted on May 20, 2002 07:11:18 AM
Well, we have to give PayPal credit. If you look at consumer law, at least in the state of Ohio, if I am selling stuff, I am not a consumer and the transactions with PayPal are not covered by Consumer Laws. Since that is the case, then the Attorney General can not do anything to them.
So, PayPal can lock and restrict sellers accounts and you can file a complaint, but the AG can not do anything. All the people that have problems with PayPal are not consumers, but sellers. I agree with Stoney, it is time to get Congress involved in this. Instead of politics as usual, this needs to be corrected and Congress is the only ones left.
Hell, sometimes paypal thumbs their noses at the AG as well.
. You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent.