PayPal sued in US consumer case over 'industry-high' transaction fees
PayPal sued in US consumer case over 'industry-high' transaction fees
Payments giant PayPal was hit with a consumer antitrust lawsuit on Thursday in San Jose, California, federal court for allegedly fashioning agreements with e-commerce merchants that artificially maintain high transaction fees.
Fuck PayPal
And all the e-commerce price fixing scams from eBay, Amazon and all the rest
About freaking time. I have it as an option but I hate using it. I’ve been looking for alternatives for a while now because I just expect to lose a couple hundred bucks in “processing” for every project I work on.
I stopped using PayPal well over a decade ago because of high fees and shitty seller protection. Not sure why anyone else kept using them.
Unfortunately some services are tied to paypal. For example I use discogs a lot, and you have no other option (choosing the credit card payment method is still tied to paypal services).
That'd have been a non-starter for me. Never using PayPal again.
paypal fees are ridiculous... and they aren't the only ones--some others are equally high now, too.
This is the best summary I could come up with:
Oct 5 (Reuters) - Payments giant PayPal (PYPL.O) was hit with a consumer antitrust lawsuit on Thursday in San Jose, California, federal court for allegedly fashioning agreements with e-commerce merchants that artificially maintain high transaction fees.
The lawsuit said PayPal, which owns Venmo, imposes the highest transaction fees among payment processors.
The lawsuit seeks unspecified monetary damages and an injunction against alleged anticompetitive practices.
Eliminating PayPal's merchant restrictions would let sellers "competitively price transactions," they said, and allow "consumers to secure discounts at checkout."
The lawsuit said Visa and MasterCard in 2010 agreed to strike rules restricting price competition in a settlement with the U.S. Justice Department.
"With payments transitioning into the digital realm, PayPal has simply ripped a page right from the Visa and MasterCard playbook," the lawsuit said.
The original article contains 334 words, the summary contains 130 words. Saved 61%. I'm a bot and I'm open source!
Can we do eBay next