Paypal is Downright Impressive!

[chestrockwells]

Was on ipo.com and couldn't resist looking at Paypal's financials. As most of the Paypal cheeerleaders here know, they will be offering shares to the public through an ipo set for next week. This is taken from ipo.com:

Paypal's revenues for fiscal Y2000....$14.4 mil
Paypal's LOSSES for fiscal Y2000...$169 mil.

Kind of makes you want to stand in line right now to buy a piece of that company doesn't it???

[brink]

This really makes me think twice about the ability of any money transfer company to make it. Especially when Pay Pal is not just limited to the sportsbook and Casino industry.

[Dragon]

Just keep the amounts low and don't let the money sit there too long. In and out.

[Cons]

I used to keep several grand at Pay Pal but I've moved it out. I've had my account locked twice but things seem to be working fine now. It was scary at first but after contacting a helpful person and sending a 10-page fax my account was restored.

[chestrockwells]

I pasted this from another thread as it's certainly appropriate here.
I used to average 40-60 payments into my paypal acct. per month. While using the service for 14 months, I had 2 chargebacks within a 3 month period. One was due to the fraudulent credit card use by a buyer (that Paypal approved initially) and one was a disgruntled (and more than slightly insane) customer. Paypal suspended my account based on this. I was so pissed off about the way the first chargeback was handled that I spent almost 3 hours removing all references to Paypal from my auctions and sales. So when the suspension came down it was a non-issue since I wasn't using Paypal anymore and had withdrawn all funds from that acct. Right now my "former paypal acct" which cannot be "closed" has a -$50 balance. Hell will freeze over before they get that $$ from me!

LATE BREAKING NEWS: Paypal decides to postpone their IPO literally minutes before it was supposed to be priced for it's introduction on Thursday. The "company said it would delay the IPO because of a lawsuit filed against it by rival Certco claiming patent infringement, according to Dow Jones Newswires. It did not set a new date".

[stardust]

More bad news . . .

PayPal News

PayPal Warning

And my favorite:

Pay Pal Sucks

100K backlog in consumer complaints
No Fraud protection/detection
Had 3 customer service reps?!

As always - Good Luck,

Sonny

[stardust]

Oh Yeah - as I was saying somewhere else about what reason they could possibly have for requiring your banking information, one of the web sites mentioned says:


That PayPal can, will, and has in the past, completely cleaned out customers accounts, (including your checking or savings account) with no appeals process available.

Now how stupid can one person be?

[Dragon]

I've been hearing more and more bad news about pay pal. Maybe the books should all switch to exclusively neteller?