Ha: http://gizmodo.com/paypal-has-to-pay-25-million-for-being-sketchy-as-hell-1705630163
Check the link for more information.
Check the link for more information.
PayPal Has to Pay $25 Million for Being Sketchy as Hell. $15,000,000 in user refunds plus $10,000,00
- Thread starter MannDude
- Start date
I actually still have unclaimed property from PayPal that was around $180 fro 2010. I filed with the State but need to follow up on it. I'll check back in a month or two to see if PayPal has paid me additional money to an old address or something again. I was never able to determine what the $180~ was for, as it never entered my actual PayPal account so I suspect I was unknowingly the recipient of a similar thing in the past.
*claps*
Finally.
Finally.
DomainBop
Dormant VPSB Pathogen
some perspective:
$25M is 0.32% of PayPal's annual (2014) revenues of $7.9B.
The median U.S. household income is $52,047 so a 0.32% fine would be $166.
TL;DR #1 a $166 fine probably wouldn't be enough to make a lawbreaking citizen change their ways, and a $25 million fine is unlikely to make a lawbreaking corporation change its ways
TL;DR #2 the fines that the government has handed out to companies in the financial industry in recent years generate favorable publicity for politicians but that is all they do
.
$25M is 0.32% of PayPal's annual (2014) revenues of $7.9B.
The median U.S. household income is $52,047 so a 0.32% fine would be $166.
TL;DR #1 a $166 fine probably wouldn't be enough to make a lawbreaking citizen change their ways, and a $25 million fine is unlikely to make a lawbreaking corporation change its ways
TL;DR #2 the fines that the government has handed out to companies in the financial industry in recent years generate favorable publicity for politicians but that is all they do
.
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How is revenue calculated for payment processors?
If i send you $100 via paypal you will get $96.30 ($3.70 would be paypal fees).
In this case is paypal's revenue from this transaction $100 or $3.70?
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DomainBop
Dormant VPSB Pathogen
PayPal's revenues from that transaction would be $3.70. The $100 would be accounted for as "total payments volume" (PayPal's 2014 total payments volume was $235 billion)
slight correction from my previous post: PayPals's media site lists 2014 revenues as $8.03B not $7.9B https://www.paypal-media.com/assets/pdf/fact_sheet/PayPal_Q1_2015_Fast_Facts.pdf
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drmike
100% Tier-1 Gogent
This isn't even a slap on the wrist.
I find it interesting after all these years of PayPal doing rotten things that they are slapped. They should have been royally punted a decade ago for bad behavior. Lately they seem to have been playing games not on the one off account and normal transactions, but with their loans, lending and other financial imitating products. Unsure why folks are jumping at PayPal for those other than traditional lenders continue to operate more like a cult or invitation-only group.
It's interesting timing for this suit and settlement. Cause real soon Ebay and PayPal are to become non-attached independent companies. I think that separation might have had something to do with this lawsuit. Now if the same do-good group would sue Ebay for the mountains of import fake products, rampant fraud, etc.
I find it interesting after all these years of PayPal doing rotten things that they are slapped. They should have been royally punted a decade ago for bad behavior. Lately they seem to have been playing games not on the one off account and normal transactions, but with their loans, lending and other financial imitating products. Unsure why folks are jumping at PayPal for those other than traditional lenders continue to operate more like a cult or invitation-only group.
It's interesting timing for this suit and settlement. Cause real soon Ebay and PayPal are to become non-attached independent companies. I think that separation might have had something to do with this lawsuit. Now if the same do-good group would sue Ebay for the mountains of import fake products, rampant fraud, etc.
drmike
100% Tier-1 Gogent
True it's better than nothing. Not really impactful though. Like fining a guy $1 for criminal misdeeds. Oh yeah that $1 will stop him from being a hoodlum.... You go teach him crime doesn't pay, so harsh.
As an eBay shareholder, I am quite pleased
