I have had a donation button up for Paypal since I began the Generational Wealth w/Crypto Podcast website. On the last episode of GWwC I noted a news item about Paypal updating their user agreement. This goes into effect on November the 3rd and I will make sure my donation button is removed and my account closed by that time.
You may ask why..it’s simple..I’m done with this foolishness. I’m done with services that manipulate with vaguely worded agreements that are ALWAYS tilted in the favor of the service. And this section was the final straw:
Violation of this Acceptable Use Policy constitutes a violation of the PayPal User Agreement and mayhttps://www.paypalobjects.com/marketing/ua/pdf/US/en/acceptableuse-full-110322.pdf
subject you to damages, including liquidated damages of $2,500.00 U.S. dollars per violation, which may be debited directly from your PayPal account(s) as outlined in the User Agreement (see “Restricted Activities and Holds” section of the PayPal User Agreement).
So if Palpal can just arbitrarily remove money from my account for ill-defined reasons (or no real reason at all) then I can remove Paypal from my life. It’s that simple. I do not need a centralized service like Paypal. I do not need their moralizing and grandstanding. I was offering Paypal as a service for my listeners because its convenient. I don’t participate in any of the services that they “ban”. Paypal makes money, I receive support and the user has convenience of using a credit card (or directly from their paypal account). However, it’s not worth it. Time to move on to other better services such as putting a lightning button on my website. So Au Revoir Paypal!