PayPal To Cut About 2,500 Jobs as Rivals Snag Market Share (irishtimes.com) 40
PayPal will reduce its workforce by about 9 per cent this year as chief executive Alex Chriss, who took over in September, grapples with rising competition, profit pressures and a raft of analyst downgrades. From a report: In a letter to staff on Tuesday, Mr Chriss said the decision was made to "right-size" the company through both direct cuts and the elimination of open roles throughout the year. Affected staff will be notified by the end of the week, according to the letter. PayPal, which employed about 29,900 workers at the end of 2022, announced a similar round of cuts last January. The latest move will affect about 2,500 workers.
They snagged marketshare because you suck... (Score:5, Interesting)
I've been pulling business away from paypal at every opportunity I get. I've buried it in our checkout, and made it hard for customers to use. Why? Because the fees are out of control and the amount of fraudulent transactions are triple what we get from other processors.
Re: (Score:2)
Maybe from the business side, but I've used them for decades without issue as a consumer. I'd rather have a proxy for my debit card that I can actually appeal to with most services. Them not having my actual #'s and just an email address is a much smaller attack surface.
Re: (Score:3)
It's interesting to get the other side of the story. I am sort of all in on PayPal. I have a line of credit with them, a savings account (4.5% interest), a bit of crypto and a debit card. I direct deposit some money every pay check into it. It's my "fun money" account. So, if a vendor doesn't support PayPal for something that I want to purchase for myself, I don't use that vendor.
Re: (Score:2)
Re:They snagged marketshare because you suck... (Score:5, Interesting)
I think PayPal is probably a much better experience if you never sell anything with it. If you only buy, the rules are in your favour.
That said, at least in the UK there is a very good reason not to use PayPal for buying stuff. Your payment is to PayPal, not the vendor, so all your Section 75 protections and the like are only available if there is an issue with PayPal. If you pay the vendor directly you have much stronger consumer rights.
Re: (Score:2)
As a buyer, when there's problems normally PP side with you, providing you have a couple of emails that backup what you're saying.
Don't remember any big problems.
Where I have had problems is recurring payments with a ISP or similar and the monthly payments just randomly stop and I don't get notice and the account closes or similar.
Why do they even still exist? (Score:3)
I'm trying to figure out why it's even still around in a world with Zelle.
Zelle is free, and bank to bank.
Paypal takes what, 5% for standing in the way?
There may have been a time where it made since for those with comically low credit rating, but I can't see a reason anyone would play with them now.
Re: (Score:2)
I'm sad for the poeple being cut (Score:3, Insightful)
It sucks to lose your job, especially in the current business climate. But beyond that, PooPal can't die soon enough as far as I'm concerned. Can we go back in time and kill them in the cradle? I think the world would be a better place for them never having existed.
Re: (Score:3, Interesting)
They were fine at the time. But a couple years back they took it on themselves to fight "misinformation" by announcing a new policy whereby they'd charge $2000 or so any user who their truth police found infringing on their truth. I cancelled my account immediately and wished them to go bankrupt.
Re: (Score:2)
They were fine at the time. But a couple years back they took it on themselves to fight "misinformation" by announcing a new policy whereby they'd charge $2000 or so any user who their truth police found infringing on their truth.
Paypal?
Can you give a link to what your referring to?
Re: (Score:2)
I googled it for you: https://news.yahoo.com/paypal-... [yahoo.com]
Re:I'm sad for the poeple being cut (Score:4, Informative)
Thanks.
I notice that this link says that Paypal will not charge customers $2500 for misinformation.
Re: (Score:3, Informative)
also this isn't actually yahoo doing reporting here but just coverage of a story promoted by the National Review and The Daily Wire
that doesn't make it a flase story but it's absolutely carrying a partisan agenda
if you are the type of person who would be skeptical of a story because it came from CNN or HuffPo then this should be just as skeptical
Re:I'm sad for the poeple being cut (Score:4, Informative)
"Breaking the rule against misinformation and hate speech "may 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," the company had originally warned. In a user agreement, account holders accept and attest that the penalty is "presently a reasonable minimum estimate of PayPal's actual damages" due to the expense the firm incurs by accounting for the violations as well as damage to its reputation."
Then they backtracked.
Such things don't happen in the vacuum though. For the lefties -- and those ARE lefties -- working there to even think of doing so shows they are drunk and high on (imaginary) power.
Re: (Score:2)
I'm much less interested in things that don't happen than in things that do.
Re: (Score:2)
It sucks to lose your job, especially in the current business climate. But beyond that, PooPal can't die soon enough as far as I'm concerned. Can we go back in time and kill them in the cradle? I think the world would be a better place for them never having existed.
But, but, but, then there would be no Teslas, no spaceships, no Starlink, no etc. /s
Re: (Score:2)
>Can we go back in time and kill them in the cradle?
"Yes, sergeant. Yet another case of smothering with a hitler. Shall I send a time patrol unit to undo it?"
More and more (Score:1, Offtopic)
Paypal is disreputable (Score:2)
I don't know why they still exist when e-commerce using traditional credit cards is a better option.
Re:Paypal is disreputable (Score:4, Insightful)
Because e-commerce with credit cards is hard.
Sure, you can use Shopify and such, but those places only service "stores" where you're selling products.
E-commerce fails if you want to sell one-offs of stuff - like xay, eBay style goods where you might want to get rid of your old comic books. But you aren't selling comic books on the regular and you're almost never a business so you never qualify for a merchant account. And sites like Shopify aren't exactly geared for one-off sales.
Without Paypal, it is basically impossible for two random strangers to transfer money using a credit card. (Venmo is a part of Paypal).
If you're a business selling something, then hey, e-commerce is easy, as B2B and B2C are supported business models for credit cards. But C2C is not and still forms a large part of e-commerce today.
Heck, anyone remember eBay before Paypal? You had to send cheques and money orders around via the mail in order to send money. That was risky and it took far longer than it need be because hey, it could take a couple of weeks for the money to reach the seller.
Re:Paypal is disreputable (Score:4, Interesting)
In USA I guess and why credit cards? Because in Canada we can transfer money for free between anyone using e-transfert Interac, between all banks/credit unions, with a simple email or phone number, instantaneously.
I buy/sell stuff on marketplace (biggest emarket here, a little kijiji, and no craiglist at all) and 80% of selling/buying is using e-transfer, even for $5 or $10.
Re: (Score:3)
> Without Paypal, it is basically impossible for two random strangers to transfer money using a credit card. (Venmo is a part of Paypal).
And here I am, in central europe, where all I need to send someone money (to their bank account) is their phone number...
Caveat: this launched nation-wide late last year, and so far is opt-in, so early stages. But I've already used it multiple times.
Re: (Score:2)
Re: (Score:3)
I don't know what people are talking about, you can do that in the US too via Zelle.
People are misunderstanding the timeframe the post is referring to. "Before Paypal" is referring to late 1990s, early 2000s during the "Wild West" days of the Internet when people were still trying to figure out how to enable payments for ecommerce and banks and financial institutions were still figuring things out. You're right in that today there are plenty of alternatives.
Re: (Score:2)
Yeah, no, I'm talking directly within my bank's application. No 3rd party necessary, coordinated by a mechanism built by the central bank.
This works between different banks, the common denominator is the country.
Re: (Score:2)
How well does that work if you're buying something from someone in another country, though?
Re: (Score:2)
it doesn't.
That's when IBAN transfers come in. Those are way overpriced...
Re: (Score:2)
A bit of an appendix to the "it's hard to run your own payment service" sentiment, I would say that it is too easy to implement a payment service incorrectly.
As a consumer, do I want to trust the security of every web site that I want to buy things from or do I want to just trust one reputable vendor (PayPal, in this case) with my payment information?
The choice for me is the later of the options.
Also, for subscription payments, PayPal is superior since I don't have to generate virtual card numbers for every
Re: (Score:2)
> Without Paypal, it is basically impossible for two random strangers to transfer money using a credit card. (Venmo is a part of Paypal).
Hi from Canada.
Our banks aren't shitty. We can transfer funds electronically without issue.
So apparently a lot of those "jobs" (Score:3)
That said they're still going to fire a lot of people. UPS is firing a ton of people.... all of them non union management. There's a moral to that story.
I don't do business with paypal (Score:2)
I don't do business with paypal or vendmo after paypal and ebay ripped me off 10 years ago.
I love the look on people's faces when they ask if they can vendmo or paypal me money and I tell them "No." Either find another way to pay me or go away. I don't do business with thieves, I don't care how many of your friends are ok with their abuse.
and it was already brought up, but during covid they threatened people with fines, as if there weren't enough other reasons to avoid them. https://news.yahoo.com/paypal-. [yahoo.com]
PayPal is garbage (Score:3)
PayPal had switched my account to use some kind of browser fingerprint instead of my password. It was pitched as an ease of use improvement. I felt like it removed security. I reached out to PayPal and did not appreciate their response. I used a single bad word in an email to PayPal for changing my security posture without my permission - PayPal cancelled my account and banned me.
Yeah, fuck you PayPal. You suck and I was not going to use your garbage anyway. Have fun failing you stupid assholes.
Hold my money. Offer shitty customer service. Die. (Score:1, Troll)
Paypal will not provide timely refunds, reasonable customer service, responses to fraud, or do anything useful other than TAKE YOUR MONEY.
The big banks formed Zelle to beat PayPal at their own game, and they're doing it.
Did they lay off 2,500 jobs? There's the rest left to go. Paypal is a dead man walking.
Die, PayPal. You never paid, you only took, and you're not my pal.
Wasn't this that PayPal that.. (Score:1)
I quit them (Score:2)
I quit them as a user when it was shown that they think they have the right to keep your money. Even that was long ago, I recently got an invoice from them from some scammer.
Soo, they make their product worse... (Score:2)
... in order to compete better? No idea why the MBA nil wits regularly think this may work. Obviously, it cannot.
Something slashdot would appreciate (Score:2)
PayPal, in it's infinitely retarded wisdom, has a different login flow if you followed a link to view/pay an invoice, versus just logging in to peruse around. In one flow, you get the email address and password on one screen. With the other, you get the screen where you only enter your email address.
With the one that piece-meals the