Today, PayPal decided to terminate our 10-year-long business account, despite having no problems with us whatsoever. In fact, we were upgraded to a higher-tier account due to our fantastic track record.
What does this mean for SWAPD users?
Nothing. To be honest, we’ve always hated that company (who doesn’t?), so it’s a relief that we don’t have to deal with them anymore. However, this may inconvenience a tiny portion of our community as we will no longer support any 3rd party merchants such as PayPal. Overall, only 6-7% of the transactions on SWAPD were conducted via PayPal, and most of the transactions were in the low XXX range, so this will not cause a significant problem for us. But, people who exclusively deal with low-end transactions will have to man up and switch to crypto, because bank wires aren’t friendly for smaller deals.
Are my funds safe?
Yes. PayPal confiscated a little over 5000 USD of our user’s deposited funds. Not a significant loss, and we were lucky enough to withdraw a larger amount from our account around ten days ago.
What about my pending PayPal tickets?
Sellers who have pending PayPal tickets will be paid out via bank wire. The wire fees will be covered by SWAPD. Any possible PayPal refunds will also be paid via bank wire. Payouts via crypto for pending PayPal tickets will not be possible.
Why don’t you fight back and appeal PayPal’s decision?
- We can’t. They’ve blocked us from doing so.
- We wouldn’t do it even if they allowed us. We’ve had our PayPal frozen every year since we’ve had the account. We had to explain to PayPal clerks what we do every 12 months, including sending them a stack of documents, IDs, and transaction summaries. We’re just tired of being pushed around. PayPal is PayPal, anyone who’s been online long enough knows this company and how they operate.
So, now what?
This news came to us ten minutes ago, just as our billing department made payouts. We will need a few days to update our website, policies, and fix the mess in our current checkout tickets. We please ask for your patience while we deal with this mini-crisis
To recap!
As we’ve said again, PayPal is one of the most hated online companies. Just Google them. We suggest never keeping any significant amount of money in your PayPal balance because one day, you may (WILL!) lose your account. Don’t believe us? Maybe some of our users can share their PayPal stories.
We’re sorry if you exclusively dealt with PayPal to deal on SWAPD. We will do our best to teach you how to use crypto safely. If you’re seeking help, feel free to PM your nearest @Administrators. You may also ask any questions in your replies below.
