Recently, news broke that online payment processing giant PayPal is settling claims from the Consumer Financial Protection Bureau for $25 million that its end users were signed up for the company’s credit service, formerly called Buy It Now, without their consent.
Adding fuel to that fire, some PayPal users claim that promotional codes for those who intended to sign up for the service were not being honored, other fees and interest charges were made difficult to avoid, and avenues of customer service were found to not be helpful.
If you currently offer or are considering using PayPal as your payment processor, it is important for you to stay informed, and you may consider passing along this information to your users, encouraging them to log into their PayPal accounts to check for unusual charges or activity. At cascade, we aim only to inform so that you can make decisions that are best for your business. Because PayPal is a fairly ubiquitous option for online payments, it is important to be aware of issues surrounding the service.