Posted by DoN | Posted in Site | Posted on 09-02-2010 |
Paypal just showed their business secret / tactic of how to make money fast.
If you see the many payment processors they are having little tough time of making money. Many pyment processor like moneybooker.com , alertpay.com are struggling to take the market share. But paypal made a million $ profit from indian market in just 10 days that to from only Indians.
you can see one blog post about paypal tactic of making money by holding users money in bank and enjoying the interest of that money.
Here is a sample transaction from my paypal account
29-Jan-2010 Currency Conversion Completed Details -$200.00 USD
29-Jan-2010 Currency Conversion Completed Details Rs.8,956.34 INR
09-Feb-2010 Cancelled Transfer Completed Details Rs.8,956.34 INR
09-Feb-2010 Currency Conversion Completed Details -Rs.8,956.34 INR
09-Feb-2010 Currency Conversion Completed Details $185.22 USD
i lost 14.78$ for their crappy processing system
so just imagine how much money they have made from this kind of scam from all paypal indian users.
when we withdraw they gave currency rate 44.7817
now when they adding to amount they want 48.35 ( even now it is 46 )
so basically it is a well planned scam from paypal company.
After these lot of idiotic moves this company not given any explanation still. Because it knows how effectively scam users withouth being caught in the legal way.
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Paypal is the worst Merchant solution yet the most popular, I don’t know if it is a course or blessing to we Nigerians who are not accepted by paypal?
Paypal is used world wide. There are some places where paypal is not present because of government laws..its not paypal to be blamed. Its govt (in your case)