Wow, a new twist on "Paypal screws vendor" - this time on currency conversion.
You have to read the linked article to get the details. Mind it, it's not just crappy rates. The rate is different for the chargeback and for the original payment. Guess in whose favor the rates differ? Yup, good old Paypal never missing a chance to extract some money from you.
> The rate is different for the chargeback and for the original payment.
So they're basically double dipping by charging the 2% edge twice? You'd think a refund should be a direct reversal of the original transaction so that all amounts are exactly the same...
Well it seems that it wasn't just fluctuations of the exchange rate: "There was actually no currency conversion because the withdrawal was initiated and cancelled almost immediately."
So you pay this guy some money, then immediately change your mind and he loses money.
You know I love Bitcoin, But I could still see this type of `post` being directed at Bitpay or Coinbase; given market fluctuations lately. It was pretty stable in 2012 but woosh...
I wish the speculators & day traders left us alone.
This is why I went out of my way to find an alternative processor to Paypal for my most recent startup. Monthly fees were definitely higher but chances of this happening, much lower.
You have to read the linked article to get the details. Mind it, it's not just crappy rates. The rate is different for the chargeback and for the original payment. Guess in whose favor the rates differ? Yup, good old Paypal never missing a chance to extract some money from you.