PayPal is a favorite payment processor for a lot of home based businesses. Here are a few news tidbits relating to PayPal:
eBay Closes BML Deal – eBay had announced the acquisition of the payment system “Bill Me Later” (BML) earlier this year. Last week, the FTC approved the deal and this will provide a compliment to PayPal which eBay has owned for several years. BML as the name implies, extends credit on a purchase. Its technology does not require the customer to put in their credit card number, but will do an online credit check. If the transaction is approved, the customer will have terms (with interest) on the deal. Obviously, this will be useful for large dollar purchases and may take some business away from PayPal. But overall, eBay expects the addition to be accretive by 2011.
American Airlines adds PayPal – It’s not just home based businesses that use PayPal for their payment processor! This week American Airlines announced it will accept PayPal as a payment method for tickets alongside all other credit card and airline cards. This option will apply to ticket purchases online at their website AA.com.
PayPal Withholding Funds? – On the darker news side, there are reports of PayPal increasing its dubious practice of placing holds on eBay seller funds. According to SeekingAlpha “Sellers began reporting unexplained holds on their accounts as early as October 25 and within 2 days the glitch spread like a virus throughout the eBay selling community as one seller after another discovered their funds had cleared but were being hostage as there was no way to claim them.” This might possibly related to an eCheck glitch that eBay sellers were fuming about in late October.
Any comments on the eCheck glitch or other PayPal subjects?