PayPal Nightmare Story for Indians
Image Credit : techieask.com
I saw from Amit Agarwal blog post that paypal is automatically reversing every transaction (Paypal Chargeback) or payment received in excess of $500, This is in accordance to rule set forth by RBI (Reserve Bank of India – India’s Central Bank)guidelines. According to the post, PayPal will also ”reverse all the previous payments you may have received in your account in or after March 2011 that exceeded the said amount”. So what if a certain online marketer receives an amount of $10,000 as total transaction, which exceeds to $500 ? It will just be reversed (Send back) to the sender.
I just hope that our fellow online marketers blogger in India can resolve this issue.
We hope that the same incidents will not happen to Philippines, where we know that lots of Pinoy bloggers and Pinoy Marketers are receiving their payment through PayPal. Indians should find a way to received payments in other method. Payment through Cheque or Wire Transfer would probably better option.
I have experienced paypal reversal for unauthorized payment as I blog before, and I know how frustrating to have a negative value in PayPal Account.