January 8, 2016

Paypal Freezes Startup’s Funds, Offers Loan

Hacker Paradise founder Casey Rosengren, on Medium:

On one hand, Paypal was saying that our account was too risky for them to release the $20,000 they’d taken as collateral. On the other hand, they were saying our account was credible enough to offer us a loan.

We chose to approach this in the spirit of Hanlon’s Razor: when in doubt, assume ignorance, not malice. So, we emailed a screenshot of the ad above to the startup evangelist, assuming it was some kind of clerical error.

Unfortunately, for customers outside the US there is no practical alternative to Paypal. I still use them for most of my recurring payments, with the occasional online purchase.

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