A potential customer asked why we do not accept PayPal, so I thought it would be good to explain why we chose to go with other payment options instead of accepting PayPal.
I think everyone has heard the horror-stories featuring PayPal’s poor treatment of merchants — which has become legendary. PayPal has a long established practice of capriciously seizing money, freezing merchant accounts, and for some reason, PayPal has escaped any regulatory oversight whatsoever.
But that isn’t the only reason we don’t accept PayPal. In spite of PayPal’s atrocious reputation, we decided to setup a PayPal account anyway, rather than risk turning potential customers away.
However, when we attempted to add our bank account, PayPal had an issue with our bank name — giving me an “invalid bank name” error when I entered our bank account information. A quick Google search showed me that other people had the same problem, wherein you have to type the secret bank name (sometimes you have to abbreviate “bank” as “BNK”). After twenty minutes and just as many variations, I simply gave up.
As a result, we simply don’t accept PayPal.