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Down on Pal: Why PayPal has a credibility issue

Recent news regarding PayPal, more specifically some shady doings between the company and the customers, has plenty questioning just how reputable the online service has become.
More importantly, some consumers might also be wondering if PayPal ever was reputable, honest and, quite frankly, safe.
The majority of PayPal users tend to do business with the site out of convenience. Money can be sent from one person to another with little headache. The transactions can streamline the process of online shopping or selling. PayPal has made life easy for those people who live and breath online, whether they are selling an old pool table on eBay or just trying to order from Amazon and just want to click a button to allow for payment using stored personal information from PayPal.
Truthfully, that aspect of the business isn't what is coming under fire. PayPal reportedly signed up customers for their credit card service and charged them late fees for missed payments, even though at a closer glance the blame lay with PayPal and not the consumer.
PayPal refers to its credit service as "Bill Me Later," and the penalty for this latest snafu is yet to be determined, but you can rest assured PayPal is going to have to do a better job of informing customers what they're signing on for, while making full disclosure part of their every day business practices.

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Beyond the specifics of the issue at hand, PayPal's actions might deter the general public from either continuing to use its service or give those who haven't yet used the service more reason to stay away. As online fraud and hacking continues to run rampant, consumers are getting more careful to protect their money any way they can. PayPal's service is based on trust and since the service effectively "stores" customer assets it should be held to the highest standards of safety, security and integrity. So this crack in the PayPal foundation might be one that can't be sealed with a handshake and a letter to customers saying all is well.
Say what you want, but once that trust is broken, you can argue that all is lost. PayPal probably won't feel the affects from this news right away but as more information surfaces, you might start seeing users of PayPal fall by the wayside. PayPal has some work to do.

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