Should You Store Money In Unregulated Payment Processors?

[Good-Person]

There are many payment processors and e-wallets out there. However, the fact of the matter remains that in the past, there have been many payment processors that have scammed people. Payment processors such as AlertPay and Liberty Reserve turned into a scam several years ago. So, after this incident, do you think that you should save money in such payment systems?

 

[Kane]

I cannot trust international payment processors for storing money. For instance, I use paypal, skrill, and a lot of other payment processors, I cannot trust these payment processors to hold money for a long time. If they confiscate my money, there is no way I can file a case against them.

 

[Good-Person]

@DigitalNomad As far as I know, Skrill is a regulated payment processor. They are regulated by the UK's Financial Conduct Authority and they are one of the oldest companies in the world. I also use Payeer as well. They are also regulated by Vanuatu's regulation authority.

 

[Kane]

@DigitalNomad As far as I know, Skrill is a regulated payment processor. They are regulated by the UK's Financial Conduct Authority and they are one of the oldest companies in the world. I also use Payeer as well. They are also regulated by Vanuatu's regulation authority.

Yeah, Skrill is regulated, and so is PayPal. While I have not heard of anyone who lost money on Skrill, I know a lot of people who lost money on Paypal. It is not possible to start a financial company without registering and without getting approval from financial authorities in the country where they are based. payment professors are aos financial companies. Even the crypto wallets need to be registered with the governments.

 

[Heatman]

Even though that I know PayPal is a trusted payment processor and it's one of the best companies in USA, I would never store my money on PayPal. PayPal even with them being regulated, acts like they want. PayPal ban, suspend and limit PayPal users accounts at will and there's nothing you can do about it.

 

[Good-Person]

@DigitalNomad - Skrill is a trustworthy company and they are legit. However, I have noticed that many people have complained about its verification process. They take too long in order to verify the account and I think that the company needs to focus on this particular aspect.

 

[Heatman]

I cannot trust international payment processors for storing money. For instance, I use paypal, skrill, and a lot of other payment processors, I cannot trust these payment processors to hold money for a long time. If they confiscate my money, there is no way I can file a case against them.

There's a reason why we have banks right and that's what their work is. You save your money in the banks and not payment processor. You can walk into any branch of the bank you have your money in to follow up in person when they do something you don't like. The same thing can't be done with PayPal and the rest.

 

[Kane]

@DigitalNomad - Skrill is a trustworthy company and they are legit. However, I have noticed that many people have complained about its verification process. They take too long in order to verify the account and I think that the company needs to focus on this particular aspect.

Yes, skrill is a trustworthy company. I have been using skrill for a long time. However what I am trying to say is if they hold my money, there is no way for me to go to the UK and file a case. I will have to forget about money. While I have not heard of such a case, things like this one cannot be ruled out as it has happened with a lot of people on various payment processors.

There's a reason why we have banks right and that's what their work is. You save your money in the banks and not payment processor. You can walk into any branch of the bank you have your money in to follow up in person when they do something you don't like. The same thing can't be done with PayPal and the rest.

That's true. A local bank will never confiscate your money. If they do, you can file a case. payment processors are too risky for storing money.

 

[Frank]

There's a reason why we have banks right and that's what their work is. You save your money in the banks and not payment processor. You can walk into any branch of the bank you have your money in to follow up in person when they do something you don't like. The same thing can't be done with PayPal and the rest.

I don't risk saving my business money with some unregulated payment processors. I have read about how some of them closed with the customers being unable to recover their funds and that is something that I won't want my business to experience at all.

 

[Ja sa bong]

Why will you keep your money on a payment processor for too long? I can never do anything like this because I know a payment processor can close down the next day. You're talking about going to the extent of leaving your money in one which is unregulated. It's like giving a criminal your money to keep for you.

 

[stan358]

I cannot trust international payment processors for storing money. For instance, I use paypal, skrill, and a lot of other payment processors, I cannot trust these payment processors to hold money for a long time. If they confiscate my money, there is no way I can file a case against them.

Likewise me also , most of these payment processors keep running when things are good and rosy for them. It is not good to use them to store huge amount of money for a long time. They can be used to receive money from website but not to store money for long. They can turn scam anytime..

 

[Heatman]

That's true. A local bank will never confiscate your money. If they do, you can file a case. payment processors are too risky for storing money.

Exactly! There's a way your bank is going to handle some transactions without being clear, you will call them out and they are going to fix it as soon as possible. A lot banks in my country have been sued by their customers and they paid millions in damages.

 

[Ja sa bong]

I don't risk saving my business money with some unregulated payment processors. I have read about how some of them closed with the customers being unable to recover their funds and that is something that I won't want my business to experience at all.

PayPal is a very good payment processor but I will not store my money in it. PayPal isn't a bank. I've heard about cases where they limited their customers account with over $1000 in his balance. All his appeal was rejected.