Big Changes Coming To PayPal’s Frozen Funds Policy [Report]
Eleven days ago, TechCrunch ran a story about PayPal freezing a science fiction writer’s fundraiser, and then apologizing for doing so. The company even donated to the writer’s fund.
“We’re going to do a lot more communicating before making some pretty aggressive changes to our system to make sure that this stuff doesn’t happen,” PayPal senior communications director Anuj Nayar was quoted as saying. “At the same time, when we find out we’ve made mistakes, we’re committing to get it fixed and apologize.”
Now, CNN is reporting that “agressive changes” are coming to the company’s frozen funds policy, as the company promises a “massive overhaul of it system within the next several months”. Julianne Pepitone quotes Nayar:
“These are not minor — these are aggressive changes,” said Anuj Nayar, PayPal’s senior director of communications. “This is a fundamental shift in our business operations.”
Nayar said he can’t go into specifics about what will change, but transparency is a major focus. “We want to be clear about how people can get out of the [frozen funds] situation,” he said. “We need to get better about helping people, or explaining why actions are being taken.”
That’s not all that’s changing at PayPal. The company has already announced some big partnerships this year that will see PayPal becoming a payment option in major retail stores all across the U.S.