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what do you guys think of this?
Okay so, this is how it is.
When I receive money on my paypal, it automatically gets deposited to my bank every 4 am.
can't do anything to stop this process or extend the duration as thats how indian paypal is.
So I actually have plans to start a hosting company and I'm worried about refunds, So I was thinking.
So I thought I'll even use stripe and the best part of stripe is it stays in my balance for 1-2 weeks before depositing to bank which lets me provide longer refund durations.
How about,
I just say no refunds for paypal but 2-3 days refund duration for stripe?
I think this would be better for my case as if someone wants a refund on a paypal transaction the best they will get is a store credit as I won't be able to provide them a refund but could provide refund only on stripe so they have an option to choose stripe gateway while paying if they want to have the comfortability of requesting a refund if anything goes wrong.
What do you think?
Comments
I think it’s a good way to Deadpool even before you start
Well, it's pretty weird i'd say. Why is it such a huge deal to send the money from the bank back to paypal? In general a no refunds policy might or might not work depending on your jurisdiction and if applicable possibly some legal requirements.
bank to paypal? hows that?
oh you mean withdrawing from bank to paypal?
ya that doesn't work in indian paypal.
Like you can't send any money from paypal at all?
Not exactly no refund policy, we would offer store credit for paypal transactions and refund would be available for stripe.
this is how indian paypal works
we need international card to send money and and bank to receive money
and no such thing as paypal balance, the only paypal balance we have is the money we receive which would be automatically transferred to my bank account by 4am
Again, if you can do this depends on your jurisdiction.
I could just send them the exact money that I received if they want as a refund but I won't be able to use the refund function provided by paypal if its past 4 am.
Also paypal currency conversion is bad, if in google it says 82inr per dollar then paypal would only send me 79 inr per dollar but while paying it would take 83-84 inr per dollar. Thats why I hate paypal so much but it seems to be very popular so I'm not sure if it'd be a good idea to run a company without accepting paypal but again I hate that refunds have gotten so complex.
If there was another tp> @totally_not_banned said:
isn't that only for registered companies? also does the jurisdiction only apply depending on from what country I'm operating?
I see. So why not get the card instead of making a lot of custom arrangements?
1 day 1 discussion. You are definitely the next @vitobotta
. Good luck!
I don't get your question, what do you get a card? I already have a card.
also I explained here more about it.
Also paypal currency conversion is bad, if in google it says 82inr per dollar then paypal would only send me 79 inr per dollar but while paying it would take 83-84 inr per dollar. Thats why I hate paypal so much but it seems to be very popular so I'm not sure if it'd be a good idea to run a company without accepting paypal but again I hate that refunds have gotten so complex.
So I'm against doing refunds in the system where I'd send him his money back as a separate transaction.
as I'd basically be receiving 79 inr per dollar but I'd be paying in 83 inr per dollar.
Doesn't really matter if your a company or not. The laws of the country where you reside dictate what you can and what you cannot do. If you were in Europe such a store credit only policy would very likely interfere with consumer protection laws and bite you in the ass.
okay so if I operated in India and had a EU client, what would happen then?
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If have that and are able to send money this way just use it to make the refunds?
I guess you could do that but you can pretty much expect some not very understanding clients like soon(tm)
Paypal conversion is a ripoff pretty much anywhere i guess.
I already explained why I'm against it due to the bad paypal currency conversion.
Nothing in regards to EU (well at least practically) as it obviously has no extraterritorial jurisdiction. What Indian law says is of course another thing and i'm a lawyer in neither country so you should check that yourself. Like what kind of consumer protection exists, how to account for taxes, if there is any mandatory data collection to keep yourself out of the crossfire if something happens and all that stuff.
I've seen hosts have a policy where if someone fills their store credit they cannot get a refund, I could do something similar where I'd allow paypal only for account funds aka store credit and accept stripe for direct payments.
Okay.
Your clients will love this - "Your not getting a refund because i don't like Paypal's conversion rate." - trust me
or I could just not accept paypal lol
Yeah, that might also be an idea
what about partial refunds?
I could say something like if they ask for a refund they will receive the money as per the amount that I received?
like if the payment was 15$ I'd just send them 13$ back
In the policy I could mention this is because of fees, I've faced this before as a customer when I used a service and was unhappy with them and they provided me with a 75% refund as I was unhappy with their service.
Just don't bother getting into hosting at all where people are paying you for a service because frankly you don't appear to be knowledgable or competant enough to do so and expect customers to part with their cash.
You clearly don't understand that simply putting statements into a terms of service agreement does not override your statutory obligations with respect to refunds, at least in Europe/UK and pretty sure the US too.
@ArrowBoi, I would really suggest you to open a word file, ponder on doubts for a week and write it down, and then by the end of the week, open a thread with all questions
No, in the US, terms > law. Always.
You can't really rely on refunds for PayPal balance if you don't expect regular sales because suppose if you get a $3 sales, now after PayPal fees deduction you get about $2.5 as balance, but now if you are not getting regular sales you cannot issue a refund because when you refund PayPal does not refunds their fees, hence PayPal will even not allow you to issue refund because you don't have $3 balance, so you either need to wait for another sales then you can issue refund or if your client files a dispute and if PayPal decides in favour of your client you will have negative balance but your client will get his refund, then you get option to clear this negative balance in two ways, either you send a wire to PayPal USA or you make payment to some merchant during that time PayPal will charge your card extra and clear the negative balance.
But again if you get multiple disputes in a short period of time you will end up having your PayPal account freezed
It's really a pain to use PayPal in India as PayPal is not ready to apply for the right license hence RBI/Indian Government does not allows them to keep balance in paypal account, they have to withdraw in your bank account
Also Paypal does not offer any way to add funds to PayPal account from Indian card or bank account
So if you think you will have to refund on regular basis you need to make sure you get regular sales as you can only issue a refund from the balance that you have in your account for less than 24 hours else it will get messy
So unless PayPal gets the right License needed this won't work for new business especially if you have to issue refunds.
I've done paypal refunds in the past,
as per your example when the 0.50 is taken as fee and when we try to refund someone, there's a slot which shows how much paypal will be refunding with us so the buyer gets the full amount.
If you do not agree with that we can do a test charge of 1$ where I receive it and I'll attempt to refund you back the 1$ with no charge as paypal will also be refunding the fee that it took.
I remember it very well as I once had a user who paid me 3.5$ and he wanted a refund and I provided it to him and it showed me on the screen that paypal would be returning the fee that it took on the transaction.