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Date/Time: Fri, 29 Mar 2024 13:14:18 +0000



[Locked] - Why PayPal has been Removed

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[2019-11-05 14:17:53]
Sierra Chart Engineering - Posts: 104368
Starting about two months ago PayPal had asked us various questions in regards to our account and the services that we sell. We answered everything. When you answer PayPal and then they ask more questions or ask for additional documents, they do not provide any means to get that additional information over to them. You cannot reply to their emails because those cannot be replied to. Where they direct you to on their website, in their request email, in your account, there simply is no means to upload anything further once the initial documents have been provided.

We did provide them everything initially, but had to call them and then upload additional information and documents requested using a special link they gave us but apparently they never got them. So a few weeks ago, they prevented us withdrawing funds from our PayPal account. We did later get the additional information through to them. After various back-and-forth, now this is their latest question to us:



Thank you for contacting PayPal. We need to confirm some additional information:

1. Do you have any written policies and procedures as it pertains to customer identification (CIP), identity verification, Know Your Customer (KYC) for confirming the identification of your customers and their funding source?

Please follow these instructions to upload your document(s):

  1. Log in to your PayPal account.
  2. Click 'Resolution Center' near the top of the page.
  3. You will see a list of steps waiting for your response. Click 'Resolve' under the Action column beside each step.

This has been asked a third time now but this is a different variation. So as you can see they are confusing us with a bank or brokerage.

PayPal has simply been removed because any funds that go into our PayPal account, cannot be removed. So obviously this makes no sense for us to be using it any longer. We have added support for Stripe which also supports Google Pay. We also have an Authorize.net payment option and we are going to be adding a third one as soon as we can. We also accept crypto currency payments through Bitpay.

This thread is now locked. Please do not ask us further about this. We are just providing some background information.

As you can see, this really is getting silly. Now part of the problem might be the fact that we have a payment model similar to a prepaid mobile phone, or like Skype where you add credit and then you pay for calls and other services. Services we provide vary, and can be very costly when you deal with professional exchange fees.

We have provided PayPal ideas, on how we can limit the funds that you put on your Sierra Chart account, so we are doing our best we can with PayPal. But we really do not understand the basis of why the question is being asked. Clearly we are not a bank or brokerage. So why they are persisting with this we really do not know. We are only making guesses.

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We don't think it needs to be said, that if we are required to get your drivers license or passport, ask you various questions about the source of funds to pay for Sierra Chart at $26 a month, And investigate you to determine that you are not a criminal or engaging in money laundering, then obviously you will not use PayPal. This is obviously point blank silly.

And to be clear, we are smart enough to understand that the reason PayPal is asking for this is because they are are generally required to under the laws and regulations by governments they are operating under. And all of these checks involving identification, know your customer, and source of funds, are always alleged to be about stopping criminal activity and money laundering but that is just a cover story so that governments can maintain absolute supreme control over people's funds and transactions and spy.

And this is no different than the information given in the recent interview by Edward Snowden talking about government spying. They will always say it is related to "terrorism", but it is not. Edward Snowden says that the analysis of all of the spying being performed has made no material difference. It is just about maintaining complete supremacy over the people and knowing what they are doing.

Quite honestly, people are ignorant if they really believe the government is there to stop terrorism money laundering and criminal activity and that is why they gotta monitor you and get all of this information. It is nothing more than a ridiculous cover story.

This case makes that abundantly clear. There is no possible way, that what you are paying for Sierra Chart could in any way be used for anything which is a violation of law. We are not a bank, we are not a brokerage, we are not a money transfer business. There is nothing.
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The damage has been done with PayPal. If things work out with them, and if PayPal is put back which looks less and less likely, there is going to be a minimum of 10% fee applied.

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Update: 2019-11-7:
We heard from PayPal. They have stopped asking us about KYC and AML related questions. We take that as meaning they are not going to require us to do that.

They requested us to implement our suggestion to put limits as to the amount that users can put on their services balance. So we will start with some basic implementation of that.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2019-11-08 21:35:46
[2019-11-22 18:39:36]
Sierra Chart Engineering - Posts: 104368
The PayPal account has been restored. From PayPal:
Our review is complete and we have restored your account.

There is a 150 USD limit. We will see if we can get this increased. This is not a limit imposed by PayPal but they did ask us to put a limit in. But we will make this proportional to the services active on your account.

And there is a 10% fee when using PayPal mostly relating to currency conversion fees.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service:
Sierra Chart Teton Futures Order Routing
Date Time Of Last Edit: 2019-11-22 20:38:18

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