Why don’t Prop Firms use PayPal?

  • Why don’t Prop Firms use PayPal?

    Posted by Ant on January 9, 2024 at 4:04 pm

    I have been hunting around for Prop Firms that take PayPal as a payment for their challenges, however I cant find any that do, is there a reason for this, if anyone knows.

    WiseWill replied 1 month, 1 week ago 2 Members · 1 Reply
  • 1 Reply
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    WiseWill

    Community Trading Group Trader
    January 9, 2024 at 4:32 pm

    So it appears that most Prop Firms have dropped PayPal as a payment processor as they are experiencing PayPal Chargeback scams. This is when traders are failing the challenges and then claiming a chargeback from PayPal to get their money back. When the Prop Firm challenges PayPal, PayPal are taking the side of the trader/consumer. This malpractice is not only being carried out by traders with Prop Firms but also many other businesses. A quick search on Google uncovers this practice.

    https://www.paypal-community.com/t5/How-to-use-PayPal-Archive/CHARGEBACK-SCAM-SELLERS-BEWARE/td-p/27035

    This is actually from the PayPal website, they dont seem particularly interested in supporting the businesses.

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