As of November 18, consumers who use PayPal to make a purchase will have up to 180 days to return items for a full refund.
That’s nuts. Why would PayPal promise something — a six month return period — no sane person would think reasonable?
Two words: Apple Pay.
PayPal knows what the future holds, and it’s not pretty. They know that whenever Apple enters a new market — in this case, electronic payments — they tend to steamroller the competition. Just ask Motorola or BlackBerry what happened to them after the first iPhones went on sale in 2007.
So, how does this new policy effect you?
That depends. If you never use PayPal for purchases, you may decide to start. If you already use PayPal to buy things, you just got an early birthday present.
As a business owner, however, I will no longer accept PayPal. I believe many businesses will join me before November 18.
PayPal may just have committed suicide in order to stay alive.