In the last week, I’ve become aware of two disturbing incidents that involve invoicing software and credit card systems.
PayPal
Firstly, PayPal has updated their terms of service so they can fine users up to $2500 for “sending, posting, or publication of any messages, content, or materials” that “promote[s] misinformation.”
What is information? Who determines this?
Below is a tweet from former PayPal president David Marcus with a reply from former PayPal CEO and potential future CEO of Twitter, Elon Musk.
Additionally, David Sacks (former Paypal COO) piled on saying “get your money out of PayPal right now.”
PayPal has come out with a statement backpedaling on this new policy and saying that the new agreement “included incorrect information” which they are supposedly fixing.
Joist invoicing software
Joist is just one company, popular with contractors, that integrates with PayPal for credit card processing.
It stands to reason that a policy like this, if implemented, could apply to small contracting companies trying to process customer payments.
A private company now gets to decide to take your money if you say something they disagree with. Insanity
Former PayPal President David Marcus
Block (formerly Square)
In the Tile Money Facebook group, one member reported that she had been locked out of her business website until she signs up for Square’s payment processing which includes entering sensitive banking information.
Her website was created with the website builder Weebly which was acquired by Block, then Square, back in 2018.
She states that she has no way to even download her existing data without signing up for Square.
Accepting credit cards as contractors
For us contractors, these new developments are alarming and put us in a bit of a bind.
Is it worth it to accept credit cards?
On the cusp of an economic downturn, the last thing we want to do is to make it more difficult for customers to pay.
On the other hand, we want to ensure that we get paid, especially in a downturn.
Leave a Reply