PayPal revamping its policies to better support crowdfunding

PayPal's commerce system wasn't built for crowdfunding, and that has created problems for some startups -- the company recently (if briefly) froze $45,000 of Mailpile's assets, for example. The PayPal team is determined to set things right, however, and just announced that it's reworking its policies to better accommodate crowdfunding projects. The firm isn't yet saying what those changes entail, but it's requiring that its Risk Management group review any potential freezes on crowdfunding campaigns until there's a permanent solution in place. While we'd prefer that PayPal devote the same kind of care to all frozen funds, it's good to know that fewer entrepreneurs will have their dreams dashed by someone else's mistake.

Filed under: Internet

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Source: PayPal (1), (2)