PayPal 'overhauling' its policies for crowdfunding
Admits that existing policies aren't cutting it
Every so often, we hear reports of PayPal freezing funds for crowdfunding projects. PDW: Hotapen's Yatagarasu Attack on Cataclysm was a recent example of this, and while everything has worked out for the developer, it's a scary process to see unfold. In a blog post, PayPal VP of risk management Tomer Barel wrote "...it's clear that our existing policies and processes aren't working quite right for this particular fundraising model.
"We are now in the midst of overhauling our policies in this space," he continued. "We're talking to the major crowdfunding players that we work with to put in place a permanent solution that avoids unnecessary account limitations. But making this work for all stakeholders -- contributors, entrepreneurs, crowdfunding sites and us -- is pretty complicated. As soon as I have more to share, I promise to update everyone."
For the time being, the company will have a senior member review crowdfunding campaigns before any action is taken. "It's a small, but important step," according to Barel.
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