Under fire from crowdsourcing campaigns, PayPal promises ‘overhaul’

PayPal has accepted that it needs a big rethink to deal with the rising popularity of crowdfunding. The payments company has come under fire recently for freezing the funds of high-profile crowdfunding campaigns, and has pledged to rework its policies to better cater to such projects.

In a post announcing the decision, the company somewhat defends its recent actions, noting that, as a new model, crowdfunding “is open to abuse” and PayPal “has a responsibility to ensure the system remains secure.” It says it’s working in conjunction with major crowdfunding organizations to find a permanent solution “that avoids unnecessary account limitations,” but highlights the complexity of “making this work” for “contributors, entrepreneurs,…

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