DAZ Uses Silicon Valley Bank?
ImNotBob
Posts: 24
in The Commons
Interesting Paypal request.
I would have thought DAZ would have used a more traditional bank - not a VC bank.
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What request? It might be a scam.
edit: oh, I just read the full details of the orange banner. Well, it doesn't necessarily mean that they use SVB, both because that's not the only bank that's in trouble right now, and because what's going on with SVB can certainly have ripple effects on the broader banking industry.
https://www.daz3d.com/thank-you-community
Main page - "Pay it Forward" discount. Silicon Valley Bank was put into FDIC receivership on Friday.
Not a scam. It is a new promo banner (PayForward) Click on the banner and read the promo.
Probably before Tuesday, March 14 since that date is listed in the promo text.
Thanks. I hope you're correct because it's a good deal promo I think.
I think they want us to use Paypal because
You may have heard about the challenges affecting the US banking industry this week, including the bank that we use for our credit card processing. Some of you have asked if and how those events may affect our business — we appreciate that!
We’ll say thanks with a special promotion called PAYFORWARD30. While this promotion is running, any order paid for with PayPal will earn 10% of the payment amount in store credit. That credit will be applied to your account before the end of the day on Tuesday, March 14.
It reads more like the transactions are done via some bank or service, which may be affected somehow by now. SVB being venture capital, some predict it rather affecting smaller players. Liquidity crisis or/and domino (if so: how?)? Remains to be seen...
On Thursday my credit card purchase was hung up and I had to check my Product Library, email, and credit card account to see if it had processed. It appeared at the time it had, but that was the day the news broke of the issue with SVB. Now I am wondering if DAZ actually recieved the money from my purchase. Yet today my purchase by credit card went through quickly.
Hey DAZ, when you change your credit card processing partner, make sure they allow for NSFW content so we can have better promos that show all of the product like other store do
They're saying they prefer paying via PayPal...but what about using AmazonPay? That's what I usually use.
Do note that the text says it's an issue with their credit card handler, not their bank as such.
It is speculation anyway, but the belief is that the issue with the card processing may be that they would charge higher fees, rather than refusing to handle the business at all. As far as promos go there is also the issue of potential content filtering services blocking the site (some do, on soem lists, anyway but actual nudity might well make it more services on more lists).
I use PayPal anyway but 10% on my meagre affordings is not enough to tempt me today
I can't afford to buy any content. But I hope whatever issues Daz are facing are rectified as easily, and as soon as possible.
Which says nothing about who provides Daz' banking or credit card services - though I would suspect conflict-of-interest rules might indicate that it was not one of the investors (companies that have put money into Daz in return for a stake or some other form of remuneration or return).
We don't know which entity was handling Daz' credit card transactions, only that it is apparently in difficulties so that Daz now needs a new one - my guess, based on what I know and understand in general rather than any inside knowledge, would be that Daz has had to drop back to a default provider with a generic, more expensive handling structure - that would allow credit card transactions top continue, as they clearly are, but would explain why Daz might prefer PayPal, with whom they presumably have an existing agreement more finely-tuned to their circumstances and so with lower fees/indemnity costs.
If a new crisis is starting then I will wait for cheaper dollars.
don't use paypal daz, that is a nice way to loose sales! they(paypal) always seen to have issues with credit cards! ever heard the saying 'shut up and take my money'; that is the way it should be but most unfortunately it is not (looking at you renderosity) with paypal. You daz take my money period, full stop, halt - I like that.
DAZ will loose sales no matter what since this bank is causing a financial crisis, using credit cards will cause nothing to process (because the bank) and paypal is the only option until DAZ finds a new credit card processor.
Hopefully nothing like 15 years ago... The recession lasted pretty much 10 years in here.
As far as I am aware it is still possible to pay with credit card, otherwise there would be no point in offerening an incentive to use PayPal.
sorry, that is true. but daz should not use paypal to handle any CC transactions, because again 'shut up and take my money'. which daz does, and again I like that.
So, according to Bloomberg, "PayPal cofounder's fund had moved to close its exposure to the failing bank after running into problems using SVB's services."
And what bank does Paypal use? Paypal itself is not a bank.
Paypal has been a legitimate method of online payment since the mid 1999, approaching the quarter century mark.
...I just do direct payments entering my card number each time rather than saving it (even though I have a very cryptic passcode for my Daz account (as well as all others on which I perform financial transactions) and have anti keylogger protection. I had a PayPal account years and years ago, then there was a hack that involved eBay and I closed my account.