What's Advantage Of Having A Paypal Account?

[beer30]

What's advantage of signing up for this process? What are pro's and con's? Also do you sign up as a personal account or business? :confused: Don't want to appear stupid, but I just don't see what is so great about it! Thanks for any help, Chuck.

[Fish]

IMHO, convenience and security. rather than sending checks, payment can be made or received instantly. cuts 2-3 days out of a transaction waiting for funds (more if you consider waiting for check to clear). Also, lots of websites take paypal. Instead of giving a zillion sites your credit card info and spreadign the rick, payments are made through paypal- one site has your info. Lastly, it is like an instant wire transfer. I have relatives in college- I can send them 20 bucks and it goes right in their account; I can make a donation to this site, or pay othr members who accept paypal instantly, and without giving an financial info. I also know if they got it.

with ebay's interaction, makes buying and selling real easy.

I know there will be some negative posts about experiences folks have had, I am just telling you my experience, which has bee all good and made things A LOT easier on me.

fish

[Stoker100]

I opened a checking account that I only use for Paypal, therfore there is no funds in it that are exposed to any hanky panky
ld

[Wile E. Coyote]

The only "con" I have found, is what Stoker touched on, they want a bank account number, I wouldn't ever give someone my primary account number. When I finally do get hooked up with paypal, it will have its own dedicated account. so there will be no possibility for problems.....
BTW thats the only reason I dont have a paypal account, im too lazy to open another account... :p

[Ray Neudecker]

Main advantage to the buisness account is it allows you to take credit cards for payment. You can pay or recieve funds from anyone with an account with them instantly.

[Raceman]

I had a paypal and didn't have any problems UNTIL, they wrote me this love letter and said that since I'd reached the two thousand dollar, once in a lifetime limit I would have to give them my checking account information and they would have to be able to DEBIT my account if necessary. I told the lady I got on the phone that there was no way in hell I was giving them that kind of access and that I thought anybody who does is a blooming idiot. She suggesed I open another checking account with only small balances that they could have debit access to, and I told her AGAIN that no way in hell was I gonna 1. let them have access to a checking account and 2. sure as hell wasn't going to open a special account for their convenience. I was happy with their service and never had a problem with them and they never had one with me until they wanted access to my checking account.


We get crap like this rammed down our throats ONLY BECAUSE a majority of people yawn and say, "okay den". I ain't doin' it.

[Scott Gilmore]

I had a paypal and didn't have any problems UNTIL, they wrote me this love letter and said that since I'd reached the two thousand dollar, once in a lifetime limit I would have to give them my checking account information and they would have to be able to DEBIT my account if necessary. I told the lady I got on the phone that there was no way in hell I was giving them that kind of access and that I thought anybody who does is a blooming idiot. She suggesed I open another checking account with only small balances that they could have debit access to, and I told her AGAIN that no way in hell was I gonna 1. let them have access to a checking account and 2. sure as hell wasn't going to open a special account for their convenience. I was happy with their service and never had a problem with them and they never had one with me until they wanted access to my checking account.


We get crap like this rammed down our throats ONLY BECAUSE a majority of people yawn and say, "okay den". I ain't doin' it.

A lady on the phone ?? Paypal ??? Over the last 3.6 years I've accepted over 180k in my Paypal account without even a hitch ! Paypal has made me a TON of money. Just my opinion.............Scott :D

[Raceman]

I never had a hitch either Scott, I'm just not letting them access my checking account. I guess you weren't concerned with it. I don't let ANYBODY in mine............... too much margin for error/fraud and I just ain't gonna play that way.

The only reason I had a lady on the phone was because after the letter I contacted them by phone to see if there were any exceptions to their checking account access rule. She said that if the President of the US used PayPal they'd require access to his checking account after he'd reached the 2000 limit. What's bizarre and senseless about their policy to me is, a crook can do a lot of damage before he has 2K in transactions actually go through his account. They let the newbies use the service without the access, but then they build a history and want to THEN require more stringent access. Seems backwards to me, but either way I ain't playin'.

[Kavalk]

But I'm well beyond that, and no request yet for account info.

[Scott Gilmore]

I never had a hitch either Scott, I'm just not letting them access my checking account. I guess you weren't concerned with it. I don't let ANYBODY in mine............... too much margin for error/fraud and I just ain't gonna play that way.

The only reason I had a lady on the phone was because after the letter I contacted them by phone to see if there were any exceptions to their checking account access rule. She said that if the President of the US used PayPal they'd require access to his checking account after he'd reached the 2000 limit. What's bizarre and senseless about their policy to me is, a crook can do a lot of damage before he has 2K in transactions actually go through his account. They let the newbies use the service without the access, but then they build a history and want to THEN require more stringent access. Seems backwards to me, but either way I ain't playin'.

I understand ............BUT you know as well as me, A checking account ??? I'm sure you have WAY more than one :confused: ! Scott :D

[LakeRaider]

With Raceman. Just had a incident with ebay. ebay is an unsecure site. Sold a boat on ebay last sunday. Turned out somebody got into the buyers account and bought $5,000,000 worth of boats listed under the (buy it now).All at 6.08 PM. - Monday I was informed by the buyer that it was fraud. I informed ebay. ebay informed me that there is a fraudulant ebay site out there. I get emails all the time with warnings about a fake ebay site. They supposedly look identicle. So who,s informing me about what! Bottom line is, I still have the boat and went thru a lot of BS with ebay to get credited my listing and sale fee. Everything seems square now. We,ll see in a few weeks. I no longer use paypall. I use strickley 5/3 bank MO's (wife is a 5/3 exec). They sign it and cash it and don,t ship- they're a$$ is done! Flat out interstate mail fraud! Knock knock- see ya! LakeRaider

[Scott Gilmore]

With Raceman. Just had a incident with ebay. ebay is an unsecure site. Sold a boat on ebay last sunday. Turned out somebody got into the buyers account and bought $5,000,000 worth of boats listed under the (buy it now).All at 6.08 PM. - Monday I was informed by the buyer that it was fraud. I informed ebay. ebay informed me that there is a fraudulant ebay site out there. I get emails all the time with warnings about a fake ebay site. They supposedly look identicle. So who,s informing me about what! Bottom line is, I still have the boat and went thru a lot of BS with ebay to get credited my listing and sale fee. Everything seems square now. We,ll see in a few weeks. I no longer use paypall. I use strickley 5/3 bank MO's (wife is a 5/3 exec). They sign it and cash it and don,t ship- they're a$$ is done! Flat out interstate mail fraud! Knock knock- see ya! LakeRaider

I thought we were talking about Paypal (I understand that's an Ebay holding). Just wondering how much MONEY you actually lost ? You're the seller right ? Guess I don't get it ?? Scott :confused:

[LakeRaider]

Sorry, my bad. Just venting over a bad deal on ebay. I,m still jumping up and down cause the damn boat isn,t sold! Oh hell, its 6 degrees here. Still got time to sell. Sorry everybody. LakeRaider

[Scott Gilmore]

Sorry, my bad. Just venting over a bad deal on ebay. I,m still jumping up and down cause the damn boat isn,t sold! Oh hell, its 6 degrees here. Still got time to sell. Sorry everybody. LakeRaider

Let's see ??? :D :eek:

[Raceman]

But I'm well beyond that, and no request yet for account info.

The people at E Bay told me that the 2000 limit is once in a lifetime, and once you meet it you don't use the service anymore until they can access your checking. They said it is computer controlled and there are no exceptions. All of my transactions up to the 2K limit were payments.................. I never took money on it, so I don't know if that makes any difference in YOUR limits. She assured me that everybody who has paid out 2K with their account, whether in 5 days or 5 years must meet that requirement. Other than that, I don't know it for a fact. My son was hit with the same requirement and he just caved and gave em what they wanted. That's the only firsthand knowledge I have of it, other than what I've heard from other people who've had similar experience.

[transomstand]

Chuck,
How were thinking about using PayPal? For example, are you thinking about buying a few things on Ebay, or thinking about adding it as a form of payment for your business?

Pete

[beer30]

I am selling a couple of props here on the board. A gentlemen here asked me if I took PayPal. I have never looked into it, I always used money orders. I am glad I got so many replies, I really think I am going to stay away from it. I am not big on giving people any of my private info. ;) Chuck.

[Fish]

I am selling a couple of props here on the board. A gentlemen here asked me if I took PayPal. I have never looked into it, I always used money orders. I am glad I got so many replies, I really think I am going to stay away from it. I am not big on giving people any of my private info. ;) Chuck.

Chuck,
if you get to the $2000 mark that raceman talked about, just set up a second bank account, and will take about as much effort as one trip to the post office. most banks offer online services now and you can transfer between your accounts form their website so you can fund the new account as needed so worrying about paypal having access to your bank account is negated.

No more waiting for the check to clear. No more "I did not get the check". If you want to donate to the board or buy a SnF shirt, one click away and its done. Want to sell something, the $$ can be in your account minutes later, no waiting to receive the check or possibility of buyer changing his mind and deciding not to send it, venodrs like rickracers take paypal...etc.

just my .02, but it is so easy and convenient, I can't remeber how I got along without it.

fish

[TEXAS20225]

Ive been using it for around 2 years or so. I take credit cards thru it but i also have a small account set up just for PayPal im no rocket scientist but instant payments are so much better " the checks inthe mail" your paid its Mailed on to the next one IMHO :D

[transomstand]

If you only do occasional online transactions, it may not be worthwhile. The $2000 means nothing to you as a seller. You must give PayPal your checking information so they can deposit the money in your account. There is also a fee involved for each sale, the figure escapes me, maybe 2 or 3%.
I have a friend who was considering a job with Paypal, his interview had gone far enough that he was actually reviewing some of their security, he was dissapointed enough with what he saw that he declined the job.
That being said, I think that internet services get way too much bad press about their security, because I think many retailers and financial institutions have substancial holes in their security and in many cases, it doesn't even matter. Some of the most profitable scams involving identity theft and credit card theft were so low tech, it was amazing.

After rereading this post, I can't figure out what my position is, so I better clarify. I've been a PayPal user for about five years, and while I agree you increase your risk by having an account, I don't think the risk is exceptional.

Pete

[Trikki1010]

2 years no problems as of yet

I have a few credit cards I use thru paypal. I got rid of one, never removed it from my list of "funding sources", mistakely paid with it and they utilize a "secondary funding source" which covered the tab and my mistake. :cool:

Otherwise I would have had issues for trying to use a bogus card :eek:

I keep minimal funds in a secondary bank account to prevent access to primary accounts.

If you DO alot of buying/selling, it does speed up and facilitate transactions. Never had a claim to settle or file, so I don't know what it's like going up that road.

[msc5195]

I am not big on giving people any of my private info. ;) Chuck.

PAY PAL is just an online bank. No different that giving your private info to the local bank or Credit Card Co.

JUST MY 2¢

[Raceman]

PAY PAL is just an online bank. No different that giving your private info to the local bank or Credit Card Co.

JUST MY 2¢

Actually it's a LOT different. Information to determine credibility is one thing, access to debit is another. You don't have to allow a credit card company access to your checking account so they can go in and debit it without your permission. A relative allowed access to her account and the company (NOT PayPal) went in by mistake and cleaned out the checking account............... twice. It was finally straightened out after about 6 weeks and they paid the overdraft charges, but she had multiple checks returned and it was a helluva mess. The point is, mistakes happen, identity theft happens, and fraud happens. I think it's foolish to give somebody uneccesary access just because they want it.

[1BadAction]

paypal is cool, you can get stuff ultra fast and it is safer than sending cash. a couple things that should be done as precautions with paypal...

#1 definately have a seperate checking account that you use for paypal and online banking ONLY. Keep Just enough cash in that account to do what you need to do. theres no excuse not to, there is plenty of free accounts out there that will do what you need.

#2 when you buy stuff that you think is shady, ($500 worth of outboard parts and seller has few feedback points) always ask for the sellers physical address, THEN send him the paypal.

#3 keep your $$ in your bank account, and out of paypal, it earns interest that way. Also, $ in the bank is available for immediate withdraw. getting it from paypal to the bank takes 3 days+

#4 IMO credit cards are a bad Idea. If someone DOES jack your account, they got big $ to piss away with a credit card.

my experience has been good with paypal, havent gotten burned in 4+ years.

[transomstand]

I have no problem with anyone who is uncomfortable giving out personal information, the less you give out, the lower the risk. But consider this, if PayPal had no credit card restrictions, what's to stop me from stealing a credit card, signing up, and making a large purchase? Say there's an outboard on Ebay with a "buy it now" for $5000. I push the button, email the seller, hop in the pickup and go get it. Maybe do the whole thing in 48 hrs. It might be 2 weeks before the credit card owner knows his number is stolen, maybe longer. I always assumed that was why they wanted "alternate funding".
I was reading a little on PayPal's website today because this thread made me curious, if I read it correctly, the $2000 limit does not apply if you get a PayPal credit card.

[msc5195]

Actually it's a LOT different. Information to determine credibility is one thing, access to debit is another. You don't have to allow a credit card company access to your checking account so they can go in and debit it without your permission.

You are correct but you do have to give the credit card Co. your SSN, Driver License Number, Mothers Maiden, Name, Address, Shoe Size and every other thing that they ask for.

Raceman, I respect your fellings about paypal and that is the reason this thread was started, to get different views about paypal so here is mine.

Personally, I feel safer using my paypal account than using my credit card with 10000.00 limit. I try to keep 500.00 in my paypal account and if I want to make a paypal purchase for more I just transfer some over. So at the most the thief will only get 500.00 rather than 10000.00. How many times do we pick up our cordless phone or cell phones and give out our Credit Card #'s to some complete stranger half a world away to make a purchase? How many people are using a scanner to eves drop on our phone calls? Trust me you can litterly here some amazing stuff on a scanner.


Just My Opinion

[Cp]

...My son was hit with the same requirement and he just caved.......

Apparently they know who's accounts they'd like to tap. It's probably a just some HUGE left-wing conspiracy. :eek:

[150aintenuff]

If you only do occasional online transactions, it may not be worthwhile. The $2000 means nothing to you as a seller. You must give PayPal your checking information so they can deposit the money in your account. There is also a fee involved for each sale, the figure escapes me, maybe 2 or 3%.
I have a friend who was considering a job with Paypal, his interview had gone far enough that he was actually reviewing some of their security, he was dissapointed enough with what he saw that he declined the job.
That being said, I think that internet services get way too much bad press about their security, because I think many retailers and financial institutions have substancial holes in their security and in many cases, it doesn't even matter. Some of the most profitable scams involving identity theft and credit card theft were so low tech, it was amazing.

After rereading this post, I can't figure out what my position is, so I better clarify. I've been a PayPal user for about five years, and while I agree you increase your risk by having an account, I don't think the risk is exceptional.

Pete


think your bank account is secure.... not if you have washington Mutual... forget paypals insecurity... here is a story I have to tell


I have one of my laptops in my truck with a wireless connection so I can give price quotes on the job.. anyway i was working on a boat near to a washington mutual, I booted up my computer and ALL of their software loaded and started ... no log in, no security no nothing...full axcess....


I could have taken ALL their holdings but i was honest, walked in to the bank asked for the manager and showed them the secreen and she was in shock....

The manager gave me $100 for being honest and their IT department remodied the problem but howmany other banks or creditunions are the same way... not just pay pal has security problems.

[transomstand]

I'm not sure that I have that kind self control!!

[150aintenuff]

not really... I just whent OH $hit and kinda paniced.... had i really thought about it I would have probably not been that honest... but as far as security it still isnt that good... I was out there the other day and My wireless connection will still connect but atleast they fixed their software so it doesnt load up and others cant access it. atleast not with out trying.

[BathTubBabe]

We have used paypal for several years. The only reason that I can see why paypal would want to have your bank information is because of a possible charge back where a person paypal account doesn't have enough funds to cover the charge back. This keeps them from losing the money. (of course for Raceman they shouldn't need this :p )

I think if you regularly use paypal or have a long time account with them they would want to have a bank account number. The more you use paypal the more likely is the possiblity of a charge back and someone who has had an account 3 or 4 years and has reached their 2000.00 limit, might be consisted a long term customer.

I actually like paypal better then credit card companies. Credit card companies take a fee amount for each transaction with no return. Paypal also takes a incoming fee but when you purchase using paypal they gave you a cash back bonus. If I receive 100.00 from a sale and they take 3.00 for a deposit fee, I can then purchase parts and get the 3.00 back. I may only pay 12.00 a month in fees where with a credit card company I pay a couple of hundreds a month in fees. Not to mention receiving money faster. We have to wait 5 business days to recieve funding through credit card companies.

[platypus]

Chuck,

I only use Ebay once in awhile and find that for that little of time or transactions it wasn't worth giving people my personal information.

Good luck on your decision!

Art

[stokernick]

don't like credit cards,if I don't have the money,I don't need it (right away!)My check is my bond and word and I'll wait the few days for it to clear!

[LaserModVee]

I opened a seperate checking account up for Paypal three years ago or so. I kept a minimal balance in their, ($300+/-) at all times.

Used this account for Paypal only for all that time. It finally happened though. Someone, somehow got into it and wrote electronic checks for a little over $3000 to two different people in different states.

I found out when I recieved a notice in the mail from my bank of an overdraft, listing the amounts. I nearly fell off my chair. It took a police report to close the account down and get refunded the $75 the bank charged me for the overdraft. I also recieved a letter from one of the people who got stiffed demanding his money and threatening legal action upon me. Of course I talked to my lawyer who said he had no case, blah, blah, blah....so I wrote the guy a letter out of kindness explaining what happened with a copy of the police report.

This was a huge PITA to get resolved. For all I know, I may hear more on this in the future???

I am now done with Paypal or the like. It's US Postal money order or casheir's check for me. Besides, using a money order through the post office cuts down on the fraud IMO.