posted on November 18, 2000 10:46:24 AM new
Yeah, there are work arounds to the perceived dangers of working with PayPal so far. But then again we all know that the TOS changes frequently and PayPal does not honor it's promise to give customers a two week notice of it's rule changes. There is nothing to stop PayPal from changing the rules and make it impossible for you to get money out without leaving PayPal a way to pull back any money it has sent you already.
I have no doubt that if they could figure out a way to do this, they would and would have no compunction about doing it with no warning and no concern about how badly it might scr*w up your life.
posted on November 18, 2000 10:54:50 AM new
Jst a few non-bashing comments...
First, I've been with PayPal for about a year and have been very pleased with them. I've gotten prompt transfers, both by paper check and ACH, with no problems. Never had a charge-back or any other funny business to do with my checking account. I've been reading about the problems, and I do think people need to take precautions, but most of my buyers love this service and frankly, I do, too.
The $500-in-six-months limit on receiving payments in an individual account is ONLY for credit card payments. People who pay you with cash from their own accounts or with a PayPal check do not count against that limit!
Any institution that pays interest to you or has other specific financial dealings with you MUST get your S.S. number to report this income. This isn't sneaky or underhanded or against the law...in fact, it's required. (This is not to say that just any old request for an S.S. number is justified, but in this case it is.)
I keep a low balance in my PayPal account and a low balance in the linked checking account. If ever I get tangled up in one of these interminable disputes, I would have very little money involved or at risk. It seems to me that this is an elementary precaution when you're dealing with any sort of online payment method, due to the problems that can occur.
Am I taking some risks? Yes, I am. But about 75% of my payments come via PayPal, and I've balanced the risks with the rewards to be as safe as possible. The sky isn't falling in my neck of the woods.
posted on November 18, 2000 07:34:48 PM new
I feel paypal does not have a right to ask for my credit card. when I buy on ebay I always send a postal money order. they have no need for my credit card. as for being easier and quicker for me, if someone pays me with paypal I have to wait 1-2 weeks to get my money from them. with money orders I have it in 3-7 days after auction end if the buyer sends it right away.
I only joined paypal after 7-10 people assumed I accepted it and sent me a payment. I had 2 people get mad because they wanted the $5.00 fee to get me to join. after I did they didnt follow thru with the auction.
I also had someone send me a $300.00 payment that I only made $40.00 profit on. this was my largest sale in 2 years, does this make me a business?
I would of been happier waiting a week to get it in the mail. also they did not pay with a credit card. I have $476.00 balance left to go before I have to upgrade. does it sound like I am a business
posted on November 18, 2000 08:10:05 PM new
Those of you still singing the praises of Paypal, I hope I never have to say "I told you so." I have already heard from several sellers (some of whom I know personally) and a few companies that had their accounts restricted on annonymous complaints. Restricted means people can still pay but you can't access it. So you have customers waiting for goods that you havent been paid for and have no guarantee that you ever will. Some were put out of business. SOme had their sterling reputations destroyed when they started getting negged for non-shipment of goods they had no idea had been paid for. People have had their bank accounts accessed. Why do business with such a "service" when there are so many other alternatives?
posted on November 18, 2000 08:40:25 PM new
>>How do you remove your bank account from your PayPal account? <<
You have to go into your account profile and choose close.
>>After it is removed, can they still access it as far as being able to remove funds? <<
Anyone who has paid you by electronic transfer into your bank account has the ability to withdraw it. Paypal did not get access to your account when you attached your account to them, only if you ever had them deposit funds into the account. If so, it doesnt make a different if you remove the account. If they think your account was used for fraud or if you sold something to someone who charges it back, they might take it back. There is a time limit for this and I have heard of this happening about 4 months later, so 4 months after you receive your last electronic payment, you can start resting easy.
I was also told that if they do take money out of your bank account, you can charge it back, just like you can stop payment on a check, so even if it happens, you can still get it back.
