Help with Paypal

NathanRT

Agent
Joined
Dec 11, 2001
Messages
41
I'm wanting to sell some speakers to a guy that wants to pay via credit card on paypal. Does anyone have any experience with this? I clicked the update now while on the site, but it didn't seem to change anything.

Does it cost you to update to a Premier account? If so, how much? Can I have all the money deposited to my checking account? I'm not having much success with the help on their site. My internet connection is slow! This is seeming like a hassle.

Thanks in advance for any help.

Nathan
 

Malcolm R

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There is no fee for signing up for a Premier account, but Paypal will charge you a transaction fee for every incoming payment (EFT or CC).
The only way to now avoid fees on Paypal is by direct EFT transfer from buyer to seller. They no longer process any credit card transactions for free and in order to accept any CC payments you HAVE to upgrade to Premier (which charges transaction fees for ALL payments).
The fee is 2.9% + 30 cents, so for a $100 payment you will be charged a fee of $3.20.
I've used Paypal for dozens of transactions and never had any problems. Yes, you can have the money sent directly to your bank account (that's actually the preferred method).
You'll have to decide if the convenience is worth the fee.
 

Patrick Sun

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Jun 30, 1999
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I'd rather pay the $1.50 fee for them to cut me a check each time rather than allow Paypal access to my checking account (to dump money into, and take money out of there by "mistake" - the risk is not worth the hassle of trying to get money back from Paypal if they mistakenly tap your checking account).
 

John Garcia

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Only YOU can authorize transactions between any accounts and Paypal, so there will be no activity that happens without your approval, so any "mistakes" would only be made by you. Paypal functions more or less like any other online bank account. It's very easy to allow others to pay into it, and then I transfer the money to my account. I never leave a ballance of more than $20 in Paypal because it is not insured. I find it quite convenient for some things, but most transactions when I am purchasing, I just use a credit card directly.
 

Ryan Wright

Screenwriter
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Only YOU can authorize transactions between any accounts and Paypal, so there will be no activity that happens without your approval, so any "mistakes" would only be made by you.
Wrong. Paypal has been known to simply take money out of your checking account if someone complains about you, or if they "decide" that you're doing something they don't like. No definition on what it is they don't like nor how they decide. There are plenty of horror stories on the Internet about Paypal freezing customer's accounts, and when the customer doesn't have money in the account to free, they've taken it out of their checking accounts and then frozen it in their Paypal account.

Nice, eh? Sure, you can file a complaint with your bank and probably get your money back, but only after your mortgage payment and ten other checks bounce and you are assessed hundreds or thousands of dollars in fees from the various places you recently wrote checks to. Good luck getting anybody to pay you back or repair your credit report for that little mishap.

I sell a lot online and still use Paypal. I opened up a second account with my credit union purely for online transactions. When someone buys something from me, I transfer the money immediately from Paypal to my bank, and the day it hits my bank I transfer it out of that checking account and into my normal account which nobody has access to. That way, I never have very much money on the line, and they can't touch the account my bills are paid from.
 

Philip_G

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Nov 13, 2000
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5,030
correct, paypal can and will reverse transactions at will, if that means taking funds from your account, so be it. I've had it done to me
 

John Garcia

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Well, sorry for your bad experiences, but I've been using them for almost 2 years now without issue.
 

Philip_G

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Well, sorry for your bad experiences, but I've been using them for almost 2 years now without issue.
it's not paypal, it's other users. I don't ship ASAP on paypal, I hold it for a couple days, because if paypal finds the funds to be fraudulant, boom, they reverse it regardless of the items shipping status. I know a bunnnnch of people that have been hosed this way
 

Patrick Sun

Senior HTF Member
Joined
Jun 30, 1999
Messages
39,359
It works like direct deposit from your workplace (if they offer that option). If your company finds out that they overpaid you via direct deposit, they can simply siphon off the overage from your checking account because you gave them permission to deposit money into the checking account.

This goes the same with Paypal's depositing money into your checking account, they have the right to withdraw money when you open up that door for them. I choose to keep that door closed.

No one should allow Paypal access to their checking account, it's simply not worth it when it hits the fan.
 

Rachael B

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For some jaw dropping reading go to :
www.PaypalWarning.com
The latest warnings from dissatisfied customers should convince anybody of the wisdom of not using Paypal. I quit a few months ago. There is atleast one class action lawsuit proceeding against them. They've broken banking laws depite the fact they aren't even a bank, atleast they say they aren't. They're under investigation in several states for offering banking services without proper certification. God knows how many fraud investigations thy are the target of? Their recent behavior has hit all-time lows even for them!
 

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