Opinions of Payment methods for the internet particularly eBay and Paypal? (1 Viewer)

[Chris PC]

Just looking for opinions of the various methods of payment for the internet. I am biding for something on eBay and I think in the future I may see about selling a few things on there too. What is a good way to pay and be paid over the internet?

 

[Dave H]

I recommend Pay Pal. I just started using it and have been very happy.

 

[Steve_Ch]

You are limited to what the seller will accept (clearly listed). If they are accepted, Ebay Pay or Yahoo Pay at the respective auction works good, but they are not use as widely as PayPal. I've been using PayPal for a couple of years now, on all auction sites as well as other purchases, such as a couple DVDs here now and then and sometimes with other business associates for used equipments.

I would recommed PayPal as the top general purpose payment service, BUT, DO NOT, and I repeat DO NOT expect ANY of the payment companies (PayPal or otherwise) to bail you out or refund your money if a tranaction gone bad. You have to do your own judgement to see if the selling party is trustworthy.

In some cases, if you are lucky, you can recover money or be reimbursted minus a deductible, but it's painful and it's best that you assume there is nothing any of these guys can do.

 

[Chris PC]

Fair enough. Anybody else have any feedback or opinions of eBay and/or internet payment methods?

 

[alan halvorson]

I use PAYPAL and BILLPOINT (Ebay payment service). Both charge fees if the buyer uses a credit card. PAYPAL (I'm not certain about BILLPOINT) does not charge a fee if the buyer pays from an existing account balance or an Electronic Bank Transfer. Fees are about the same, except that if you are an active enough user of BILLPOINT, your fees could be reduced and then BILLPOINT has a signifigant advantage. This is where I am.

On the downside, PAYPAL is not FDIC insured while BILLPOINT is. I really don't know how much of an advantage this is though, unless you tend to keep a large PAYPAL balance. PAYPAL does have its share of horror stories, as even some members here can relate. I have never come across such stories about BILLPOINT but then I haven't been looking.

One thing - using either service for international payments (except Canada) is riskier than a USA payment, as, I understand, international credit card verification systems aren't as robust.

One thing about PAYPAL - never, ever enter PAYPAL through a link you've received in an e-mail, even if (and especially!) that link seems to come from PAYPAL itself. I also recommend that you not click on anyone's auction link to PAYPAL either. The PAYPAL site was once duped and so if you enter through someone elses link, you might just be taken to that duped site where you'll enter all the info needed to drain your credit card or bank account.

Anyway, I've used both services for over a year and a half now without incident.

 

[Chad B.]

When I sell at eBay I always specify that I'll accept Paypal or a money order. When I'm buying, I will only bother with auctions that accept Paypal. There are a lot of sellers who do in the USA but not that many outside of Region 1 which isn't good for someone like me who buys a lot of imports at eBay. My preference for Paypal is simply because it's super fast and easy!

 

[Greg_Y]

Just remember that, should a seller try to screw you, by taking your money and running, PayPal won't (can't) do anything about it.

You may want to read some of the horror stories at paypalwarning.com.

 

[Steve_Ch]

>>PAYPAL (I'm not certain about BILLPOINT) does not charge a fee if the buyer pays from an existing account balance or an Electronic Bank Transfer.

 

[alan halvorson]

Steve: I have a "Premier" account, which is what you must have if you intend to use PAYPAL more than just once in a great while. There is no fee on transfers from account balances or EFTs - fees apply only if there is a credit card charge.

 

[David Tolsky]

I've been doing PayPal transactions for ebay auctions for a few years now and am very happy with it. it's the quickest way to get cash and pay for sales. Make sure you get verified though.

 

[Chris PC]

What do you mean "get verified". Do you mean the transfer of cash or the details of what you are selling or buying?

 

[JamesEC]

I'd go with Billpoint as they are FDIC insured and there have been too many Paypal horror stories. Also Paypal recently introduced fees for all credit card payments so even Personal accounts must pay to receive them from others...

 

[alan halvorson]

Well, James, BILLPOINT charges a fee also and always has. I don't see why anyone should object to the PAYPAL fees. Credit card companies charge PAYPAL (and BILLPOINT); why shouldn't you be charged? After all, PAYPAL enables an individual to pay and receive payments made by credit card - this fact tends to get you more money in the long haul on auctions and more than makes up for that cost.

Fees should not be an objection to PAYPAL. Those horror stories are to many and I can't say that, in most of the cases I've heard, that they wouldn't be a show stopper for me also, were I the victim.

There are two kinds of verification. One is address verification. How it's done (or was done) is that PAYPAL mails a letter to your entered address. This letter contains a code. Upon receipt of that letter, you enter that code into PAYPAL and now you're address verified - in other words, you live where you say you do (or at least get your mail there).

The other kind is a bank account verification. You enter your bank account number, PAYPAL EFTs two amounts (unknown to you) of less than $1.00 to that account, and then, when those EFTs show up in your account you enter those amounts into PAYPAL. You're now bank account verified. You must be verified this way in order to qualify for PAYPAL insurance (for whatever that's worth - seems to be not worth much). The idea is that those with verified bank accounts are more trustworthy than those without. It's no guarantee, of course.

 

[Ernest]

PayPal is excellent because it offers protection against fraud. Recently I won 4 auctions and the seller never shipped the product. I didn't wait very long to file a fraud claim with PayPal, approximatley 10 days. There is not point in waiting any longer. If the product shows up you cancel the complaint.

PayPal, like credit card holders does not release the money to the seller immediatley, providing the buyer with a buffer. In my case PayPal had not yet released the money and I won my case and obtained a complete refund. The seller was kicked off EBay and hopefully never returns.

Use Paypal and don't wait any longer than 10 days. If the product does not show up file a fraud claim you have nothing to loose.

That is my advise based on my shopping experiences on EBay.

 

[Chris PC]

Good advice. That makes sense. Can you use that feature the other way around? What if you are selling stuff? Do you basically wait until the money is in your Paypal account before you ship? That would make sense to me. Otherwise, is there a need for fraud protection when selling?
thanx for the tips people