Money Question (PayPal)

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MRNMRSHOPE

posts: 34

Sep 16, 2008 11:52 PM ET Quote Report Abuse

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I have been with paypal for 10+ years - way back to the just getting to know ebay days. Anyway I`ve never had a bad experience with paypal. I have only had bad experiences with scammers.

I have however had a terrible experience with a true merchant account. they were always adding on extra fees, i had to check each statement with an eagles eye, and talk about no customer service - i had to talk to three to five different people each time i had an issue come up to try and get a problem solved. (I don`t feel its appropriate to post it here but email me if you`d like to know what company I think you should stay away from.)

I run a very small business, its just me, and for me and other micro-businesses, paypal is hard to beat. i have no monthly recurring fees. i can use a debit card to make withdrawals plus multiple other options to get money when i need it, and they have a competitive money back rate on their debit cards and money market accounts.

We all need to face it that we are in an inperfect world and when it comes to money - is your money truly safe at even the hometown bank down the corner. Scammers are out there and if they target you - you are going to have a hassle with whatever bank, merchant account, or online payment system you use.

Just my two cents...

CLICK HERE TO VOTE FOR ME IN THE YUMMIEST HOMEBASED 100 COMPETITION.

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Amanda Hope
http://www.GrannsGourmetApples.com
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mkampman

posts: 1

Sep 17, 2008 12:31 AM ET Quote Report Abuse

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Yes, RUN from them! I had an ebay business that was taking off like crazy. Apparently according to PayPal I had an overabundance of funds going through my account all at once. I was doing pre-orders and they froze over $4,000! Needless to say, I had several unhappy customers. Since their money was going to purchase the product and be shipped on to them, I had to get a loan to cover the amount and get the products shipped off. I am still paying this off and they still have my money.

PhoenixStorks

posts: 5

Sep 17, 2008 1:19 AM ET Quote Report Abuse

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Another option for a small business just getting started is a company called Propay . Their payment system doesn`t yet integrate online in most websites like paypay or a true merchant account does, but a basic account only costs $35 a year with no monthly fees. This is who I`ve been using since I started my business in 2004 but then again, I take all my orders over the phone and input the credit cards through a secure "Online Terminal" on their site. Might be something to look into as a alternative for those small businesses who are dissatisfired with paypal, but feel a full merchant account might be "overkil"

Contestant in the Wackiest Homebased Top 100

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--Jane
Phoenix Storks & Birthdays
From Baby to Boomer...

LauraGullett

posts: 2

Sep 17, 2008 9:48 AM ET Quote Report Abuse

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NO! Paypal was originally setup as a merchant to safely transfer funds between buyer and seller. I would NEVER leave ANY money in a Paypal account. It is not your local bank where you can talk to the bank manager in person. If you have a problem with Paypal you are about SOL really. I had a problem with them once and they just hung up and never cared about it at all. It is very easy for a large corporation to just hang up the phone and not care about you, than if you were addressing the issue in person. It happens all the time with many large corporations, and Paypal is no different.

Don`t LEAVE any money in Paypal. In fact you should leave any money considered more liquid somewhere locally, or at least where you know any problems can be handled quickly, or where upper level help can be found quickly when the corporation ignores your concerns. Just get your money out of Paypal when it comes into that account, and only use it as a transfer area, not as a bank account. If you can get any agency to help you with any Paypal problems fast enough, then more power to you in just leaving money there and trusting them. Not me!

Laura

themerrybird

posts: 73

Sep 17, 2008 2:09 PM ET Quote Report Abuse

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I`ve been using Paypal for three years now and never had any gripes. I don`t keep alot of money in the account and transfer money out if /when it reaches a certain amount. It`s been a decent way to keep everyone in the purchase process safe...

Re: freezing an account

This only happens if some party doesn`t pay. I once ordered an item, paid and it never arrived. Paypal froze the other parties account and I received my item really fast! :)

Good Luck!

Videography

posts: 672

Sep 17, 2008 5:30 PM ET Quote Report Abuse

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Jane, I looked at ProPay and it appears to have a problem for small, really small businesses like mine. There is "no minimum", but they DO charge an "inactivity fee" if you don`t use the account. Sounds like a minimum to me.

It also doesn`t look like I can integrate the purchase into my website like I can PayPal.

-------------------------

Steve Mann
Internet Videographer
MannMade Digital Video
My Email

housesandhogans

posts: 1

Sep 17, 2008 6:33 PM ET Quote Report Abuse

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I am like the Queen of Green.......I don`t usually have enough in there to make a difference, but so far I have not really had a problem with them. I do agree that trying to get questions answered is near impossible, but since I have usually only asked tech questions, that didn`t surprise me. I can`t even imagine trying to get help on a financial question. And with all the problems financial institutions are having these days.......give me a bank with at least some insurance! I am going to be adding merchant services in addition my PayPal because I have had some customers not want to use PayPal. The one good thing about PayPal is that they will take e-checks.

Denise

AMSPCS

posts: 64

Sep 17, 2008 7:01 PM ET Quote Report Abuse

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I`ve been pointing out for years that Paypal is good as a part of a total payment arsenal, but is not meant to be the ONLY payment option, primarily because there are many people out there who refuse to use Paypal due to security issues. That translates info lost business. Thank you for pointing that out and validating my point, which a lot of people take lightly.

If you`re in the market for a merchant account, may I suggest you spend some time on our informational site. It`s free, contains lots of info including complete explanation of how processor rates and fees work ("Interchange") , complete merchant services glossary, ecommerce tutorials, etc.
www.MerchantServices-help.com.
It might help you in the processor decision making process.

AMSPCS
amspcs@juno.com

stelka

posts: 8

Sep 18, 2008 1:16 PM ET Quote Report Abuse

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I`ve been a PayPal user for many years. I`ve used it since the birth of eBay for thousands of my auction sales. Out of at least 5,000 transactions that I processed I had 1 instance where the customer got to keep both the product and the money - $300 worth. PayPal does protect the customer more than the merchant just like any credit card company would. The only instances I am aware of when PayPal froze seller`s/vendor`s funds were in cases of obvious fraud or suspicion that the products may not be authentic. The benefits of PayPal account are the competitive interest rates they pay on your account balances (currently 2.35%)and a 1.5% rebate on PayPal debit card purchases when you use it as a credit card. To prevent your account from hackers, never click on the link provided in your e-mail, especially if the e-mail is not addressed personally to your name. Now that I have my own manufacturing wholesale/retail business, I opted for a merchant account that offers lower rates, but still offer PayPal as an option for my internet store sales.

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www.TivoliCouture.com
Tivoli Couture - For Ordinary People with Extraordinary Tastes

Tippie

posts: 3

Sep 18, 2008 1:24 PM ET Quote Report Abuse

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Do not leave money in Pay-Pal. Matter of fact ...Do not use pay-pal. Credit card is safer! Pay-Pal does not back up your purchase....you can get screwed out of your money. You have to prove you got cheated, lol. Fraudulent sellers are rapant on eBay and Pay-Pal will not refund you your money until you have sent back the merchandise period! then you will only get partial money back! Loan sharks treat you better!

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