WHAT IS PAYPAL???
- Thread starter MNH
- Start date
Paypal allows you to pay for items/services online without the vendor seeing your credit card number. Your card is billed by Paypal instead of the vendor. You can apparently set up accounts with balances that you either deposit money into or payoff as needed. I've only used the credit card service because I had to for a vendor. I might use it again if I wanted to buy something from a vendor that I didn't particularly trust with my credit card number. However, I'd be more likely to pay a little more at a different vendor for peace of mind.
gm
gm
- Joined
- Sep 23, 2000
- Messages
- 736
Ohh
i thaught about Pay Pal as an alternative to a credit card ?????
It will work only "TOGETHER WITH" a creditcard?
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*so is life : hard but unfair - BE PREPARED*
~bigbore`s knives~
i thaught about Pay Pal as an alternative to a credit card ?????
It will work only "TOGETHER WITH" a creditcard?
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------------------------------------------------
*so is life : hard but unfair - BE PREPARED*
~bigbore`s knives~
- Joined
- Feb 19, 1999
- Messages
- 2,959
It's my understanding that you could feasibly send them a money order or check and that money would be credited to your account for future purchases, but I agree with MNH if for no other reason than Paypal is too intrusive with too little accountability for my tastes.
Remember that Paypal is neither a banking institution or a credit lender and therefore falls under none of the laws governing such institutions.
The fact that you must hand over your credit card information, home address, and at least one checking account number to access their full services is just a little more information than I care to give them.
Paypal is attractive to retailers because they do not charge the same handling fees as a credit card company does and therefore the retailer realizes a higher profit.
I've used it once, but won't use it again.
YMMV, IMHO, ect.
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Tráceme no sin la razón, envoltura mi no sin honor
Usual Suspect
Remember that Paypal is neither a banking institution or a credit lender and therefore falls under none of the laws governing such institutions.
The fact that you must hand over your credit card information, home address, and at least one checking account number to access their full services is just a little more information than I care to give them.
Paypal is attractive to retailers because they do not charge the same handling fees as a credit card company does and therefore the retailer realizes a higher profit.
I've used it once, but won't use it again.
YMMV, IMHO, ect.
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Tráceme no sin la razón, envoltura mi no sin honor
Usual Suspect
- Joined
- Jun 13, 2000
- Messages
- 736
I think that PayPal is a good thing. You DO have to give your account number...but only to one place. The result is...only ONE place is accountable.
I buy frequently on the WWW, I would rather have one place know than many. With PP, no one sees your account number but PP. (At least that is the way it's supposed to be.)
Steve-O
I buy frequently on the WWW, I would rather have one place know than many. With PP, no one sees your account number but PP. (At least that is the way it's supposed to be.)
Steve-O
- Joined
- Dec 6, 1999
- Messages
- 667
Its a fast way to send money or receive money. It allows anyone to be able to accept credit cards also.
Money going out can go through via credit card or bank account. When payment is in, you can have them send a check right away or save it to send out later.
Be warned that if you take IN over $500 in a six month period they will charge you for service. Its less than 3% for every transaction comming in. If you continue to use the service they want a business account status wich includes verifing checking account information. It may cause some problems when they do this. Other than that it is a very usefull service once you understand it. Great for auctions & saves time on long distance transactions. International transaction can save you weeks.
WWW.Paypal.com
[This message has been edited by Frank Castle (edited 03-07-2001).]
Money going out can go through via credit card or bank account. When payment is in, you can have them send a check right away or save it to send out later.
Be warned that if you take IN over $500 in a six month period they will charge you for service. Its less than 3% for every transaction comming in. If you continue to use the service they want a business account status wich includes verifing checking account information. It may cause some problems when they do this. Other than that it is a very usefull service once you understand it. Great for auctions & saves time on long distance transactions. International transaction can save you weeks.
WWW.Paypal.com
[This message has been edited by Frank Castle (edited 03-07-2001).]
The Magician
Illusionist
- Joined
- Jan 19, 2000
- Messages
- 1,580
I use paypal quite often. I have had good luck with it. I have heard of some bad experiences though. For more info do a search in the G, B, and U forum.
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Brian
The first knife was probably used to cut stuff.
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Brian
The first knife was probably used to cut stuff.
I have used Pay Pal once, when it was fairly new for a purchase coming from Tim Flanagan. It worked just fine but you need to trust the vendor, because there is option to stop or question the payment as you can with a credit card purchase direct to the merchant. If you don't get what you ordered your only recourse is to deal with the seller.
When this originally posted yesterday I looked for, but was unable to find an online article about a number of law suits filed against Pay Pal by vendors that have had their accounts frozen, seemingly for no reason, and are unable to access money in their accounts, in many cases many thousands of dollars. If I remember correctly, Pay Pal has said that the accounts were frozen because it was unclear to them what the source of the money was, Fraud and money laundering being the concern. Pay Pal has little incentive however to pay it's accounts promptly regardless of whether they suspect foul play, as they collect interest on the funds they hold.
Mike
When this originally posted yesterday I looked for, but was unable to find an online article about a number of law suits filed against Pay Pal by vendors that have had their accounts frozen, seemingly for no reason, and are unable to access money in their accounts, in many cases many thousands of dollars. If I remember correctly, Pay Pal has said that the accounts were frozen because it was unclear to them what the source of the money was, Fraud and money laundering being the concern. Pay Pal has little incentive however to pay it's accounts promptly regardless of whether they suspect foul play, as they collect interest on the funds they hold.
Mike