Word To The Wise about Paypal (1 Viewer)

[Njja]

Paypal is at again.......now I have used it since it began, and I have recommended it to fellow board members.......but here is something you need to be careful of.

Always, always, transfer your funds from a credit card.......not your bank account!

I purchased something from someone that accepted Paypal, since I was directed to his Paypal site (and I know him) when I paid him I had the money sent from my bank because I was not offered the option of using my credit card.

There was a mix up, and the item I purchased was no longer available, so the seller issued me a full refund about an hour later........well that was 7 days ago.......6 days after my bank paided Paypal......and the money is still not in my Paypal account for me to send back to my bank.

Paypal claims in this modern day and age they don't use wire transfers.....they use pony express or a kid on a skateboard to receive funds and my money won't be back in my account for......Just A Few More Days!

Try to imagine all the peoples millions of dollars they are collecting interest on with this nonsense!

They claim over 10 million people use Paypal every day.

Now I'm not saying not to use them, I'm just warning you to always send funds through your credit card where you are protected and they can try to cheat large banks instead of their customers.

I'm sure I'll get my money back.......of course by they time they get done with it.......it may be worth less!

Njja

 

[jac28]

Another reason to have your paypal account backed by a credit card and not your bank account is to protect against fraudulent transactions. I had my account backed by a bank account - someone was able to crack into it and started transferring money out of my account for several fraudulent purchases. I finally got it all resolved but it took a long time. It's a little less painful to deal with when this happens on a credit card.

Jim

 

[Gideon]

When customers try using an echeck with me they get a message that says "this currency is not accpeted" or something like that. Great job Paypal! You're on the ball!

 

[Njja]

Hey Gid:

This wasn't an E-check, this was a direct deposit deal.....I finally got word they located the funds under someones lunch or in the other room or something and they put it back into my account.

I figure it should be back in my bank around the time the democrats settle there canidate issue!

Njja

 

[Gideon]

Ha! You mean when McCain takes the oath in September?

 

[marco55]

I had a pay pal account and someone tried to change the email address and after that paypal informed me that someone tried to get into my accounts so I closed it.A lot of people have had trouble with paypal.Everyone be careful.
Mark

 

[Dickbuttons]

I do notice that when I buy something with paypal, they are able to get the money out of my account right away. But, when I receive money they tell me that it might take 4 or 5 days to transfer the money into my bank account because sometimes there are problems with the bank. Well I don't see them having any problems when they take the money out. They grab their percentage right away, and who get's all the interest while the money is taking time to transfer into your account?

 

[APACHEJOL]

Thats why I told paypal to go jump in the lake cash moneyorder or check. Have had no problems and a lot less headaches not using paypal. Oh yeah and I get to keep more of my money!

 

[jazzeum]

John's advice is good advice. If I don't have sufficient funds to pay for an item, it comes off the credit card. I've never had a problem with them so no complaints.

I read some comments here that people don't like paypal for this reason or that reason. However, that's apparently strictly from a buyer point of view. If you're a seller (and I'm not a big seller, but I do sell), paypal is not a luxury but a necessity if you want to attract the international buyer, and since the dollar exchange rate is not so favorable, many of my sales come internationally. If I weren't able to sell overseas, the amount I realize from sales would be drastically lower.

 

[OzDigger]

I use Paypal all the time, in fact when I buy from overseas I only buy from sellers that accept Paypal. Paypal is linked to my credit card account and it does take several days for it to be processed when I buy something.

However I have now started to sell some items and I can't find an option to have the funds paid TO my credit card account so I've had to open a separate savings account to accept funds that are in my Paypal account.

It seems strange that I can pay FROM my credit card but not TO it.

Can anyone inform me why this is so?

 

[Gideon]

I think the way credit cards work is more of a one way type transaction. You can credit an amount charged to card while returning something. It's not really set up as a payment gateway of sorts.

Must be a risk management or fraud prevention measure. For example, if I am issuing a refund to a customer from a website transaction, I have a unique identifier for the transaction. I can credit the full amount or lower - not greater than the amount.

 

[OzDigger]

Thanks Gid and I understand the reasons for commercial transactions. I was referring to the fact that as a seller I cannot transfer funds that are held in my Paypal account over to my credit card. I have to transfer to either a check account or a savings account, then transfer those funds to a credit card via the bank's system.

And when I buy something via Paypal the default payment is from a savings account and you have to use an option menu to ensure the payment comes from a credit card.

It seems to me that Paypal is being set up to avoid or at least discourage credit card involvement.

 

[maddadicus]

This is a first for me...Just sold 3 items on ebay and all 3 buyers used paypal..But instead of getting my usual paid notice, all 3 payments are listed as pending, which now freezes me from sending out these items first thing Mon..Have no idea what is going on...Michael

 

[Beaufighter]

Michael:

Were they eChecks? If so, they usually take a few days to clear at which time another notice will go out to you informing you that the payment has cleared. I think there also instances where people transfer funds into their PayPal accounts thereby giving you the pending status as the transfer has to clear on their end first. Hope this helps you out a bit!

Tally Ho,
Beaufighter

 

[Njja]

This is a first for me...Just sold 3 items on ebay and all 3 buyers used paypal..But instead of getting my usual paid notice, all 3 payments are listed as pending, which now freezes me from sending out these items first thing Mon..Have no idea what is going on...Michael

Michael:

I don't know what exactly is going on with Paypal......this weekend I bought a Dewalt table saw stand from a company (via the internet) I used Paypal I printed out my receipt, and received a message with my total from the seller.....and when I went to my Paypal account they had charged me more.

Paypal said they have a deal with business customers and the larger bill was an estimate.....and if it went through with that amount I should contact the seller. When I informed them that I had a Paypal business account and receive all types of payments they said.........Oops let me get a supervisor.

I'm not liking what I'm seeing.......eventually they assured me I would only be charged the correct amount but I'm going to follow up.

Things are really getting crazy.

Njja

 

[uksubs]

On the down side with buyer using credit cards to fund there paypal is they can over ride paypal & do a chargeback on there card even if you got proof that you sent the item
Not very nice having money taken out of your account like that

 

[OzDigger]

On the down side with buyer using credit cards to fund there paypal is they can over ride paypal & do a chargeback on there card even if you got proof that you sent the item
Not very nice having money taken out of your account like that

Subs, there's a new Paypal policy coming in soon where the seller is protected from credit card reversals provided they have proof they sent the item

 

[tdubel]

OZ,
don't believe it. Credit card companies will always trump paypal. Of course, if a fraudulent chargeback has occurred, that will stand. BUT, let's say you have proof you sent the item, but no proof it was received, you will still lose as a seller, b/c the buyer's credit card company will always back them. Paypal has NO standing in that case, they are simply on the hook for the transaction as that is who the CC company actually paid. Therefore, paypal has no recourse but to go back on the seller and they do regardless of who is at fault.

As a buyer, you should always use a credit card on paypal as that is the ultimate protection.

TD

 

[OzDigger]

TD, I only use a credit card with my Paypal but I also know from personal experience that banks are now more reluctant to reverse credit card debits than they used to be. Of course I'm only speaking about Australian banks and I'm not sure what the current Bank policy in the US etc is.

 

[tdubel]

OZ,
in the good ol US, the card companies will side with the consumer barring any fraud. It is really onerous on the merchants here. As long as you can write an explanation and provide details of the transaction and the fact that you didn't get an item, you are in the clear.

Another note, I had an "idiot" and that is a very nice word for what I could have wrote send me merchandise that was completely different from what it was supposed to be. I used paypal. First thing I did was go through their bs process, no go of course. All the while the seller was being a weasel. Next step, called the card company, explained, had all documents, and they started laughing about paypal's process. Anyhow, they had me ship back the goods to the seller via UPS (tracked, signed). The seller signed for it, then of course sent me another "screaming" email. Week later when I received card company's affidavit, I simply faxed all the documents to the card company, about 2 hrs later received a phone call back, letting me know the charges were reversed, etc. Day later, email nastygram from paypal asking about the chargeback, I sent them the same docs, 2 days later, email from paypal acknowledging a valid chargeback and I guess that means they recovered from the seller.

Hope that side story provides some enlightenment about "Paypal's mighty might".

Visa baby, the real power.

TD