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Old 04-02-2003, 09:51 PM   #1
WRX-78
Scooby Newbie
Member Sales Rating: (0)
 
Member#: 13300
Join Date: Dec 2001
Location: Moncton, NB, Canada
Vehicle:
2015 WRX
World Rally Blue

Post Important Paypal Info

I've done a lot to educate myself on this controversy. All this info can be found here http://www.paypalsucks.com/ and here http://www.aboutpaypal.org/index.htm

This may be old news for some but I'll pass along some info as to why Paypal might be giving certain vendors a hard time.

From the Terms of Use: http://www.paypal.com/cgi-bin/webscr.../ua/ua-outside

You are not required to keep funds in the PayPal system (i.e., carry a balance in your PayPal agency account) in order to use the Service. If you do carry a U.S. Dollar balance in your PayPal account and do not enroll in the PayPal Money Market Fund, PayPal will pool your funds together with funds from other Users, and will place those funds in accounts at one or more FDIC-insured banks ("Pooled Accounts"). You agree that any earnings on the Pooled Accounts will be the property of PayPal, and you will not receive interest or other earnings on the funds that PayPal handles as your agent. Balances held in currencies other than U.S. Dollars will not be placed with the FDIC-insured banks.

I'm working entirely from what I've read on legitimate websites with Paypal grievances, so please feel free to correct me.

Basically all of your (and other members) money is sitting in a Paypal bank account that makes interest. Paypal purposely prolongs the verification process because it makes them more money in the long run. Sure it's unethical as hell but that's how they do business. On top of charging high transaction fees.

So my question for today is, if you were a vendor and were about to handle $875 X 25 = $21875 dollars worth in deposits. I would assume you would know to open a business account first and go through the lengthy Paypal verification process before starting a GB. Thus saving your customers the hassle.

This next statement will send chills down your spine. Paypal (through their Terms of Use) can act as judge, jury, and executioner regarding your money in their account. They have the right to lock your account if they deem 'illegal activities' have ocurred. In reality, this is also done to keep your money longer thus making them more interest.

I've yet to use my Paypal account to recieve money. But if I ever did I'd withdraw the cash right away. Your account gets 'flagged' based on the amount of money sitting in it. Flagged meaning you may have your account locked while Paypal checks to see if anything is wrong with your account. Which is all BS of course (once again, they make profit off the interest in the meantime).

Currently there are a few class-action law suits against Paypal because of their practices. I guess they've locked one account too many.

American Express has decided to decline PayPal credit card transactions that are funded with an American Express Corporate Card. As a result, any attempts to register or use an American Express Corporate Card will be denied.

I'm guessing AMEX got enough complaints from their card users so they've backed out.

There are a few more issues with Paypal that I won't get into to keep this post short. Just be careful with your Paypal account is all I'm saying. And if the next time you log in and you can't you'll know why. I pray this never happens to me or anyone else. So I'll be using my account sparingly from now on.
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Old 04-03-2003, 12:44 PM   #2
KC
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Member#: 442
Join Date: Oct 1999
Chapter/Region: NESIC
Location: RI/SE Mass
Vehicle:
17 Imp Spurt
00 S2k

Default

If you're doing more than $200/week average in sales, it's better to go with a real Merchant Account at a bank, and accept creditcards over the phone or through a secure site on-line.

Truth be told, for the small guys PayPal is a good deal. And for you (or the sites listed above) to say that the fees are expensive, have you LOOKED into a real merchant account?

4-6% of sale + Transaction fee
$20-$75/month (even if you do no activity)
Credit Card Equipment

And even more at certain institutions.

If you run a business and can afford it, go the real route. But if you do hobbies, then yes, PayPal can be good. Just be vigilant to remove the funds soon and never leave a high balance with them.

--kC
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Old 04-03-2003, 12:57 PM   #3
WRX-78
Scooby Newbie
Member Sales Rating: (0)
 
Member#: 13300
Join Date: Dec 2001
Location: Moncton, NB, Canada
Vehicle:
2015 WRX
World Rally Blue

Default

Hi KC! I got Gran Turismo decals from you waaay back. Good stuff. I also said I'd send pics at the time but I didn't have a digicam. So here ya go:



I didn't know about the Merchant account costs cause I'm not a vendor. Was just commenting and passing along some info because my money is in limbo in a vendor's paypal account.

But yes, I much prefer it when vendors are able to accept CC's without the use of a third-party payment system.
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Old 04-03-2003, 01:19 PM   #4
kastle
Frank Army
Member Sales Rating: (6)
 
Member#: 1457
Join Date: May 2000
Chapter/Region: SWIC
Location: Phoenix, AZ
Vehicle:
1999 Outback Sport
Steel Blue Mica

Default

Just to give you an idea of what a merchant has to deal with...


Discount rate = 1.99% to 2.47%
Transaction fee = $.20 - $.30 per transaction
Monthly Statement Fee = $10 - $12 per month
Gateway Fee = $15 per month

And that's just for Visa / MC
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