IAmAllanShore

Maybe we need a "PayPal" folder on the forum ;-)

But let's talk ways to protect yourselves:

1) Use shopsafe or other 1 time use credit cards when possible so as not to leave personal information on PayPal's servers.

2) Open a free checking account (Wachovia, CU's, etc.) that is solely for the purpose of paypal. Remove all funds from PayPal every day, then remove funds from that bank account every day. Don't have overdraft protection on your bank account (That way they won't let your account go below $0 on credit). That way PayPal can't get to your bank account.

3) Start using/promoting other services if they exist. Specifically: If you're a seller, accept personal checks on 15 day hold or money orders on 3 day holds (Just as safe as PayPal claims to be, really, and in reality much more so because check-fraud is a more aggressively pursued offense).

4) Sellers, consider using a merchant account to accept credit cards directly. If you're large enough in volume, you'll pay a smaller % than you pay to PayPal, and buyer's credit cards offer more protection than PayPal does.
????: NamePros.com http://www.namepros.com/domain-name-discussion/65061-what-do-about-paypal-thinking-proactively.html

It is true that my account on PayPal is in limbo due to some unknown reason, but at least they don't have my money this time :-)

Any other ideas out there?

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IdahoFarmer

Here is a few ideas:

1) Escrow.com or other online/tech savvy escrow companies for big $ transactions.

2) How about Western Union. Provides more protection for the seller (unidirectional transfers) but less protection for the buyer. (could be mistaken here).

3) Take cards direct as you specified: http://www.netbilling.com/

4) Sell domains in exchange for "good faith tokens" redeemable at any Pizza Hut (hehe)

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Idaho Farmer
Will someone get me a pizza please?

AdoptableDomains

I did some calculations a while back and found that at around $750, escrow.com actually becomes cheaper than paypal. Factor in the security for the buyer, and it's probably worthwhile to push an escrow.com transaction over paypal at about $500 to $600.

For sales of less than $500, I encourage use of paypal by waiving any "escrow" fees or transaction costs; for 500 to about $700, I offer to split the escrow costs; and at about $700+ I offer escrow.com at my cost. These terms have been acceptable with buyers about 98% of the time.
????: NamePros.com http://www.namepros.com/showthread.php?t=65061

I'm not sure a "paypal" forum is justified, but it really might be worthwhile to have a financial/transaction forum. It could containt discussion on:

Paypal & alternatives & problems
direct credit card acceptance
secure transactions
shoppping carts
paypal alternatives
accepting various payments like checks, money orders, etc.
escrow transaction services and their processes (escrow.com, afternic, sedo)
foreign currency discussion

Just a thought....

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IAmAllanShore

I really like it :-)
????: NamePros.com http://www.namepros.com/showthread.php?t=65061

But then again, everything (even with folders) seems to ends up here anyway ;-)

-Allan

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andriegel

Some real good advice here- I like the idea of a new financial forum here.

One thing: Western Union is very expensive and offers ZERO protection for buyer, IMHO

Kevin123

Escrow.com is an excellent choice for large transactions, not only in terms of value, but, more importantly, in terms of security.

Indeed, for any large domain transaction, especially when you do not know the seller, Escrow.com (or another reputable escrow service) should always be used.

Allan, you raise a good point about removing funds from PayPal on a daily basis. If any problem arises with PayPal and significant funds are in your account you could have a battle on your hands.

And taking it a step further, using a checking account JUST for PayPal is also a good suggestion.

Good luck to you Allan,

Kevin

Scott

UK users should try to use nochex.com as much as possible.

designoweb

Allan, Thanks for starting discussion on "PayPal". I also want to discuss "PayPal vs Others". I think PayPal is still not "worldwide" as they claim....... as they have no proper policies for withdrawl for all countries, as they specified in their "worldwide" list.
????: NamePros.com http://www.namepros.com/showthread.php?t=65061

All Indian users money have been blocked because of their wrong way of writing.......just putting a tiny star on country name and at the bottom of the page.....writting in small text that these countries can not withdraw money. I think we need to ask if the person can not withdraw money, then how is the word "worldwide" being implied? Apart from this, they are charging heavy fees for the transaction.

Presently i am using http://www.ikobo.com and quite satisfied with its service. It is easy to withdraw money through VISA card.

- Rakesh

IAmAllanShore

Actually, because western union is a financial institution of a different breed (They offer all kinds of products), they are heavily regulated.

PayPal has spent millions and millions on lawyers and lobbyists to keep themselves out of the jurisdiction of almost all regulatory agencies.
????: NamePros.com http://www.namepros.com/showthread.php?t=65061

-Allan

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Riceman

I would NEVER even consider using paypal for a domain purchase unless you know the other party real well. It is best to stick with services like escrow.com