advice We need a formidable alternative to PayPal

~ The 34 Year Buzz!! said:

Paypal frozen funds are often released (I know people who went through the bad experience), you simply have to wonder about paying bills (and rent?) while they are "investigating" your account.

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There are a lot that has never been released. so what do you say about that? I know some are fraudulent but even at that, if the receiver is a fraud, why not return the money back to where they came from?

jideofor said:

There are a lot that has never been released...

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I am mostly familiar with honest people who had their Paypal accounts frozen due to a "sudden increase" of income.

jideofor said:

... so what do you say about that?

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Do not trust the Monster...

maxtra said:

As a US seller I honestly do not mind the fees. They are the most convenient and recognized payment service at the moment and I think it is worth it. If a competitor with less fees and better service or a crypto becomes mainstream I would happily hop on board though

I do feel for international sellers, the fees are very excessive in that case

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Yes And I also love the fact they can freeze your funds because they choose to, or charge your account thousands of dollars when u authorize some other purchase, OH Wait I really love that the customer is always right.

I guess ShitPay is good for under $100, unfortunately, I deal in the 1ks' of dollars.

Bullion said:

Yes And I also love the fact they can freeze your funds because they choose to, or charge your account thousands of dollars when u authorize some other purchase, OH Wait I really love that the customer is always right.

I guess sh*tPay is good for under $100, unfortunately, I deal in the 1ks' of dollars.

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Never happened to me, and I have received payments as high as mid $xxxx

My account is a business account, verified, has PayPal credit, US seller, etc. which might or might not have an impact

I also transfer away as soon as I receive a payment, I do not carry a balance

Thanks

maxtra said:

Never happened to me...

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To keep "the big scam" going, they cannot rip-off everyone.
Paypal really is close to pure evil, but I try to be nice.

golan said:

Second, 2CheckOut. That's what i use for domains at least for the first time buyers.

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It seems they require the seller having his own marketplace website with the physical address of his company - that is, you can't use them with the third party marketplace sites like Sedo, Afternic etc., or just for outbound sales (again, unless you have your items listed on your own website). Don't they? It would be interesting to clarify the limitations.

vast said:

It seems they require the seller having his own marketplace website with the physical address of his company - that is, you can't use them with the third party marketplace sites like Sedo, Afternic etc., or just for outbound sales (again, unless you have your items listed on your own website). Don't they? It would be interesting to clarify the limitations.

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Yes you have to have your own site with inventory, to apply with something, but it might be for example just Wordpress site with catalog of your domains, plus all pages they require - like TOS, privacy terms, refund terms, etc. You can even quickly throw out a real sale engine on WooCommerce or EDD or whatever, but i guess it's not really necessary.

Once you get accepted, you can then just create Items (in our case domains) in your 2co admin and send the buyers the links or to use buttons anywhere over the net or whatever. You are not limited with sales only thru your marketplace.

But the third party marketplace - yes you're right you can't do that, but these the third party marketplaces take care on your payments themselves, don't they?

As for "physical address of company", i have my 2CO as a private person, maybe their rules have changed since.

golan said:

Yes you have to have your own site with inventory, to apply with something, but it might be for example just Wordpress site with catalog of your domains, plus all pages they require - like TOS, privacy terms, refund terms, etc. You can even quickly throw out a real sale engine on WooCommerce or EDD or whatever, but i guess it's not really necessary.

Once you get accepted, you can then just create Items (in our case domains) in your 2co admin and send the buyers the links or to use buttons anywhere over the net or whatever. You are not limited with sales only thru your marketplace.

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That's great to know, thanks!

golan said:

But the third party marketplace - yes you're right you can't do that, but these the third party marketplaces take care on your payments themselves, don't they?

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Yes, but third party marketplaces often have a limited set of payout options. And in theory, you could use 2CO to transform one type of payment to another - e.g., if you don't have a fully functional PayPal account in your country, you could still take PayPal payments, say, from Sedo to 2CO, and then proceed with the payment type of your preference among ones supported by 2CO.

golan said:

As for "physical address of company", i have my 2CO as a private person, maybe their rules have changed since.

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So you had to put your home physical address on your site?

vast said:

Yes, but third party marketplaces often have a limited set of payout options. And in theory, you could use 2CO to transform one type of payment to another - e.g., if you don't have a fully functional PayPal account in your country, you could still take PayPal payments, say, from Sedo to 2CO, and then proceed with the payment type of your preference among ones supported by 2CO.

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No, that's not what they are for. They are more a channel to collect payments from your buyers, than a channel to distribute your earned funds to you. Because they themselves do it in different 3rd party ways - Payoneer, wire, etc.

So you had to put your home physical address on your site?

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No i dont have my address listed anywhere at my site ( something to fix by the way ) but i believe the invoices my buyers are getting from them include my address.

golan said:

No, that's not what they are for. They are more a channel to collect payments from your buyers, than a channel to distribute your earned funds to you. Because they themselves do it in different 3rd party ways - Payoneer, wire, etc.

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I see, thanks for clarifying. Probably I'm expecting more flexibility than any payment processor can provide nowadays.

golan said:

No i dont have my address listed anywhere at my site ( something to fix by the way ) but i believe the invoices my buyers are getting from them include my address.

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It's pretty fine for invoices, but I think many people wouldn't feel comfortable providing their home address in public unless at least a PO box would fit.

Crypto is a way.

jim88888888 said:

Crypto is a way.

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Not practical. Very few people have a crypto wallet. No typical end user is going to want to have to get involved in crypto just to do one transaction.

Never used Transferwise for a domain sale but will try to use for next inbound enquiry .Fees are good and no more paypal for me .

Haroon Basha said:

they charge less for US account holders and charge more on international clients

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Haroon, the potential for fraud in certain countries is high enough to warrant extra charges from financial institutions like Paypal. They're basically hedging their losses.

NYJimbo said:

Not practical. Very few people have a crypto wallet. No typical end user is going to want to have to get involved in crypto just to do one transaction.

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I agree. Even as a seller of domains I dont want to get involved with crypto.

I wonder if stripe will launch something viable. They've been pretty decent to work with for processing and their techs really solid relative to the usual industry nonsense.

secretagentdad said:

I wonder if stripe will launch something viable. They've been pretty decent to work with for processing and their techs really solid relative to the usual industry nonsense.

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It has to be something where chargebacks are not permitted. Escrow services are great but the field seems to be dwindling.

Stripe is for amateurs, just like square, if you put any real money through them they hold your funds forever.

A real merchant account is the only way to go where you can actually count on getting your money.
If you have a small little market business then yup stripe is ok but watch out if you ever have any real sales.

Any more ideas folks?

MapleDots said:

Stripe is for amateurs, just like square, if you put any real money through them they hold your funds forever.

A real merchant account is the only way to go where you can actually count on getting your money.
If you have a small little market business then yup stripe is ok but watch out if you ever have any real sales.

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Jeez.
Whatd they do to you?

I guess I've been a lucky man.

Venmo seems to be a service that's provided by paypal... when I have money it has the option for instant transfers etc...

secretagentdad said:

Jeez.
Whatd they do to you?

I guess I've been a lucky man.

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If you do any kind of real volume the expense for using stripe or square is far too high compared to a real merchant account.

I process about 1.5 million through my merchant account annually and the difference between 2% or 3% can be dramatic. Plus any significant funds are often stopped by square and stripe as they investigate and that can take weeks.

A real merchant account has none of these issues.