PayPal Sucks!

[johnn]

I know the title catches your eyes!

Many Web merchants and Vendors using Paypal as a quick and convenient mean to complete a transaction but many of us are not aware what Paypal really is.

1. Paypal holds our money but they're not FDIC insured. What happens if they close the business? Will our money be gone?

2. There is no buyer/seller protection (like credit card company) If you want protection, you need to buy addtional insurance. This is a big rib off as they charge close to 3% per transaction (almost the same rate most Credit card companies charge vendors).

Suggestions:
- DO NOT keep a large amount of money in your Paypal account. You can always transfer from your bank account or credit card when you buy something.
- If you can, pay by credit card instead off from account balance or your bank as you always get free protection from the credit card company.

Your thoughts?

Thanks,
John

 

[johnn]

They suck because they act like a bank but they don't have to follow rules and regulations of a bank.

Take a while GUESS? How much money do the hold for the customers now? Who knows if they use our money to generate more profit. Business mind (like Paypal) don't let the money just sit in the bank?

This is why they suck!

 

[forona]

Spread the word, brother Johnn! mmm hmmm - Testify!

 

[integraclick]

I agree but..

I agree but.. Merchant account providers are a hundred times worse from a sellers perspective. I dont have to deal with horrible chargeback fees and insanely buyer slanted policies when dealing with paypal. For Credit Card companies especially American Express you have to sign an agreement which says it doesnt matter if you deliver all the goods as promised you can get charged back and when you do you lose not only the product you sold the person, the cost they paid for it, you also get hit with a chargeback fee.

 

[P10n33R]

I don't remember who but they are holding someones account with upwards of 10k in it.

 

[netPH]

Come on now... PayPal is everybody's friend and you know it.

Only US citizens friend IMO

 

[johnny6]

well, now

two things about paypal....

1) i got some funds seized because someone had paid with fraudelent or stolen funds - domains sale of course... the fact that they don't offer seller's protection for domains is.... well..... ok, let's just use it - bullshit.

2) HOWEVER, paypal is super easy to use... amd for a wholesaler of domains, a neccesary commodity.... and their support is generally friendly, if entirely unhelpful.


Still. Get those funds out of paypal as rapidly as possible - I always transfer out when i exceed $200... Great for transactions, bad idea to keeo your money in there. Cheers,
John

 

[Sabre]

Great for transactions, bad idea to keeo your money in there. Cheers,
John

thats exactly what id say....

 

[johnn]

For some of you said that Paypal is owned by Ebay and will never file bankrupcy. Think again! Just one big law suit will do it:

- Amrstrong - lawsuit stock dived from $40-$50 to penny stock
- We all remember Enron
- Tyco and more....

All I'm saying is we do enjoy the convenience from Paypal for our day-to-day transactions. However They sucks because they did not go extra step to protect the clients like banks and CC companies.

I just want everyone know to be cautious and NOT KEEP A LOT of money in Paypal account - For your protection.

Thanks,
John