Money Question (PayPal)

PhoenixStorks

Another option for a small business just getting started is a company called





Propay





. Their payment system doesn`t yet integrate online in most websites like paypay or a true merchant account does, but a basic account only costs $35 a year with no monthly fees. This is who I`ve been using since I started my business in 2004 but then again, I take all my orders over the phone and input the credit cards through a secure "Online Terminal" on their site. Might be something to look into as a alternative for those small businesses who are dissatisfired with paypal, but feel a full merchant account might be "overkil"






 









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LauraGullett

NO!  Paypal was originally setup as a merchant to safely transfer funds between buyer and seller.  I would NEVER leave ANY money in a Paypal account.  It is not your local bank where you can talk to the bank manager in person.  If you have a problem with Paypal you are about SOL really.  I had a problem with them once and they just hung up and never cared about it at all.  It is very easy for a large corporation to just hang up the phone and not care about you, than if you were addressing the issue in person.  It happens all the time with many large corporations, and Paypal is no different.
 
Don`t LEAVE any money in Paypal.  In fact you should leave any money considered more liquid somewhere locally, or at least where you know any problems can be handled quickly, or where upper level help can be found quickly when the corporation ignores your concerns.  Just get your money out of Paypal when it comes into that account, and only use it as a transfer area, not as a bank account.  If you can get any agency to help you with any Paypal problems fast enough, then more power to you in just leaving money there and trusting them.  Not me!
 
Laura
LauraGullett9/17/2008 9:53 AM

Videography

Jane, I looked at ProPay and it appears to have a problem for small, really small businesses like mine.  There is "no minimum", but they DO charge an "inactivity fee" if you don`t use the account.  Sounds like a minimum to me.
It also doesn`t look like I can integrate the purchase into my website like I can PayPal.

housesandhogans

I am like the Queen of Green.......I don`t usually have enough in there to make a difference, but so far I have not really had a problem with them.   I do agree that trying to get questions answered is near impossible, but since I have usually only asked tech questions, that didn`t surprise me.  I can`t even imagine trying to get help on a financial question.    And with all the problems financial institutions are having these days.......give me a bank with at least some insurance!   I am going to be adding merchant services in addition my PayPal  because I have had some customers not want to use PayPal.    The one good thing about PayPal is that they will take e-checks.
 
Denise

stelka

I`ve been a PayPal user for many years. I`ve used it since the birth of eBay for thousands of my auction sales. Out of at least 5,000 transactions that I processed I had 1 instance where the customer got to keep both the product and the money - $300 worth. PayPal does protect the customer more than the merchant just like any credit card company would. The only instances I am aware of when PayPal froze seller`s/vendor`s funds were in cases of obvious fraud or suspicion that the products may not be authentic. The benefits of PayPal account are the competitive interest rates they pay on your account balances (currently 2.35%)and a 1.5% rebate on PayPal debit card purchases when you use it as a credit card. To prevent your account from hackers, never click on the link provided in your e-mail, especially if the e-mail is not addressed personally to your name.  Now that I have my own manufacturing wholesale/retail business, I opted for a merchant account that offers lower rates, but still offer PayPal as an option for my internet store sales.

Tippie

Do not leave money in Pay-Pal.  Matter of fact ...Do not use pay-pal. Credit card is safer! Pay-Pal does not back up your purchase....you can get screwed out of your money. You have to prove you got cheated, lol. Fraudulent sellers are rapant on eBay and Pay-Pal will not refund you your money until you have sent back the merchandise period!  then you will only get partial money back! Loan sharks treat you better!

baggetta

I`ve heard horror stories about PayPal, too, but have been a member for about five years and have never had a problem (except for a couple of shysters who used fake credit cards) with them.  I have a support phone number which I use with no problem and they have always been very responsive.  I just trasfer my funds occasionally directly to my bank account -- they charge for checks and it takes longer.  In the past i`ve kept large sums of money because of the Money Market interest which was much better than any bank I knew of.  Lately (thanks to our economy) the rate has dropped so that my bank almost matches it.  Of course, now that I`ve glorified PP watch me run into a problem.
Best
Al B.
Baggetta_Ware
Teacher Tech

www.baggetta.com

 

ayani

Hello.
I have been reading a few of the posts about paypal.  Yours are very informative.  Can you please send me an email elaborating on some of those merchant accounts...maybe even suggesting a few.  Thanks.
Be blessed...