Has anyone here ever had a PayPal account?

[NightTrain]

I ask because I'm thinking of opening one. Should I go with PayPal, or is there someone better for this sort of thing? Enquiring minds want to know!

[derby378]

1. Still do

It's pretty handy, but compare it with similar services before you take the plunge. If you use eBay much, you might find PayPal indispensible.

[NightTrain]

2. Can you give me an example or two of "similar services?"

You see, I'm new to this. Who else besides PayPal offers that kind of service?

[CanuckAmok]

9. It's pretty universal

The seller fees for out of the US transactions are pretty obscene, though...but that won't affect you.

I also use BidPay as a seller. The main difference is that PayPal keeps your money in an account which you can use to buy/sell on-line, where as with BidPay, if you're selling something, the buyer pays BidPay with their credit card, and BidPay sends you a cheque (that's a "check" to you Muricans) for the amount instead of crediting your account.

[China_cat]

17. No, that's not true

You CAN keep your money in a PayPal account but you can also have it transferred directly to your bank account.

[CanuckAmok]

20. Oh, I did not know that.

But I believe the 'default' PayPal arrangement is to keep your money in their account; I'm sure they're making ba-zillions on interest that way.

[amazona]

22. Paypal PAYS interest on the money in the account

Best not to "believe" when speaking of financial matters. Best to get the facts as they actually exist.

I am receiving over 2 percent interest on the money in my Paypal account. Not great but better than most American checking accounts by a long shot.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

[China_cat]

23. Didn't know it was that much

I may put my savings account there since the bank is only paying 0.3% on savings accounts. (That's right, 3/10 of 1 percent)

[amazona]

25. I have a premier account as an EBay seller

You may need to check the rate for regular accounts. But I bet it beats out your savings account rate.

Another good savings account is the ING "orange spot" account. It is a Netherlands bank but they have F.D.I.C. insurance of the savings accounts.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

[China_cat]

26. My husband is Dutch

and has a small (very small) Dutch Navy pension that we are accumulating in a Rabobank account. And we will soon receive a legacy from the passing of his mother that will go into that same account. Euros seem much safer right now.

[tuvor]

3. I rarely use mine, but it's handy when there's no other choice.

Speaking as someone who's only sent money, I've never had any problems.

[98geoduck]

4. Pay-Pal is like Visa in the internet world. It's everywhere you want to go

and most widely used system. There are "fees" but, i have to admit, it makes purchasing on the internet pretty easy, and worth it. There is also dispute resolution etc. I've used it plenty and haven't had a problem....yet. Make sure you use a solid, unique password, and ONLY use the password for that account.

[Coastie for Truth]

5. I have had PayPal for 4-5 years

over 900 total (eBay purchases and sales, independent merchant purchases) - absolutely, positively no problems.

Also used i-escrow (now gone) - no problems, and Citi's C2IT (now gone) and the Western Union e-payment - both of which were not particularly "user friendly."

I know that there have been some issues with sellers, but as a seller I never had any problems (and I moved from a 3200 sq foot house to a 1200 sq foot condo, and converted from film photography to digital photography).

As a seller - PayPal means that I do not have to open a VISA or MASTERCARD "Merchant Account" - with all the craziness of being responsible for your financial information. I DO NOT WANT YOUR FINANCIALS.

As a buyer - PayPal means that I do not have to take the chance of electronically sending my financial information to lots of local merchants - who may or may not be legit --- and may or may not have secure web sites or servers. I DO NOT WANT TO GIVE YOU MY FINANCIALS.

If I had any problems I would complain LOUDLY WITH FULL FLAME AND AFTER BURNER (start a thread about GM recalls, lemons, and warranties if you want to see me "FLAME" - but not PayPal or eBay),

[Kire]

6. I thought you were looking to send me money.

not sure, but paypal is pretty universal. I don't use it much, but it's good to have one, IMO.

[Speck Tater]

7. I use paypal all the time. It's great. (nt)

[pauliedangerously]

8. I've had one for several years...

It's very handy and I've never had a problem with it. Great for Ebaying.

[KitchenWitch]

10. I have never had any problems with PayPal

I have bought and sold stuff on eBay. It is convenient.

[SoCalDemGrrl]

11. I use it every day - it's great! Link it to your checking

account and there is no charge to transfer money. I receive Paypal payments from customers and transfer funds about 1x week. Never had a problem.

[FM Arouet666]

12. Used it on Ebay a few times. No hassle, easy to use, no problem.n/t

[Historic NY]

13. I use mine as much as possible...no hassles, no fuss,

the money is there in no time at all providing they have an account. If you have a friend using it have them make a recommendation for you, they get a couple of free bucks. I like it because at tax time I can print out an entire activity report for the year. Never had a problem and expect none...I've been using it for 6 yrs or so now.

[Coastie for Truth]

14. Phishing - everywhere

People blame eBay and PayPal for identity theft. Wrong. Identity thieves copy eBay, Pay Pal, and Credit Card company logo's and go "phising" on the internet - like carjackers or impersonators.

IT IS NOT PAY PAL OR E BAY OR A CREDIT CARD COMPANY

IS IS "PHISING"

Phishing is when identity thieves copy eBay or PayPal e-mail "Letterheads" - including logos and look alike address. Then they ask you for personal information (credit card number, 3-4 digit security code on your credit card, pass words, PINs, mother's maiden name, pet's name, etc.

THESE E-MAILS ARE NOT PAY PAL OR E BAY OR A CREDIT CARD COMPANY

THEY ARE PHISING EXPEDITIONS BY IDENTITY THIEVES

IF THE E-MAIL ASKS YOU TO CLICK ON A LINK IN THE E-MAIL - IT IS A PHISING EXPEDITION BY AN IDENTITY THIEF!!

If you get such a Phising e-mail - copy it and send to it to EBAY'S, Pay Pal's, or the identified bank's fraud protection unit.

NEVER CLICK ON A LINK IN ONE OF THESE PHISING EXPEDITIONS

AND DON'T ATTRIBUTE THEM TO PAY PAL,EBAY, OR A BANK

[barackmyworld]

15. Paypal is the easiest and most universal

It has a useful interface, including tools like shopping cart cuttons (you can check out some examples of paypal tools on my website, verrry useful!)

They had some problems several years ago for something, because I remember a class-action suit, but they seem to have fixed everything up. I've done hundreds of transactions, and the fees are reasonable.

I like how I can keep the money sitting in my account, or transfer it to my bank account.

[China_cat]

16. I have one

now that I use frequently. Have had it now for a couple years. Never had a problem.

[Shananigans]

18. I have never used it...

but there have been several threads on DU asking people to donate money to a paypal account for certain causes.

I just have no use for it. On the other hand, my brother has made thousands of transactions using his paypal account.

[Discord]

19. I do. never had a problem with it.

and seems like the most common one used by online services companies that aren't corporate.

[amazona]

21. yes there is no substitute for paypal

Also get the debit card, it is the cheapest way of getting euros without hidden transaction costs.

The conservation movement is a breeding ground of communists
and other subversives. We intend to clean them out,
even if it means rounding up every birdwatcher in the country.
--John Mitchell, US Attorney General 1969-72

[hunter]

24. Open a separate "hobby" bank account and use PayPal with that.

I would not attach PayPal to my regular "day job" bank account (the account I buy groceries and pay my mortgage with), but maybe that's just me.

If you have a small business or hobby that occasionally makes money, PayPal is great, and is probably the easiest and safest way to do business over the internet, especially any credit-card business.

There is something a bit shady about how PayPal exists as both a bank and not-a-bank, but I believe this is mostly an artifact of banking laws that were written before the internet was a big deal. It is very expensive to have a "real" bank do your small scale credit card transactions, and PayPal, like it or not, fills a very important niche on the internet.

To paraphrase Winston Churchill, PayPal is the worst small internet payment processor I have ever used, except for the others I've tried.

If you are simply seeking donations, and not selling anything, amazon's "honor system" works pretty well too.

http://s1.amazon.com/exec/varzea/subst/fx/help/payor-faq.html/qid=1110216274/sr=53-1/ref=tr_100871/104-7991039-8783155

Tell us how it works out!

I myself am very fond of PayPal's easy to use "Buy Now" buttons...

The crowd shouts, "Impure! Impure!"

[Yosie]

27. Very astute observation

"There is something a bit shady about how PayPal exists as both a bank and not-a-bank, but I believe this is mostly an artifact of banking laws that were written before the internet was a big deal."

PayPal was founded by the Venture Capital team of a spin-out of Pittsburgh's Equibank NA (which used to be the First National Bank of McKeesport PA). Historically, the First National Bank of McKeesport PA was a niche bank serving small "Steel Valley" merchants - appliance stores and furniture stores, and jewelry stores, and small local department stores -- and running their "credit card" operation (remember the aluminum "charge plates"?).

PayPal used Wells-Fargo as their "clearing bank" -- but when Citigroup started their competing C2IT, the NY AG went after PayPal for "not being a chartered bank."

The issue was ultimately resolved - and PayPal is now in compliance with all banking laws. I think they bought a "small bank" when they were acquired by eBay.

Kind of like MBNA - they bought a local Baltimore bank to get a banking charter -- ever call MBNA about a checking account or savings account? They are not a "consumer bank" either.

My source - My mentor (and I'm in my 60's) was part of the legal team in Palo Alto that put together the eBay acquisition of PayPal.