PayPal, a tool for good or evil?

Discussion in 'Off-Topic' started by retched, Apr 21, 2010.

  1. retched

    Thread Starter AAC Fanatic!

    Dec 5, 2009
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    I have used paypal with reputable companies for a few years now, and have stayed away from individual sellers on ebay.

    I have heard horror stories about PayPal and I am interested in securing my finances, as we all should be.

    I have a business and like to do my purchasing with 1 account for ease in tax preparation at the end of the year.

    Problem is, there is a good amount of money in that account. Is letting paypal have that information a bad idea?

    And now that the North Korean and Russian governments are funding Computer 'terrorist' groups to help with overthrows, I am worried about the resulting flood.

    Any info? Good or Bad? Horror stories? Solutions?
     
  2. BMorse

    Senior Member

    Sep 26, 2009
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    I have a merchant account with Paypal that I use with all my purchases online (including Ebay) I have used them for years and it is linked to my company checking account (and company credit card) for quick money transfers if needed, so far I have had nothing but good experience with them, and my account has not been compromised at all....


    My .02
    B. Morse
     
  3. Markd77

    Senior Member

    Sep 7, 2009
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    I've had no problems and a friend of mine used them to recieve thousands from customers with no problem.
    They are a massive company so hopefully their security should be among the best.
     
  4. Wendy

    Moderator

    Mar 24, 2008
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    I gave up on PayPal when my account was hacked, and someone from Russia tried to withdraw money 3 times, over $1,000 each time. I reported the problem after the 1st time, the bozo's at PayPal blamed automation for the other 2 times. Those other 2 times I place fully on their doorstop, they were willing accomplices at that point and part of the scam.

    The reason the hackers didn't get by with it is I had read a site called PayPal Sucks.com. It is full of little tidbits of info how PayPal can rake you over the coals, and some of the dirty tricks they pull. I had followed one piece of advice from this site, I had opened a small checking account I kept limited funds in. This is why the scam did not succeed. It paid off.

    If my bank had not been understanding I would have owed $30 in rejection fees per incident. As it was I closed that checking account and opened a new one, minus the PayPal link. I don't intend on trusting them again, and feel they should meet the same requirements a bank does.
     
  5. retched

    Thread Starter AAC Fanatic!

    Dec 5, 2009
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    hrmmmm.. I wonder if banks offer a deposit only account.

    I would like to take orders via pay-pal.. but if it got hacked, the linked account would not allow withdraws.

    Also, think about how often Visa and MasterCard accounts are fraudentually used.. I try to think of PayPal just like another credit card company.

    So Bill, Paypal offered you no recourse? or even an attempt for legal intervention?
     
  6. R!f@@

    AAC Fanatic!

    Apr 2, 2009
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    I use paypal with a debit account, I fund if I want to make a purchase.
    That way there is nothing to scam, it's always empty.
    But I did have an incident about my ebay and paypal got hacked and suspended.
    I had to show my passport to get access to those accounts after that incident.
    Good thing is I did not lose money, and I really donno what happened.
     
  7. retched

    Thread Starter AAC Fanatic!

    Dec 5, 2009
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    Im thinking there has to be a better way.

    What about PayPal Alternatives?

    Anyone know of any or use any PayPal alternatives?

    Any horror or success stories?
     
  8. BMorse

    Senior Member

    Sep 26, 2009
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    Are there alternatives to paypal?? I see paypal is getting more widespread just like credit cards, I have a Paypal Pay Later account (which is like a Credit Card) that I can use at Sears, and other local merchants, there seems to be more merchants now that accept paypal as a payment option....

    B. Morse
     
  9. JoeJester

    AAC Fanatic!

    Apr 26, 2005
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    Google has a paypal alternative.

    You can have a Virtual terminal with paypal, or a real terminal with any of the banks so you can accept credit cards.

    It all depends on what you want to pay.

    Worldpay is another alternative.
     
  10. maxpower097

    Well-Known Member

    Feb 20, 2009
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    Paypal is a neccesary evil. There are other companies but none as accepted almost as legal tender as paypal. That being said I would open a seperate checking account to tie to Paypal. If Paypal feels you wronged them or someone for some reason, they won't hesitate to just empty your account or freeze it. For that reason I would just take the 20 minutes to opens a free checking account at local bank and tie it to a check card. Or get a cheapo CC to tie it to.
     
  11. Wendy

    Moderator

    Mar 24, 2008
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    Most banks will let you open a second checking account, no need to go to a new bank. You can even transfer money online between accounts. DON'T get overdraft protection, the whole point it to prevent an unknown hacker from draining more than you have in your account.

    I have found there is life after PayPal, but it is a little harder. If the federal government put that same restrictions on them they have on banks I would go back. That business of freezing an account for long durations while they sit on your assets is also a slimy maneuver.
     
  12. SgtWookie

    Expert

    Jul 17, 2007
    22,182
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    I'd used Paypal for a number of transactions, but have discontinued it.

    I never personally had a problem, but after some of the horror stories I've read, I would not leave any more funds in a Paypal-linked account than I'd leave lying on a NYC sidewalk.
     
  13. retched

    Thread Starter AAC Fanatic!

    Dec 5, 2009
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    ....problems.... I would really like an auto transferring account.

    An account that could be linked to PayPal, where whenever the balance exceeds $20 it is transferred to my primary account.

    I wonder if this is a service others would pay for.

    The bank would make no money on it unless they charged a fee to transfer the money or used it as a promotion to get new customers or only allow transfers to an account in their bank.

    At the end of each business day, if there is any money in the PayPal linked account, it would be transferred to your standard checking or savings account.

    This way, business would still be able to accept PayPal with minimal risk associated with it.
     
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