Thoughts on PayPal? Is it key to your collectible trading/ on-line business?

[SolitaireOne]

Ok, I am still new here ... but, I'm hungry for knowledge!

 

I respectfully throw this (likely well-overdone) topic out there, as I'm not quite sure where else I should do so.

 

I have a burgeoning, yet decent CGC collection and would endeavor to buy/ sell/ trade as many of you more established veterans do on a regular basis via eBay, these Forums, etc. However, I expect that my lack of a PayPal account is likely to hinder my selling plans - particularly on higher quality items, right?

 

I've done my research - seen both good and bad points on this topic . So, what are your thoughts on PayPal - what say you, most honorable fellow forumites ? Good, bad... indifferent?

 

I'm open for and appreciate any and all comments... Thank you !

[Silvers24]

PayPal is an option I offer/ use, but it is not my preferred payment choice

 

This is my preffered way, but it is a option if you coulden't use it.

But when I deal here, or anywhere I want to use PayPal.

Unless the person dosen't use it. But even so, if the person will use their CC, then i would again preffer PP.

Because with PP, you don't need an account to use it, just a CC.

[THE_BEYONDER]

I consider it essential to on-line buying/selling. I don't want to go to the bank to get a money order, and I don't want to wait for a money order to arrive.

 

I recently got my Paypal card, and honestly...don't know how I ever lived without it.

[nearmint]

I recently got my Paypal card, and honestly...don't know how I ever lived without it.

 

Chris, can you elaborate on the benefits of a Paypal card, rather then just using a Paypal account?

Thanks.

[shadroch]

I pretty much avoid auctions that don't take PP. I'm on the road quite a bit and can't be hassled with running out for M.O.s

[Silvers24]

I recently got my Paypal card, and honestly...don't know how I ever lived without it.

 

Chris, can you elaborate on the benefits of a Paypal card, rather then just using a Paypal account?

Thanks.

I've got their PayPal Debit card, AND I do say, it's really awsome to use, they give a 1% back everytime you use it, but it's neat.

Lately I havent been using it, because nothing is in there, but it's great to have if you know you have money in it, and also it will stop someone from being able to use it if you don't have money in there and you don't allow backup sources (Bank Account)

[THE_BEYONDER]

I recently got my Paypal card, and honestly...don't know how I ever lived without it.

 

Chris, can you elaborate on the benefits of a Paypal card, rather then just using a Paypal account?

Thanks.

 

The biggest problem I always had was having access to my Paypal balance. I'd sell a pile of books...build up a fat balance....then end up buying more books rather than using the money to pay bills, etc...

 

It takes at least 5 days to transfer those funds to my bank account, and most of the time I would sell books because I needed the cash.

 

With the Paypal card, I have instant access to those funds. I can withdraw them at an ATM, or I can just use the card like a regular CC anywhere I go that accepts Mastercard(provided I have a balance).

 

[nearmint]

Thanks. Sounds like I should get one.

[THE_BEYONDER]

Also, when I say "instant"....I mean "instant". The moment funds hit your account...you can withdraw them with the card.

[SolitaireOne]

Ah-HA - this is all worthwhile info, guys! So, what else?

What kinds of noteworthy "best practices" are out there?

 

What else say you? Tell me more... ?

[scottish]

Paypal is a necessary evil.

 

I prefer personal checks or MOs before paypal, BUT I DO offer it on all my auctions because I know most people prefer it as a form of payment.

 

The fees are excessive. I'm not so worried about account hijack any longer as the bank account I have linked to it is a throw away.

[The Troll King]

I have had a Paypal CC for more than 5 years and have had the debit card for probably 4 months.

 

The debit card is a great way to spend the money in the account on things like gas or whatever.

 

Plus, as most of us old timer Paypal users know, it's best to keep as little money in the account as possible even though the money market earning is back up to 5%

 

(When I started the MM option it was 2.5% and then bottomed out at like .5% and lasted that way for almost 2 years)

[Ringfinger]

I hate it but it is necessary.

[SolitaireOne]

Paypal is a necessary evil.

 

I prefer personal checks or MOs before paypal, BUT I DO offer it on all my auctions because I know most people prefer it as a form of payment.

 

The fees are excessive. I'm not so worried about account hijack any longer as the bank account I have linked to it is a throw away.

 

I see... I too have looked towards Checks and MOs, but have found a resistance from buyers as I cannot accept PP.

 

The whole "internet fraud" thing had me worred too, so I opened a new accnt. just last week, exclusively for PayPal.

I'm hopeful to get that PP side rolling here sometime this week .

 

Guys, this is all excellent... what else? Any issues w/ chargebacks or account "freezing"?

[scottish]

Paypal is a necessary evil.

 

I prefer personal checks or MOs before paypal, BUT I DO offer it on all my auctions because I know most people prefer it as a form of payment.

 

The fees are excessive. I'm not so worried about account hijack any longer as the bank account I have linked to it is a throw away.

 

I see... I too have looked towards Checks and MOs, but have found a resistance from buyers as I cannot accept PP.

 

The whole "internet fraud" thing had me worred too, so I opened a new accnt. just last week, exclusively for PayPal.

I'm hopeful to get that PP side rolling here sometime this week .

 

Guys, this is all excellent... what else? Any issues w/ chargebacks or account "freezing"?

 

I'd say the number of checks or MOs I get any more is around MAYBE 5%.

 

I've never had an issue with a 'freeze.' I DID attempt to recover some funds as a buyer. The seller sent a POS DVD that was a pirated copy. Paypal's response was 'There's nothing we can do.' No further communication required.

 

That's where the necessary EVIL part comes in.

 

I will also add that just this past week a paypal rep actually CALLED me personally. I've been doing a lot of transactions - 300 & 400 dollars and they called to make sure my account wasn't hacked - so props to them for that bit of security.

[SolitaireOne]

... Thanks for all of the info guys!

 

As of this posting, 55 respondents have helped to declare that PayPal is in fact a NECESSARY EVIL !

 

This general concensus was not generally too shocking eh?

 

CURRENT PAYPAL SURVEY BREAKDOWN:

 

12 or 22% "Love it..."

34 or a resounding 62% called it a "Necessary evil..."

5 or 9% claimed that they "Offer it, but it is my preferred pmt. method..."

1 answered that it is "Too problematic/ costly and no longer use..."

3 (including 2 "No"s myself to view the survey?) responded that they "Had not/ will not use it..."

 

Thanks again for all the info and participants! I'm always open for more PayPal FYI advice !

 

Please don't let this one die, see y'all on the boards...