Pay Pal

[BwanaDik]

Just a heads up for you Pay Pal nOObs out there. I just purchased some items from another Forum member. I have a separate "farkle" account at the bank so when I buy something, it doesn't upset the household budget. Some farkles can get pretty expensive, as we all know. I didn't realize until now the card from the bank was a check card or debit card only. No credit card even though it says "Visa" on the front.

Anyway, when setting up the Pay Pal account, you have to go thru some security measures, which is good, but can take an extra one to two days if using a "debit card". Only problem is, they don't tell you this up front. You discover the time it takes each time you push the "pay" or "send" button. Then a new set of instructions pop up.

So this whole three to five day delay could have been avoided, I think, if I had used a credit card instead of a debit card. But even then, after the bank account has been established, if not using a cc, you still have a two to three day delay while the eCheck is processed. Pay Pal sends a "payment in progress" e-mail to the seller but obviously he's not received his money yet.

This is probably a "well, no duh", for you Pay Pal old timers but new to me.

Happily the guy I bought the stuff from seems to have a lot of patience. Thank you.

I bought the Brodie relay via cc and it went right thru so I didn't notice the difference.

So if you find a hot selling farkle you must have RIGHT NOW, use a cc, not a debit card.

Technology is a double edged sword....

 

[ShinyPartsUp]

I only have a debit card, but my paypal is deducted within minutes from my checking account. I'm just saying...

 

[FJRBluesman]

U R right! It's a pain at first.

Hint: Never transfer funds from bank to Paypal account, it takes days. Let them auto debit it from your account when you pay. It does this automatically when your Paypal account is dry.

Good luck.

 

[bramfrank]

From a security perspective I would never link my Paypal account to a bank account directly or indirectly.

I have a credit card that provides (amonig it's other features) Purchase Security Insurance which will pay off if there is an issue with something I buy for any reason within 90 days (shipping loss included). There are exclusions - sporting goods are excluded, for example. But the insurance costs nothing and has paid off for me in the past.

Two more things that a credit card provides are the ability to challenge a debit in case I get scammed and Paypal decides to do one of it's well publicised 'we have your money and it's too bad' routines - you can do a chargeback when all else fails. And secondly, obviously, your banking information isn't out there in case they have a security breach.

Your liabillty with a credit card is limited and any issues can be resolved in case Paypal decides they don't want to listen - I had an issue with them last month where they snagged an extra $8.25 on a $75 transaction. I simply called Amex and after sending them a copy of the transaction documents they credited my account and debited Paypal.

 

[Bounce]

non-commercial PayPal accounts are limited to the types of transactions they can process that are done with only credit card backing. commercial accounts cost a fee for each transaction that often isn't justified for the low-volume rider wanting to occasionally sell something. keep this in mind if wanting to purchase something from an individual and wanting to speed up the transaction via PayPal instead of just mailing a check.

 

[LDRydr]

Here's how I work things. About 95% of my purchases made using PayPal I do with credit card, mainly because it's easier to resolve issues if I'm unhappy with a purchase, and I like to get the airline miles. However, paying with a credit card means the seller will incur the cost of the card discount fee, usually about 3%. For this reason, if I'm purchasing from a friend or fellow forum member (seems you can never have enough farkles) I'll pay them directly out of my checking account so they get the full price for the item they're selling.

Do unto others, good karma, etc. YMMV.

 

[Lowcountry Joe]

The first rule, if you don't want to lose your ass, is NEVER USE A DEBIT CARD FOR INTERNET PURCHASES!! Debit cards provide a direct link to your checking account, and in most states, are not protected against unauthorized withdrawals from the account. Think I'm kidding? Just ask your banker and you will get real sober real quick about the untended consequences of using a debit card. The debit card, in most states, do not have the same protections regarding fraud, return guarantees, and other rights legally attached to genuine credit cards. Debit cards are not credit cards. Clark Howard, the popular money talk show host, calls them "fake credit cards"...he hates them and he is right.

Many merchants that accept debit cards will put a "hold" on funds in YOUR checking account (that means you cant use those funds until the hold is released!) for an amount greater than your purchase amount, until what time the money for your purchase amount is transferred to their account. Why? Because they don't want you to spend that money until they can get it transferred. Why should a vendor trust that you have adequate funds in your checking account when many people bounce checks all the time? Why do you think that gas pumps and the Walmart checkout card-swiping machine asks you whether it's a debit or credit card? There IS a difference!

Use a real credit card for your Paypal account, and for any other internet or remote purchases. Limit the use of the debit card to local purchases.

And educate yourself on the difference!

 

[FJRBluesman]

Oh, BTW Paypal Hint2- My bank account with Paypal is only used for Paypal and never has more then a few dollars in it. I almost pay for everything via the plastic as they will stand behind buyers when a shady seller rips you off BTDT. That way if things go haywire, I'm only out a few $$. I would NEVER hook it up to my checking account for normal use.

When I've bought higher $$ items from forum members I just deposit the money to my bank, and do the transaction. Paypal sees my Paypal account is zero and they pull out the needed funds instantly, done. No worries, no hassles. Just sayin'