Why use PayPal?

[LiquidFlame]

Uh, no. There are lots of protections for the buyer, but the seller is pretty open.

An example: Someone hacks into another person's PayPal account and buys something using the account information. The seller sees the money show up in his account, and sends the item to the buyer. The money is taken from the hacked PayPal account. The real owner of the PayPal account sees the fraudulent transaction, and initiates a fraud claim. The money is then removed from the seller's account and returned to the hacked account. The seller now has no money and no item.

Ah, after some quick research you are right, the buyer is definitely more protected than the seller. However I feel like there are guards against the seller being s.o.l. with his/her item, depending on the item and shipping methods and whatnot. But could be wrong of course. I think don't PayPal would be a popular transaction medium if they didn't have SOME safeguards for the seller

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[serpent]

You actually do not. See the link below. "Send money to friends or family" is listed under "What's not covered with PayPal Purchase Protection."

https://www.paypal.com/us/webapps/mpp/paypal-safety-and-security

The credit card part I'm unsure of. There are a lot of companies with a lot of different rules so you may very well be able to dispute it that way, but I'm not well versed enough in that area to make any comments.

If you tell PP transaction was unauthorized they will refund your money if seller cannot provide signature receipt
I've had monies taken away that were received F&F. I was credited back once I provided them with shipping documents.
If funded by bank account, you can also go to your bank and tell them debit from PP was unauthorized. Bank will credit you.
CC is the same you will get instant credit and when seller cannot provide proof of signed delivery, credit will be permanent..
Unauthorized is always protected. (as per above link)
"If you report an unauthorized transaction problem within 60 days from the transaction date, we’ll investigate right away. You aren’t liable for unauthorized purchases made from your account."

 

[LiquidFlame]

If you tell PP transaction was unauthorized they will refund your money if seller cannot provide signature receipt
I've had monies taken away that were received F&F. I was credited back once I provided them with shipping documents.
If funded by bank account, you can also go to your bank and tell them debit from PP was unauthorized. Bank will credit you.
CC is the same you will get instant credit and when seller cannot provide proof of signed delivery, credit will be permanent..
Unauthorized is always protected. (as per above link)
"If you report an unauthorized transaction problem within 60 days from the transaction date, we’ll investigate right away. You aren’t liable for unauthorized purchases made from your account."

Ahh if its unauthorized, okay yeah I agree with that. I was talking about just a regular forum-purchase transaction. But if you say its unauthorized and the seller has proof then I imagine nothing will happen there.

 

[Arthonon]

One other data point I'll add here - I use a small credit union and they don't support Zelle, so PayPal is a usable option. I don't use it for personal money transfers, only business purchases.

 

[serpent]

The big problem with all of these services is a scammer can always get you for your money. Best way to lessen your exposure to being scammed is funding your purchase using a credit card. Or when buying online forget about forum bargains and only deal with big box companies.

 

[Bull Run]

So everyone knows, I attempted both methods.

Gift option requires sender to pay the $6 fee, Purchase option requires the receiver to pay the $6 fee.

I have had someone hack my bank account and send money with Zelle. I called my bank, made a claim and received my money back just as a debit card/Credit Card dispute. Why pay for something when you can get the same service for free...is it just because that is what you are used too or what?

Gift option doesn't charge a fee unless you're paying from a credit card (I guess using debit card as a CC counts here). This makes sense, otherwise, it'll be like doing a free cash advance from CC with PayPal eating the fees. Either way, I'd never pay a stranger using the gift option.

 

[LeagueRacing]

Tried linking my Capital One account but every time I would hit verify so that the process would begin it cleared the fields and acted as though I had entered nothing. I tried it 3 times and actually have my account and routing number on hand but nothing. I had to link my debit card as I don't use credit cards so this was the only way. I have a spending account which is my capital one, no way was I going to link my actual checking account to a third party company that has been hacked before (never happened with my bank).

And I get it, everyone has what they prefer, just like I am sure most stores prefer cash...yet they accept another form of payment as well. Just wanted to point out that there are several options with the same protections out there that do not charge a fee and are hosted and maintained by credible companies such as banks.

 

[Bull Run]

that do not charge a fee and are hosted and maintained by credible companies such as banks.

Not sure that your agenda is but did you just say that with a straight face? I used to bank with Wells Fargo and switched over to USAA because Wells Fargo nickel and dimed me with various fees, and this was before their misdeeds there published. I'd wish more people switched over to credit unions and similar institutions so these "credible" banks aren't declared too big to fail. I'd consider consumers using Zelle is akin to merchants accepting Amazon Pay consider what Amazon does to other merchants and retailers. And when did PayPal get hacked?

 

[LeagueRacing]

No agenda man, as if I had something to gain from individuals utilizing something other than PayPal?

The idea that a third party is just as safe as dealing with the bank directly has me dumbfounded as I cannot see how providing my personal information to a third party who does not already have my info is better than not having to provide any info to a entity as they already have my info...and money.

Regarding the hack PayPal user info has been exposed in the past, though not recently and I understand the struggles Wells Fargo has had...yet they are not the banks I have mentioned nor utilize therefore they were not in my consideration when typing my original thoughts. With that being said, it is safe to assume anyone can be hacked, so why go out of your way to provide additional information to a party when there is a more direct function that can be utilized without having to provide that personal information.

Again, just looking for insight that perhaps would have helped me better understand why this seems to be the medium of choice when preforming P2P transactions, that is all. Last time I had used PayPal was 2001 so it amazes me that this is still the preferred method.

 

[Bull Run]

Again, just looking for insight that perhaps would have helped me better understand why this seems to be the medium of choice when preforming P2P transactions, that is all. Last time I had used PayPal was 2001 so it amazes me that this is still the preferred method.

Obviously, I'm biased against banks as they left a bad taste and having some friends in the banking industry doesn't help either (they aren't happy but it pays the bills and others left). Granted, PayPal's also a for-profit company and thus I don't trust it 100% but I do trust it more than the banks (surveys shows that I'm not the only one). I don't keep much money on the PayPal account and use it as a barrier between the credit cards and merchants/sellers.

https://landor.com/news/landor-pulse-paypal-leads-trusted-financial-services-brand
https://www.fintech.finance/01-news...ation-than-banks-to-hold-their-personal-data/

 

[CCCP1999]

I never use it and buy and sell 50 or more telescopes a year and 100's of parts. I don't want any service having control of my bank account.

 

[KV Racing]

I stopped using Ebay when they tried to force everyone to use Paypal, which unless I am mistaken, they owned at that time and may still own. You had to pay Ebay to use their service, then had to pay them again to use their method of payment. Screw that. Like I said, things may have changed as I think the last time I bought anything from Ebay was around 2003 or so. I dont trust banks, but I trust "third" parties like Paypal even less.

 

[fiveoboy01]

Don't like it, don't use it...

PayPal has been around for a long time and is a commonly accepted means of transferring money between two parties and paying for goods and services without exposing sensitive information to the other party. Why you're shocked(or even care) that it's the standard is beyond me. Who cares? Use whatever you want.

 

[95CobraR]

I opened a PayPal account in 2018 to do some sales on eBay (silver and gold coin sales).

I closed it out 3 months later after I sold $500 of coins and netted $400 after fees (not including shipping). I started using a local gun selling site and may use this site. It is "highway robbery" to charge folks a 20% commission.

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