[Dick Boneske]

PayPal has become the most convenient way to buy parts and sell parts, whether online or otherwise. If you use "friends & family", there are no fees--and the payment is instant rather than waiting for a check in the mail and then waiting to see if it's good after you deposit it.

My first question is interest. I remember when PayPal paid interest based on your account balance. Looking at my account today, I see no evidence that they're paying interest. What do you know about that?

My second question is about security. Is there protection from someone hacking your account to take money? I realize there are instances of hackers stealing people's money from their bank savings or checking accounts, but this could happen with PayPal, also.

I'm sure most of us on this board use PayPal. Knowing about the risks and rewards will help us all.

[cdrookie]

I didn't know PayPal ever paid interest on your account balance? I didn't join it when it was first introduced though. I see no benefit to leaving money in your PayPal account anyways. I transfer it directly to my bank account as soon as money is sent to me. If PayPal freezes your account due to a dispute, you can't get at the money, and they can take it out if the rule against you. Friends and family isn't a good way to purchase parts, you have no way to dispute the purchase if it doesn't show or is damaged/misrepresented. Hackers can get into anything if they're good enough and there's plenty of email scams wanting you to log into PayPal from a link, so it's possible to have your account wiped out, another reason to have a 0 balance.

[tom s]

I don't take PayPal just pay with it.Tom

[Half-Inch Stud]

Been secure so far. Not seen interest.

I have NOT figured out how to transfer my Positive Paypal Balance to my bank account. Card and Bank account are linked but seems there is not button to do it . Is it the IPad and i have to use a PC?

[Old Goat 67]

Never had a problem with Paypal, but then again I never leave money in it!

Google Wallet works better for me, when someone sends me money, it goes directly into my bank account.

[Dick Boneske]

If you pay or receive payment by check or cash, there is no way to dispute the purchase, either. I am not aware that ANY method of payment (other than eBay transactions which costs 10%) gives you an effective way to dispute a purchase.

Since I began this post, I've found out that PayPal did pay interest at one time, but stopped about 2011.

I just sold a part for several thousand dollars to someone in Australia. He paid instantly when I texted the invoice. There was no worry about currency adjustments or a question of whether the money was actually in my account.

Checks, Google Pay, Apple Pay all have similar risks to PayPal. Every time I receive a check for payment, I'm unsure of when it's safe to ship the part in case the check is no good.

When we buy or sell car parts or cars, there is no 100% secure way to protect both parties. To me, the convenience and universal availability of PayPal makes it the best way to pay or be paid.

Anyone have a better idea?

Originally Posted by cdrookie

I didn't know PayPal ever paid interest on your account balance? I didn't join it when it was first introduced though. I see no benefit to leaving money in your PayPal account anyways. I transfer it directly to my bank account as soon as money is sent to me. If PayPal freezes your account due to a dispute, you can't get at the money, and they can take it out if the rule against you. Friends and family isn't a good way to purchase parts, you have no way to dispute the purchase if it doesn't show or is damaged/misrepresented. Hackers can get into anything if they're good enough and there's plenty of email scams wanting you to log into PayPal from a link, so it's possible to have your account wiped out, another reason to have a 0 balance.

[Murf]

If you use friends and family , I believe you have no protection from PayPal. For what it's worth.

Sent from my Z936L using Tapatalk

[cdrookie]

HIS,

Not sure about an iPad, but on my mac laptop:

Log in
Click on "move and manage money" on the right hand side of the screen below the header
On the left hand side of the screen in the "PayPal balance" block, click "transfer to your bank"

[cdrookie]

I agree that check/cash and "friends and family" offer no protection. PayPal has the advantage of offering a limited amount of protection. M/O suppose to offer protection but it might take forever and you might not agree with the end result. I now always use PayPal and use a credit card to pay for items, that way if PayPal can't refund my money, the CC company will cancel the order. I can't recall ever being burned by sending a M/O, but in 2005 I had trouble cashing one for $500 because of a rash of counterfeit USPS M/O's. I have been burned twice for paying with cash on PayPal.

[Half-Inch Stud]

Originally Posted by cdrookie

HIS,

Not sure about an iPad, but on my mac laptop: Log in
Click on "move and manage money" on the right hand side of the screen below the header
On the left hand side of the screen in the "PayPal balance" block, click "transfer to your bank"

cdrookie thanks HIS

[GTOLiam]

Originally Posted by cdrookie

I now always use PayPal and use a credit card to pay for items, that way if PayPal can't refund my money, the CC company will cancel the order.

This... I've had hundreds of transactions without any issues this way

[Half-Inch Stud]

Originally Posted by Half-Inch Stud

cdrookie thanks HIS

Just tried that. Is what i've tried before and doesn't go past the Card vs Bank choice Window on IPad. Will have to try on PC or Macbook Pro.

[tom s]

Dick,I take checks and ship the item when the check clears.I pay by PayPal on eBay as they 99.9 percent of the time take the buyers position.Tom

[tooski]

If you use 'Friends and Family' the money sender (buyer) has to pay the transaction fee instead of the money receiver (seller), and there is no recourse if the transaction goes bad.

[Drag Star Le Mans]

My PayPal is locked I'm having a hard time getting it back up.

[Andre]

I've used Paypal to buy and pay for stuff for many years.. Maybe 18 years? My method is that every time it gets over $4000, I transfer $1000 to my bank. Its unlikely that I will buy anything over $3000 is my thought.
My only heartache was when I was completing too many sales. I forget the $$ amount. Maybe $20,000 or $25,000/year, then they wanted my SSN for IRS purposes.

[TAKerry]

I have always been afraid/paranoid of paypal for hacking reasons. Whenever I buy I always send a usps mo. Never any problems and I insist that the seller wait until they have the cash in hand before they ship. Has always worked well for me, but I'm an honest guy. I don't sell parts though. I have a "square" for my business. I do not use it very often but the only fee is a percentage of the transaction. No other user fees. If I were to sell something online I can easily manually enter a cc no. with a phone call from the buyer. I opened a separate bank account and keep a little bit in thats just for the square account. I figure I can limit the amount of exposure that way. Its basically for my own piece of mind, I know there are people out there that can hack anything else.

[tiretread]

Used PP for years with no issues. Had a problem when I bought some items that were never sent. PP got my $$$ back to me almost immediately. I was actually surprised. If I sold a lot of items online, I would be hesitant to use PP because, as mentioned before, they almost always take the buyers side to the detriment of the seller.

[unruhjonny]

I've been using PP for nearly twenty years now... sheesh does time ever fly!!

I intentionally never setup my PP account to be able to access my bank account - I believe the biggest risk is when they are linked.

I am hesitant to use 'family and friends' unless it is actually family or friends - as mentioned earlier, you have ZERO protection when using that - otherwise if you don't receive your item, you can dispute it, and get a refund.

[cduster]

Originally Posted by tooski

If you use 'Friends and Family' the money sender (buyer) has to pay the transaction fee instead of the money receiver (seller), and there is no recourse if the transaction goes bad.

Only if you are using pp credit for funding. If you use your checking account there is no fee on the buyers end either.