Pp alternatives for buying and selling?

[Tarsun2]

Zelle/chase quickpay
Venmo/paypal

[glaman5266]

I can see the appeal but as a small business entrepreneur I am making decisions I have to live with. To tell someone who has given you revenue for over 15 years and never ripped anyone off that policy is that the funds are held, just doesn’t work for me personally.

If I have a customer of 17 years and I take a day out of the blue to finally start questioning their word, with no evidence mind you, I probably won’t keep that client .

Unfortunately, it's the way PayPal (and bigger businesses in general) operate these days. None of them respect an honest, long-time customer. The same can be said for many bigger employers today. They do what's best for them & the honest people don't matter. It bothers me too.

That said, I'm not throwing in the towel on PP just yet. PP only holds my funds for maybe 2-3 days at the most, and maybe once I sell off a few higher dollar items I will quit using it. Especially now with 1099-K forms being a thing. I have no issue with going back to money orders for items of lesser value. This is just a crapshoot for any honest person.

[Trbo323]

I'm confused, why was PayPal taking the $17 fee a problem?

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[P.I.C.T. Tactical]

I'm confused, why was PayPal taking the $17 fee a problem?

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As a seller they’re taking $17 and holding the difference while I’m expected to mail something out of pocket and PayPal will eventually release the funds to me. My problem is I’ve been doing business with him for a long time and I don’t agree to that. My business is growing as fast as I can possibly buy land and keep up with the demand I offer in person security consultations close protection detail as well as hourly instruction. None of that requires any kind of third-party service so I simply don’t have a use for PayPal.

Add to that I am not interested in calling Bangladesh and arguing as well as waiting on hold every time someone tries to pay me over $500 for my services .

Paypal has its place I just have no use for them personally. The significance of the $17 was that they were going to doubt my word, hold my funds and take the money off the top. For a company that goes out of their way not to support Americans, they just don’t need my revenue.

[P.I.C.T. Tactical]

-Basically this.

The big trick you have to keep in mind is that everyone tries to scam PayPal. I don't mean customers, though there's a lot of them, too- I mean hackers and professional crooks.

PayPal handles billions of dollars a day- each day, every day. That's a huge and juicy target.

I have no doubt that PayPal undergoes literally hundreds of thousands of break-in attempts every single day, hackers looking for loopholes, exploits, back doors, poor passwords, you name it. There's also professional crooks, money-launderers, drug dealers, fraudsters and lists and lists of others, trying do do anything as simple as just convince you to send them $40 for an item that doesn't exist, to trying to sell an empty PS5 box 200 times before they get caught.

When they're putting your funds on hold, that means they have some reason to believe one of the parties in the transaction may not be entirely legit. Or they're just being careful to ensure they ARE both legit.

Yes, it's annoying at times, but what would be more annoying is for more and more of those crooks to get away with their scams.

Doc.

Therein lies my real point. To this day when a company doesn’t give you an instantaneous refund let me tell you what they’re doing with your money, making interest on it . So after like 17 years of using PayPal I login and there’s a whole new section on them holding peoples funds. So why would a multibillion dollar company need to hold my $500 after 17 years of giving them my revenue continually? To make interest on it of course. So the only thing they were missing was a reason to hold my $$ weeks at a time which I see they came up with and conveniently put a whole section on their website for when customers don’t like it.

I was using them for a number of subscriptions and other things for years because it was easier than taking the time to add my debit card on these different accounts. But this latest one with them was more than enough to push me from using their services again.

[Toestr]

Therein lies my real point. To this day when a company doesn’t give you an instantaneous refund let me tell you what they’re doing with your money, making interest on it . So after like 17 years of using PayPal I login and there’s a whole new section on them holding peoples funds. So why would a multibillion dollar company need to hold my $500 after 17 years of giving them my revenue continually? To make interest on it of course. So the only thing they were missing was a reason to hold my $$ weeks at a time which I see they came up with and conveniently put a whole section on their website for when customers don’t like it.

I was using them for a number of subscriptions and other things for years because it was easier than taking the time to add my debit card on these different accounts. But this latest one with them was more than enough to push me from using their services again.

Once I was buying something and the seller gave me the wrong email address. The seller caught it the next day so I cancelled the payment. The address that I sent it to didn't even exist. I sent a payment to the correct address thinking all was good.

I had paid with my bank account through PayPal, which takes a few days to come out. So a few days later I see the funds come out and I think all is good. The next day that amount is taken out again! It caused that account to go into overdraft! Well it turns out that PayPal takes money out of your account regardless of if the transaction is cancelled (and it was literally impossible for it to go through) and holds it for a week+ before returning it! I ended up getting the overdraft charge dropped by the bank but it will probably still show up in my credit rating! Complete BS.

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[DocsMachine]

So why would a multibillion dollar company need to hold my $500 after 17 years of giving them my revenue continually? To make interest on it of course.

-Believe what you want, I suspect I'm not going to change your mind. But that's not the case.

Yes, certainly they make interest on it. That's one of the ways PayPal- or any bank or financial institution, really- makes a profit.

But doing it intentionally? No, sorry. Believe what you will about an "evil, faceless corporation", but putting unnecessary holds on funds is poor customer service. PayPal is still king of the hill, but there's plenty of competition to keep them from being able to do things like that just because they can get away with it.

And, speaking personally, I make and receive a couple thousand PayPal transactions a year- fewer now that eBay has their own in-house system, but still a bunch.

I haven't had a 'hold' in years. If they were doing it intentionally and at random, I'd have had dozens by now.

No, "holds" are because something in that transaction- time, date, locations, customers, whatever- "flagged" it as possible fraud. And as noted earlier, personally, I'd much rather have the inconvenience of waiting a couple extra days, over having lost it entirely.

Doc.

[Trbo323]

No, "holds" are because something in that transaction- time, date, locations, customers, whatever- "flagged" it as possible fraud. And as noted earlier, personally, I'd much rather have the inconvenience of waiting a couple extra days, over having lost it entirely.

Doc.

This,

Unless I'm mistaken, you are not obligated to send product until money hits your account, if your buyer has a separate physical address from the shipping address this can cause a flag

I've actually been with PayPal much longer than you (which btw, idk why that's such a thing for you, you mention it in almost every post, it's not like you hit 15 years and suddenly get a golden ticket to do whatever you want or never have anything flagged) and I had a transaction flagged last month. Buddy of mine was giving me some money as a birthday gift so I could buy a barrel kit. So he sent it "friends and family" but in the memo put "for paintball barrel". PP flagged it because it looks like I'm selling something and trying to avoid fees

So I called, phone wasn't much help but rather than flip the table and rage quit I did some reading, found out that PayPal will only hold the money for X amount of time at a maximum(I don't remember what it was) and then I had a little patience. Money came into my account a few days later

You do realize that the person who lost out the most in this was your buyer right?

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[zinger565]

I've ran into the opposite. Was buying a Gen-E matrix, sent the money, and it got put on hold. Sell showed me a screencap that basically said the funds would be on hold until the product was delivered (either by me, the buyer, manually acknowledging delivery, or by the seller uploading a tracking number). Either way, dude wasn't going to get his cash until product was delivered. So we agreed to refund, wait a week, and try again. Worked fine the second time.

[zinger565]

Ran into an interesting conundrum yesterday. I was going to get a few parts off of Facebook, and the seller insisted on Friends'n'Family. I told him no, but I'd cover fees. He said that he was already over the "$600 paypal tax limit" and would sell to someone else. I have no idea what this "tax limit" is, but whatever.

His loss, I'm not F&F anything anymore, even for some inexpensive parts. Hell, I'll cover fees if I have to, but I'm not giving up my only protection as a buyer.

[minionPB]

Ran into an interesting conundrum yesterday. I was going to get a few parts off of Facebook, and the seller insisted on Friends'n'Family. I told him no, but I'd cover fees. He said that he was already over the "$600 paypal tax limit" and would sell to someone else. I have no idea what this "tax limit" is, but whatever.

His loss, I'm not F&F anything anymore, even for some inexpensive parts. Hell, I'll cover fees if I have to, but I'm not giving up my only protection as a buyer.

That seller is referring to new IRS reporting requirements for annual transactions exceeding $600. Requirements apply to all the major monetary players (PayPal, ebay, etsy, etc).

This ebay announcement is a good overview.

[scottieb]

I have a question regarding money orders. What protection does a buyer have when paying via money order?

[Trbo323]

Ran into an interesting conundrum yesterday. I was going to get a few parts off of Facebook, and the seller insisted on Friends'n'Family. I told him no, but I'd cover fees. He said that he was already over the "$600 paypal tax limit" and would sell to someone else. I have no idea what this "tax limit" is, but whatever.

His loss, I'm not F&F anything anymore, even for some inexpensive parts. Hell, I'll cover fees if I have to, but I'm not giving up my only protection as a buyer.

Came in as part of the stimulus checks. The reality is it probably would have happened eventually anyway. With so many people buying online the IRS was bound to figure out a way to tax it eventually

Probably a good thing you said no to that guy, depending on the amount, an extra dollar or two would have covered his taxes on the transaction so the fact that he didn't even ask or just factor it into his price is a little telling

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[DocsMachine]

I have a question regarding money orders. What protection does a buyer have when paying via money order?

-Virtually none. You can ask the PO to check to see if it's been cashed, but unless it was deposited, there's no way to track who cashed it.

Doc.