[Jewelry making - Article 00054] - Re: [Orchid] Experiences with Paypal - good or bad

[nutz4rox]

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    Be very cautious if opening a PayPal account to accept incoming
    payments...even after 5 years of selling on eBay with no problems
    (and accepting PayPal for over 80% of the payments), I do not
    recommend using it...especially as your only way to accept credit
    card payments. Here's why: 

    PayPal is NOT technically a bank or a credit card company, they are
    only a "processor" of funds, and as such, are not governed by
    standard banking/credit card rules, laws or organizations (they are
    not insured by the FDIC, etc). 

    What you read on the site 'paypalsucks dot com' are verifiable true
    stories, and could easily happen to anyone. 

    Once you open an account, to have it "verified", you MUST attach it
    to one of your bank accounts...and whether or not you immediately
    withdraw all funds from Paypal, in the event of a complaint or
    dispute by a customer, PayPal WILL TAKE THE FUNDS FROM YOUR BANK
    ACCOUNT and freeze them until they have resolved the dispute. And
    their word/decision is final...you have absolutely NO RECOURSE
    legally once they make a decision. 

    For example, let's say you sell an item for $1500.00, accept payment
    via PayPal and the buyer asks you to send to their mother for a
    Mother's Day gift...and then in a few days they file a complaint
    saying the item was never received. Even if you have proof of
    delivery, you have sent the item to an "PayPal unconfirmed address",
    and just by doing that, PayPal will (almost always) take the $1500.00
    from your PayPal account OR bank account, and hold it (for up to 6
    months, I believe) while they are 'researching'...and items sent to
    "unconfirmed PayPal address disputes" are vitually always settled in
    favor of the buyer. That may not be truly legal, but it is in "PayPal
    land"...and when you're in PayPal land, it's their rules that rule. 

    I am going to change our set up, and open a different bank account
    solely for PayPal usage and transactions. Then I can withdraw monies
    from PayPal either from an ATM or by getting a cash advance with my
    PayPal debit card, and immediately transfer them to my normal
    account at a different institution. (there's a $400 per day limit on
    cash withdrawals either way). I'm pretty sure that 'system'
    would/will prevent them from taking back whatever monies may be
    disputed. 

    Be cautious and very careful...it's a jungle out there. 

    Rock ON! 

Kristi
RK Studios

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