FedExed Money Order is Faster+Cheaper Than Paypal.
Written: Jan 31 '02
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Pros: Benefits to a buyer on eBay are the ability to make fast credit card payments.
Cons: Paypal charges high fee and deposits into your bank account are too slow.
The Bottom Line: Faster+cheaper to have eBay buyer overnight a cashier's check. Paypal earns interest on $$ in your Paypal account-so it's to their advantage NOT to deposit $$ quickly into your bank.
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| alison12's Full Review: PayPal |
Pros: Great for purchasing items on eBay.com
Cons: Not so great for sellers on eBay.com
My experience with Paypal occurred this past January when I was selling an item on eBay.com. The auction closed on my item and I contacted the highest bidder to congratulate him. The payment methods I had listed were (1) money order and (2) cashier's check.
My buyer immediately tells me of this great service called Paypal. He says it is very convenient and I'll have the money quickly. I think, "Why Not?"
I go to Paypal and do the following:
1. Login and registration
2. Give them my bank account number to deposit the funds
3. Activate the Paypal logo on all future eBay.com auctions as a payment method
4. Validate my email address
Now...I go back to my buyer and give him my Paypal ID so he can make a credit card payment. He does...but it doesn't show up for an entire day. When the payment finally shows up, my account has been charged a $50 fee. I was upset about the fee. It costs way too much to use Paypal!
Next, I'm told that Paypal will make 2 small deposits into my banking account, I validate these with the Paypal site...then they deposit the money. It takes a week for this validation to occur!!! Meanwhile, Paypal is earning interest off the money in my Paypal account while I'm waiting angrily for my cash to get deposited!
Paypal also asks personal information that they do NOT need: social security number, specifically. I think we've all heard the dangers of "stolen identity" and social security number is the PRIMARY way its pulled off. So I was really upset about having to give out this information. It wasn't necessary to identify me as the owner of the account.
In the end, I would have been better off making the buyer pay with a money order/cashier's check. I would have gotten my money faster, I would not have been charged the service fee of $50, and I would not have had to give out my social security to anyone but eBay. Now there are 2 sites with my SS# and this makes me feel very uncomfortable.
All in all, I think the Paypal service is overrated and a waste of money. I will not be using it again.
Recommended:
No
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Epinions.com ID:
alison12
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Location: Memphis TN
Reviews written: 13
Trusted by: 1 member
About Me:
Hello from Memphis!
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