PAYPAL --GREAT WAY TO MOVE MONEY
Written: Oct 27 '00 (Updated Mar 23 '01)
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Product Rating:
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Pros: fast, safe money transfers (when things are going well!)
Cons: does not accept all credit cards, site can be unpredictable, inept customer service
The Bottom Line: Paypal is the best internet money transfer service, even though there is definite room for service improvements.
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| tbrown's Full Review: PayPal |
I was introduced to Paypal.com after I joined the ill-fated X.com Bank. I tried X.com because they were giving a lot of incentives for opening an account, such as debit cards and referral bonuses. X.com became an instant hit and, soon after X.com's explosive success, they acquired Paypal, the largest online bill payment service.
In the beginning, I used Paypal to transfer small amounts for refunding trades, etc. When I started my involvement with internet surfing-for-pay, I found that some companies, like Cashmap.com, had begun using Paypal as a more convenient method for paying web-surfers. This was a great idea, eliminating the need to send out traditional paper checks and having wait until the checks arrived.
After writing some articles for another site, WriteforCash.com, I found that signing up for Paypal was required. Apparently they felt that this was the best way to make payment. It has turned out to be a great move. Each month whatever money I have earned is in my account on the date expected and I have no problem transferring that money to my checking account. The transfer to my checking account usually took only three days, although Paypal says that the transfers can take from three to five days. I have never had a problem with this service and have received prompt and accurate payments.
The Paypal system is really very simple. Sign-up is free. All you need is a valid email account and a credit card number. You may use a credit card to transfer money as well as those funds in your Paypal account. Multiple credit cards may be entered as well. The only credit cards accepted are Visa and Mastercard, which could present a problem if you only have Discovercard or American Express.
If you wish to have money transferred to a bank account, you must register your bank account number with them. You will need to enter your bank account number and routing number. Verifying your bank account takes a few days since Paypal will deposit two small amounts into your account to verify its existence and to prevent fraud. When these amounts are recorded in your account (in my case, 33 and 34 cents), you then log-in to the Paypal site and type in the deposited amounts. Your account is then given the "verified" label and you can transfer money from your Paypal account to your bank or vice-versa. You can also enter information on more than one bank account if you like.
Paypal can also be used by those who participate in auctions. I have never used this, but Paypal has a fraud-protection feature to insure those who choose to pay for auction merchandise through them. Auction sales are protected up to $5000 if a "verified" Paypal member does not deliver goods that have been paid-for. When sending an order of payment--whether by check, credit card or Paypal funds--there is a section on the screen which will alert the buyer to the seller's status. If a buyer pays a seller who is not "verified", the fraud protection feature will not apply.
So far, all of Paypal's services are free to those with personal accounts, except that there is a fee when the amount of credit card payments exceeds $500 in six months. Business accounts are assessed small fees depending upon the amounts transferred.
Paypal recently expanded its operations to include users from Canada and over twenty other countries outside the United States. International users must register a debit or credit card to fund payments to accounts. The procedure is basically the same as in the United States for signing up. Two deposits are made to the credit or debit card account and, after they are verified by the user and entered into the Paypal website, the account is opened.
Accounts are assessed a charge on funds coming into or going out of the Paypal system from sources outside the United States. There are also special plans for international business accounts. International accounts are not currently covered by the Paypal Buyer and Seller Policy for fraud protection, although Paypal promises this protection to international users in the near future. I have read some complaints that the Paypal international service leaves something to be desired.
I feel that the Paypal is a very good service for those who have a need to transfer money often over the internet in a safe, secure environment. The site can be somewhat slow and unpredictable during high traffic times, it is still a good service and great idea overall. Although its connection with the now defunct X.com Bank does not help the Paypal reputation, I still use the service often and will continue to do so.
Recommended:
Yes
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Epinions.com ID:
tbrown
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Location: USA
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