Hey PayPal, I am not a business, just a regular consumer needing to accept a down payment for a car I sold on ebay. Paypal is very business-centric when it come to accepting payments. Not all of us are businesses.
(Actually, I do own a business, but there is no way I would involve paypal in it in ANY way.)
Paypal wants us all to "GET VERIFIED". To do this, they want youe creidt card number, bank account number, SSN, address, etc. If you feel safe in doing this, then right ahead.
So I accepted the $1500 for a down payment on a car that I sold on ebay for $17,000. Paypal has some limit of $500 for some reason for issuing a check to me. So, to get my money, I have to RE-VERIFY my PayPal account via a credit card I been using for many years for many, many purchases.
To complete this "verification" process, they want to bill me $1.95 on my card to "test" it and provide me with the code. (Wanting me to wait until my credit card statement arrives!) Once I check my statement, I go back to the PayPal website to punch in the code, etc. to request the check for the $1500.00 minus the fees of course. Then, they say it takes up to TWO weeks.
It looks as though paypal likes to hold the transaction funds to gain what little interest they can. With millions of transactions, this can add up I'm sure. With the addition of their fees per transaction, they appear to be making good money.
(BTW, They do not have my bank account number, so why don't they simply default to sending me a check? Why di I have to ask for it?)
Here's my opinion: PayPal is hoping that old people will sell stuff and accept paypal payment. Knowing it is difficult to get paid from PayPal, the old people run into trouble and forget to collect. Or worse yet, they die!
I hope that a big player like Wells Fargo gets into this business and puts PayPal out of their misery!
I hate Paypal. This was my LAST transaction. Why did I sign up in the first place? I don't need PayPal. Especially since they make it so hard to get paid. For purchases, I have credit cards. That's all I need.
