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Being verified on PayPal
Thread poster: Can Altinbay

Can Altinbay  Identity Verified
Local time: 06:20
Japanese to English
+ ...
May 28, 2005

I have a business account with PayPal and I like how easy it is for people to pay me through it. PayPal encourages its members to get "verified" by disclosing your bank account to them.

Does anyone have experience with this? Is it good to do? Are there disadvantages I need to be aware of? Any input is appreciated.


[Edited at 2005-05-28 05:29]


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Rafa Lombardino
United States
Local time: 03:20
Member (2005)
English to Portuguese
+ ...
Definitely great May 28, 2005

If you verify your bank account with PayPal, they'll depoit two small amounts (cents of dollars) into your account to make sure that you're disclosing the right information and that it's all gonna be smooth for your future payments. I've done it and, after checking with my bank through the online statement, I went back to PayPal.com and typed in how much they had transferred to my account during this "test". This way, they establish this connection between your PayPal account and your bank account, allowing you to transfer the money your clients deposit into your PayPal account to your "real" bank account. It's fast, it's easy, and there's NO FEES for this transfer!

Just out of curiosity, how've you been doing so far? Requesting checks to be made out to you? Anyway, I've only used this system (PayPal transfer into bank account) and it's really great, fast, safe, and realiable!

Good luck!


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Williamson  Identity Verified
United Kingdom
Local time: 10:20
Flemish to English
+ ...
Watch out for spoof May 28, 2005

A regular times, you will get emails from a Paypal alike, who will ask you to reveal all your data. Actually, these mails do not emanate from Paypal, but from a fraudster.
So, be careful with such mails.
With regard to paypal: Because a client paid with a credit-card they forced me into a Premier account if I wanted to get paid immediately. A premier account will cost you a hefty 3,5%+ charges to transfer the money to your bank-account. With moneybookers, it costs less. That is one of the reasons why I don't use paypal that much.


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xxxsarahl
Local time: 03:20
English to French
+ ...
Business vs personal May 28, 2005

Hi Can

If you have a business paypal account, you can receive credit card payments, but on the down side you have to pay a fee for every payment you receive.

If your clients use their paypal accounts to pay you, not their credit card, you may want to switch to a basic account. There is not charge to receive or send payments. However, you won't be able to receive credit card payments, and you can only withdraw $500 a month to your account.

FWIW

Sarah


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Claudia Iglesias  Identity Verified
Chile
Local time: 07:20
Member (2002)
Spanish to French
+ ...
Agree with Rafaela May 28, 2005

I'm also very satisfied with that service.
As soon as I get some money paid into my PayPal account I ask to have it transferred into my Bank account (this way my PayPal account is always empty). Receiving money from a credit card has a fee, it's true, but everything cannot be free either...I appreciate the fact that everything is done in real time. Transferring to my bank is free.

I had to try the other way recently, I had to pay somebody and thought that I would have to use my credit card, but as my account is verified they process the payment directly from the bank account, it's like they have a permanent signed voucher. Trust is needed!

No disadvantage known until now.

Claudia


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Can Altinbay  Identity Verified
Local time: 06:20
Japanese to English
+ ...
TOPIC STARTER
I just started, so... May 28, 2005

Rafaela Lombardino wrote:

It's fast, it's easy, and there's NO FEES for this transfer!

Just out of curiosity, how've you been doing so far? Requesting checks to be made out to you? Anyway, I've only used this system (PayPal transfer into bank account) and it's really great, fast, safe, and realiable!

Good luck!


...I have had funds transferred to PayPal and going Platinum depleted my funds. Now I have been paid for a large job, and I need to start thinking about getting that money into the real world. I think PayPal transfers your moeny to a bank for free even if you are not verified, but I have this feeling things might be easier. On the other hand,you're giving your bank information to PayPal. So I wanted to get any experience people have had.


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Can Altinbay  Identity Verified
Local time: 06:20
Japanese to English
+ ...
TOPIC STARTER
Fake e-mail May 28, 2005

Williamson wrote:

A regular times, you will get emails from a Paypal alike, who will ask you to reveal all your data. Actually, these mails do not emanate from Paypal, but from a fraudster.
So, be careful with such mails.
With regard to paypal: Because a client paid with a credit-card they forced me into a Premier account if I wanted to get paid immediately. A premier account will cost you a hefty 3,5%+ charges to transfer the money to your bank-account. With moneybookers, it costs less. That is one of the reasons why I don't use paypal that much.



You're right. You get these "form" other parties as well. My favorites are those "from earthlink" that threaten to cancel my account if I don't provide key information. I'm not the owner of that account, I just have an e-mail account on it, so it's totally ludicrous.


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Can Altinbay  Identity Verified
Local time: 06:20
Japanese to English
+ ...
TOPIC STARTER
I'll have to check May 28, 2005

Claudia Iglesias wrote:

I'm also very satisfied with that service.
As soon as I get some money paid into my PayPal account I ask to have it transferred into my Bank account (this way my PayPal account is always empty). Receiving money from a credit card has a fee, it's true, but everything cannot be free either...I appreciate the fact that everything is done in real time. Transferring to my bank is free.

I had to try the other way recently, I had to pay somebody and thought that I would have to use my credit card, but as my account is verified they process the payment directly from the bank account, it's like they have a permanent signed voucher. Trust is needed!

No disadvantage known until now.

Claudia




I'd rather they took the money from my credit card even if I'm verified. I don't know how that works, so I'll have to check.

Thanks for the information.

There's actually a whole Web site of PayPal haters, which I want to check, too.


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Jack Doughty  Identity Verified
United Kingdom
Local time: 10:20
Member (2000)
Russian to English
+ ...
PaypalSucks May 29, 2005

You refer to a Paypal-hating website but it's not clear if you already know where it is. If not, try
www.paypalsucks.com/
I tried Paypal at one time but found it very complicated, particularly for people based in the UK. I now prefer Moneybookers, but that is UK-based so I'm not sure how it words for the USA.


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