Posted 9/15/2020 22:28 (#8498087 - in reply to #8497724) Subject: RE: Paypal
dko_scOH - 9/15/2020 19:51
Some interesting information in this thread. AgTalk has used PayPal in the past without incident. I have a new PayPal account set up, but not yet linked to the AgTalk bank account. My bank requires a $100 minimum balance in a standard checking account. Guess I could set up a new account that does nothing but receive PayPal funds and withdraw proceeds every day, and leave $101 in it between fundraisers.
Is there a better company to work with for payments? Maybe di it all by personal check, instead? (In the past, funds from PayPal ran ahead of personal checks by about 30 or 50 to 1.)
As long as you're comfortable with the 2.9% plus 0.30 processing fees that you'll be charged (funds received from outside the U.S. will cost a bit more) on each transaction, Paypal is as good a choice as any other in my opinion.
I've had a business account with them for a very long time, like any processor they have their quirks but lax security is not one of them. A properly secured account is as safe with them as any account anywhere can be these days.
Just as with other companies, sudden pattern changes are likely to get the account frozen until the account holder proves they are who they're claiming to be. If this happens, the process to regain access to funds can be quite rigorous. It's not a good idea to ignore direct requests from them to provide certain documents for identity confirmation, when I say direct requests I'm speaking of warnings that pop-up while logged into the account.
Of course account holders do eventually find themselves targeted by email scammers trying to steal accounts, the defence against those tactics is simple, don't respond to, or follow links found in email or associated with any website, period. Direct logon only.
If total annual payments cross certain thresholds the company is obligated to notify the proper tax authority, I have a Canadian account so I don't know what the relevant tax form would be in the U.S.
Keep in mind there are two different types of account available, Personal and Business, each with differing TOS. Paypal holds a certain appeal for some because of the somewhat unique ability to hold balances in multiple currencies within a single account, it can be useful to have euros or loonies or USD to spend.
As for the negative comments, I don't think most commenting here understand how payment processors in general operate and in particular what can and cannot be done with their Paypal accounts, it's not Craigslist where sellers can just grab customer payments and run!