Why do so many sellers not take Paypal??
Choker
Posts: 8
I have noticed that most sites do not accept paypal for coin purchases. Is this because of the paypal fees or the way Paypal allows anyone to charge back so easy?
0
Comments
Gotta love them Mercs
Most sellers are great people, but a few are not. If they don't take Paypal (mind you, this is the exception, NOT the norm), it can mean that they don't want the buyer to be able to get their money back if not satisfied. I am NOT indicating that people that don't take Paypal are not good people/sellers, just that a few rotten apples do this to be, well, rotten apples.
I think that Paypal typically pays for itself on my auctions due to the increases in bids. Some auctions, though, it eats every cent of profit I make.
The PayPal merchant fees are roughly the same as a mail order credit card merchant account without the high set-up fees and monthly maintenance fees. PayPal also has excellent fraud protection (when you ship to the buyer's "confirmed address").
Silver Eagle Coin Company Website
Silver Chinese Pandas, Canadian Maple Leafs, Australian Kookaburras, Mexican Libertads, and Austrian Philharmonics NOW AVAILABLE at Excellent Prices!
Not only do they charge an arm and a leg, they're weasels who will freeze your account and hold your funds hostage any time they want.
My posts viewed
since 8/1/6
<< <i>Keep a personal PeePal account only and don't take credit cards. >>
That's what I do.
Russ, NCNE
For dealers, it should be even more dramatic. The key thing about PayPal versus check/MO is that it's faster. One of the tenets of financial planning is that money now is better than money later. Faster money means you can buy more inventory and sell more coins, resulting in even higher profits.
<< <i>Go to paypalsucks.com and read some interesting stories about paypal. >>
Do note that that site was set up by a competitor of PayPal's. It's more than a little biased.
W.C. Fields
As a seller, I grudgingly pay the fees associated with the convience. You get your money imediatly... not three to seven days... you get it now. The best part is, you know the funds are good. You dont have to worry about anything clearing or bouncing. I also am convenced that my accepting pay-pal increases my sells. So in essence, I think it pays for it's self.
I do think the $.30 standard fee should be changed from paid by the seller, to the buyer, however. After all, that's still cheaper than the stamp that it would otherwise cost them to send payment. I generally buy more than I sell, however. So I guess I'm on the possitive there.
David
<< <i>I have passed on MANY coins because the seller wouldnt take pay-pal. >>
I would encourage all bidders to do this. The more who do, the more bargains for me.
Russ, NCNE
I liked PayPal and preferred it to Ebay's old BillPoint system. BillPoint was the worst if you were the seller. There was basically no fraud protection for the seller. I have even had one person try to do a chargeback on their credit card several months after the auction. I guess they thought they could keep the coin and their money! That person said they were a forum member but they never told me their board name.
I don't wonder why!
Now that Ebay has purchased PayPal I already see things changing for the worse, like charging the buyer for the purchase protection. That used to be included for no charge. I still think they are the still best thing going unless they change it again.
Usually when you see where the seller will not accept credit cards it means the seller only uses a private PayPal account to avoid paying the extra fees. There also used to be obligations the seller had to meet with the PayPal business account. One of these was to accept returns for thirty days but I haven't read the small print lately to see if that is still the case?
Larry
Dabigkahuna
John Dillie
eBay Power Seller (done without PayPal)
My eBay About Me page DenverCoin on eBay
I sold a guy about $15,000 worth of coins. He sends the money to me through paypal. Paypal then freezes my account. No explanation. No meaningful response to my emails, just canned responses that get me no closer to resolving the issue or giving me even a general time frame on when the money will be unfrozen. Of course, the buyer is thinking...."and this is my problem?????...i sent you the money....they sucked it out of my bank account.....NOW SEND ME THE COINS!....OR I'LL NEG YOU!"
I could probably have gotton a human on the phone eventually but who wants to be on hold for two weeks? And if things would have been consistent with Paypal, the human who would have gotton on the phone would have been incompetent and/or impotent.
So, screw me once, fine. Why would i want to let them screw me twice?
Paypal sucks.
adrian
Not one.
adrian
their darn site sux too!
Here is the link to downgrade the account. It will take a couple days to get a response, and the response will be 90% why you shouldn't do it, than you'll have to request it again, than a couple days later it'll be done.
Russ, NCNE
but....banks and near banks have new laws requiring them to "know" their customers
<< <i>I rarely accept PayPal as a seller because I don't want to link anything up to my bank account. I also think the fees are somewhat excessive at times as well. Also, if I'm not going to purchase anything for a while on ebay, it's impossible to get your money from the account. >>
Impossible? Not at all -- just transfer the money to your linked account. You say you don't want to link it to your bank account? Simple -- just open a new bank account for PayPal purposes only.
BTW, the paranoia about linking to a bank account is basically unfounded. I presume you write checks -- and that you know that everyone you've ever written a check to has your bank account number.
If we were selling jewelry at 100% mark-up, I won’t be upset with Paypal, but we are not. We are selling coins, and sometimes you are lucky to get a 10% mark-up. That’s why Ebay and Paypal are such unattractive venues for selling nice coins. That’s why you see so much junk on Ebay and so many coins in Brand X slabs.
<< <i>-- just open a new bank account for PayPal purposes only. >>
Precisely what I did.
Russ, NCNE
<< <i>A dealer was telling me at a show that if a buyer returns the item, Paypal gets their cut anyway. I forget what Paypal's cut is, but if it is 5% and it's on a $3,000 item, that's $150 down the tube. >>
Again, not true. Maybe it's all the misinformation about PayPal that makes people so leery of their service?
A refund just reverses the transaction. The buyer gets all their money back, and PayPal gets nothing.