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Paypal - Rumors of our death are greatly exaggerated!

shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

PP just announced they have 200 million Consumer accounts, including 50 million on OneTouch, and 5 million merchant accounts.

Not sure the death spiral has started quite yet.

ANA-LM, NBS, EAC

Comments

  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    edited February 28, 2017 9:54AM

    PayPal offers a fantastic service, all the best to them.

    Could not even imagine going back to checks as they were not secure and wasted a lot of time.

  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭

    There will always be some that are unhappy (sometimes rightfully so, sometimes not).

    bob:)

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • stevebensteveben Posts: 4,595 ✭✭✭✭✭

    how do you guys plan to protect your coin sales and purchases via paypal?

    also, wouldn't anything that has the potential to change in value over time be considered an "investment product"?

    i would love to hear how checks are worse than paypal too. i am not doubting it, but just curious to know why that is a fact.

  • LanceNewmanOCCLanceNewmanOCC Posts: 19,999 ✭✭✭✭✭

    @steveben said:
    i would love to hear how checks are worse than paypal too. i am not doubting it, but just curious to know why that is a fact.

    there have been MANY threads over the years here discussing, often times at length, regarding various payment methods, from/to, various sites.

    one VERY comprehensive one quite recently. the search function should be able to pull it up pretty quickly.

    now i think about it, may have been more than one recently. one of them iirc, was a bounced check thread that serpentined all over the pros/cons of various forms of payments. a recommended read. i should have starred it.
    .

    <--- look what's behind the mask! - cool link 1/NO ~ 2/NNP ~ 3/NNC ~ 4/CF ~ 5/PG ~ 6/Cert ~ 7/NGC 7a/NGC pop~ 8/NGCF ~ 9/HA archives ~ 10/PM ~ 11/NM ~ 12/ANACS cert ~ 13/ANACS pop - report fakes 1/ACEF ~ report fakes/thefts 1/NCIS - Numi-Classes SS ~ Bass ~ Transcribed Docs NNP - clashed coins - error training - V V mm styles -

  • dbtunrdbtunr Posts: 614 ✭✭✭

    @steveben said:
    how do you guys plan to protect your coin sales and purchases via paypal?

    also, wouldn't anything that has the potential to change in value over time be considered an "investment product"?

    i would love to hear how checks are worse than paypal too. i am not doubting it, but just curious to know why that is a fact.

    why do you think a coin is an "investment product"? The IRS says they are a "collectible". Coins are covered by paypal despite what you believe.

    I see the Venmo division of paypal becoming larger and larger all the time.

  • stevebensteveben Posts: 4,595 ✭✭✭✭✭

    @dbtunr said:

    @steveben said:
    how do you guys plan to protect your coin sales and purchases via paypal?

    also, wouldn't anything that has the potential to change in value over time be considered an "investment product"?

    i would love to hear how checks are worse than paypal too. i am not doubting it, but just curious to know why that is a fact.

    why do you think a coin is an "investment product"? The IRS says they are a "collectible". Coins are covered by paypal despite what you believe.

    I see the Venmo division of paypal becoming larger and larger all the time.

    i don't think that...paypal does. if you don't believe me, call them.

  • mustangmanbobmustangmanbob Posts: 1,890 ✭✭✭✭✭

    A lot of my business is overseas. They buy at 2:30 AM my time, I ship to the Global Center whilst they sleep, no issues, everybody feels protected all around.

    Ebay Buy It Now, I'll send a check = nightmare

    Sent a check, got nothing or junk = nightmare

    Customer: I need this thing tomorrow, can you overnight it? Payal = SALE Check = NO SALE

    Any the list goes on and on.

    I do not work for ebay or paypal.

  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    I have been buying a lot of parts from China to go into a product for a new business venture of mine and I pay with PayPal.

    I get the parts very quickly. Couldn't even image sending a check to China, it would add so much more time. One out of eight of my China suppliers sent an inferior product, I complained and got a paypal refund without even having to send the product back.

    Paypal has also covered me numerous times from fraudulent transactions.

  • Wolf359Wolf359 Posts: 7,653 ✭✭✭
    edited February 28, 2017 1:35PM

    What would many of us do w/o Paypal?

    Paypal Working Capital is a great way to get a small loan with minimal fees. For example, I got a 1,000 loan and the fee was basically paid for ($12) because I have 1% cash back on purchases ($10).

  • StrikeOutXXXStrikeOutXXX Posts: 3,350 ✭✭✭✭✭
    edited February 28, 2017 1:48PM

    There have been a few posts on this subject lately. PayPal is HUGE and will thrive, I'm sure, but... the problem is when buying coins with PayPal. After 3/29 Coins/Bullion/Currency will NOT be covered by PayPal's buyers protection. (This has been confirmed by many folks, including myself by talking to PayPal directly). Buyers Protection today is what allows folks to file an "Item Not Received" or "Significantly Not As Described" claim and essentially 99.9% of the time get your money back. After 3/29 buying numismatic items with "Regular" PayPal will have the same exact Buyers Protection as using a "Friends & Family" payment today - IT ISN'T COVERED.

    This is what everyone is concerned about. Now, honest sellers should offer refunds, eBay can put pressure on long-standing members and fear of negative feedback, locked accounts, etc might keep some of the BS from happening. But folks who get ripped off from dishonest sellers aren't going to have PayPal just reverse payments/get your money back - buyers protection will no longer exist.

    Don't get me wrong, I love PayPal for convenience sake, use it at stores, online for most of my major holiday shopping checkout, you name it. Fast/quick/easy/safe. But since the other 1/2 of my PayPal purchases is for numismatics, that part is what concerns me greatly.

    ------------------------------------------------------------

    "You Suck Award" - February, 2015

    Discoverer of 1919 Mercury Dime DDO - FS-101
  • knightemknightem Posts: 125 ✭✭✭
    edited February 28, 2017 1:58PM

    I called PayPal on Monday and I was told to send an email. I explained the situation and asked them to clarify the statement. I gave them links to the other two previous threads on the boards because there were conflicting reports. I received an email yesterday that says this:
    "PayPal has not changed the policy for collectibles, they are still going to be covered for both buyers and sellers."

  • dbtunrdbtunr Posts: 614 ✭✭✭

    @knightem said:
    I called PayPal on Monday and I was told to send an email. I explained the situation and asked them to clarify the statement. I gave them links to the other two previous threads on the boards because there were conflicting reports. I received an email yesterday that says this:
    "PayPal has not changed the policy for collectibles, they are still going to be covered for both buyers and sellers."

    Exactly. the IRS classifies them as collectibles. Going against IRS classifications would bring a world of hurt on paypal. I don't know why folks on here keep pushing falsehoods

  • mercurydimeguymercurydimeguy Posts: 4,625 ✭✭✭✭

    Why don't people use Venmo? I got an account when my son went to college this past fall and it's really great for sending him $$. It's free if money comes from your bank account (for everything including goods and services). If use a credit card to fund its like 3% or something.

  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭

    This needs to be verified, but I have been told that all info on Venmo is public as it's a "community". So if you have a note that I'm paying Billy $3k for a rare coin, everyone on Venmo can see that. That's why people use the bank services, even if they charge a fee. FYI, I have used Venmo to pay my son's rent, I didn't care if the rest of the world knew I paid that.

    ANA-LM, NBS, EAC
  • StrikeOutXXXStrikeOutXXX Posts: 3,350 ✭✭✭✭✭

    @dbtunr said:

    @knightem said:
    I called PayPal on Monday and I was told to send an email. I explained the situation and asked them to clarify the statement. I gave them links to the other two previous threads on the boards because there were conflicting reports. I received an email yesterday that says this:
    "PayPal has not changed the policy for collectibles, they are still going to be covered for both buyers and sellers."

    Exactly. the IRS classifies them as collectibles. Going against IRS classifications would bring a world of hurt on paypal. I don't know why folks on here keep pushing falsehoods

    I'm not sure I'd call it "Pushing falsehoods" when it's what PayPal told me directly (and others have reported) but... seeing as they told knightem something different, sounds they even they don't know what the policy change is going to encompass. It's concerning to say the least, and I hope it doesn't come to be.

    ------------------------------------------------------------

    "You Suck Award" - February, 2015

    Discoverer of 1919 Mercury Dime DDO - FS-101
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭

    Does Venom have buyer and seller protection like PayPal does?

  • illini420illini420 Posts: 11,466 ✭✭✭✭✭

    Even if PayPal stopped covering buyers on coin transactions that go bad, it shouldn't slow down business too much.

    Buyers would just need to take the extra step to make sure they are dealing with established sellers who have perfect (or nearly perfect) feedback and they'll be fine. And for extra security, if buyers pay with their credit cards through PayPal, they could always file a chargeback and get their credit card company involved if the transaction went bad.

  • ScarsdaleCoinScarsdaleCoin Posts: 5,179 ✭✭✭✭✭

    Venmo division is doing fantastic, paypal is transferring many of their programmers over to this division recently

    Jon Lerner - Scarsdale Coin - www.CoinHelp.com
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,796 ✭✭✭✭✭

    PayPow keeps more of what i work for..., like eBay.

  • dbtunrdbtunr Posts: 614 ✭✭✭

    @shorecoll said:
    This needs to be verified, but I have been told that all info on Venmo is public as it's a "community". So if you have a note that I'm paying Billy $3k for a rare coin, everyone on Venmo can see that. That's why people use the bank services, even if they charge a fee. FYI, I have used Venmo to pay my son's rent, I didn't care if the rest of the world knew I paid that.

    There is a setting in Venmo so you can change that. My kids have everything public for whatever reason. They think it's cool. I have everything private. No one sees what I just did except the person I did the transfer with.

    Venmo protections are same as if you did PayPal gift, so basically no protection. It's great for well known people you trust for amounts under $1000. No fees.

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