Posted by Donna LaBelle on 8/26/10 6:48pm
Msg #350612

Speedy closings did paypal in advance! n/m

Reply by ReneeK_MI on 8/26/10 7:43pm
Msg #350617

Before you start counting your dollars

do you have some kind of guaranteed funds with PayPal? The few times I've used it, and I do have a verified bank account with them - it takes 3 days for the received funds to actually get deposited into MY bank, where I can then safely scoop them out of THAT account and into another account that PayPal can't access. Maybe you have a different kind of set-up?

Reply by Cari on 8/27/10 7:05am
Msg #350656

Renee, sign up for the debit card. The minute you get paid

via PayPal, you can taken funds out of your debit card. I do not have any registered bank accounts, because that's where they'll take funds out and deposit funds in. And that process is just too long. Plus, I don't like 3rd parties messing with my upfront cash.

Get the debit card, and I'd take out the banking info if I were you. I have three accounts, and banking information is optional, not mandatory.

Reply by MistarellaFL on 8/27/10 7:18am
Msg #350657

Hey Cari, re: PP debit card, new regulations

I also have the paypal debit card (LOVE IT, love having funds available immediately), and when the one I had expired, I had hoops and hoops to jump through in order to get a new one. It took 4-5 weeks.
New banking regulations, according to paypal.

Good news: If you don't want to get a regular bank account to link it to, you can bypass that by getting a Walmart Money Card, with Visa logo.
Once the WMC account is set up (through GE Money Bank), they'll give you direct deposit info, just like a regular bank account.
Just an FYI, so be prepared when your PP debit card expires.

Reply by MW/VA on 8/27/10 9:13am
Msg #350676

Do they have a fee for signing up for the debit card? n/m

Reply by SheilaSJCA on 8/27/10 1:26pm
Msg #350703

no fee, took 3 wks to get my debit card n/m

Reply by ajd/pa on 8/26/10 7:58pm
Msg #350619

Re: Speedy closings did paypal in advance!

I did a signing for them last week and knowing their payment record, I asked to be paid by Paypal and they did the next day. It was in my Paypal account that day, and then transfered (by me) to my bank account the next days. No problems. I even said that I know their payment record when I was talking to them. Package was kind of heavy, but extra fee was approved and given.

Reply by MW/VA on 8/26/10 9:34pm
Msg #350623

Good for you. That's the way to handle it, and there's no

reason to think they won't make good on the funds. I think that sort of thing may happen with E-bay, etc. I've never had a problem using it in this business.

Reply by ReneeK_MI on 8/27/10 5:54am
Msg #350652

It isn't PayPal that I don't trust ...

it's the payee. I've used PayPal only a time or two for business, but I had to wait about 3 days to be able to transfer those funds into my own bank. Those were both payments from clients known to avoid payment for services - I've since decided not to offer this to those types of clients. If the client uses a credit card, he can do a charge-back; PayPal does not provide any Seller Protection for "services", only for tangible goods.

Personally - I consider the use of PayPal to be a risky venture when you're being paid by someone known to avoid payment. If they have a long-standing reputation for not paying others, I don't feel any burning desire to help them stay in business anyway.

Reply by Marian_in_CA on 8/27/10 6:34pm
Msg #350744

The secret to using Paypal...

Is to never give them your working bank accounts. Always have a Paypal bank account that is used for transferring funds back and forth to other accounts. That way, if there is a charge back or problem, Paypal won't have access to your funds... just an empty bank account.

A lot of banks these days actually recommend that their customers to this to protect their banking information.

Reply by ReneeK_MI on 8/29/10 6:08am
Msg #350835

doesn't protect you from chargebacks

Paypal is explicit in its warning about the risk & inherent liability for chargebacks - there is no protection from that, and they have this warning bolded at the top of their policy page.

I do agree & do use a special account for PayPal, though.