Posted by goodgirl on 2/2/10 6:34pm
Msg #320862

Question about accepting Pay Pal

Hi, everyone. I know I can always count on honest advice from this forum.
I've had Pay Pal for a long time for purchases on E-Bay, etc.
Now, I'd like to start receiving payments for work via Pay Pal.
Those of you who do receive payments thru Pay Pal - My understanding is that you have to link Pay Pal to your personal checking account. Is that what you have done? Do you have any concerns about identity theft, or someone gaining access to your checking account? Do you think that accepting Pay Pal payments is a good idea??
I guess my biggest concern is that someone may be able to hack into Pay Pal's system and get into my checking account and access my personal information. Trust me, they wouldn't even get enough to take their sweetie out for a nice Valentine's dinner, but the thought of my personal info being compromised is what has me concerned.
Any ideas or personal experiences would be very helpful to me.
Thanks very much for your help.

Reply by jackpar on 2/2/10 6:48pm
Msg #320866

Have received payments and made payments via paypal. Have no concerns either way. However, I have received phishing emails from fake paypal sites asking for information---do not reply to any emails received allegedly from paypal but rather logon to paypal directly.

Reply by CopperheadVA on 2/2/10 6:49pm
Msg #320867

I have never accepted notary payments through PayPal, but I do have a PayPal account where it's only connected to a savings account which I keep zero money in, and I also have a credit card on it so I can pay for things(such as when I buy on EBAY). If I receive money through PayPal (such as when I sell something on EBAY) then I transfer it to my savings account and then transfer the money out of that savings account to the accounts that I actually keep money in.

My bank does not charge me for this extra savings account and there are no minimum balance requirements from my bank, so this arrangement works for me.

If someone were to hack into my PayPal account, there's no money in the connected savings account. If they were able to send money using my connected credit card, I would know from the billing statement and would dispute the charges.

Reply by ikando on 2/2/10 6:53pm
Msg #320868

Interesting that you keep a zero balance at PayPal. I've found their interest rate is higher than my local bank, so I keep a specific amount to collect that interest.

On another note, I have two accounts--one for business deposits only. That's tied to my VA business as well, and makes the fees charged for the deposits business deductible.

Reply by CopperheadVA on 2/2/10 6:55pm
Msg #320870

I don't want PayPal to have access to my money on deposit. I've heard a few horror stories and don't want any part of it. I use them as a conduit and that is all.

Reply by Michelle/AL on 2/2/10 7:29pm
Msg #320886

GoodGirl, when I was just making purchases via PayPal my

info was hacked/stolen and money was deducted from my personal checking account. My bank notified me and they credited me the money immediately.

I have received payments via PayPal - no problem.

I agree with the person who posted about fake paypal phishing emails. I used to get a slew of these all the time. If you aren't careful you can be fooled.

I'm sticking with PayPal for the time being because accepting credit card payments is more expensive - much more.

Reply by PAW on 2/2/10 8:31pm
Msg #320895

Re: GoodGirl, when I was just making purchases via PayPal my

I agree, Michelle. I use PayPal because a lot of my business is off-shore, i.e. international. PayPal allows international transactions seamlessly and without any hassle. Other payment services, like Yahoo and Google do not support international transactions.

I've been a PayPal client for over 20 years, with personal and business accounts, without any problem. Of course you must be wary of phising schemes, and they are fairly easy to spot. Any PayPal email messages will always be addressed to the email address on file, and use the name of the registered person in the email. Further, they NEVER ask for you account numbers, passwords, or any identifying information by email. Always through their secure servers, in real time.

Reply by Laura_V on 2/3/10 8:21am
Msg #320951

Same here

...except I used a free checking account at a different bank from where my $ is.


One gal told me a PayPal employee was caught red-handed yanking money out of her bank account while he was at work! I think she said he would have gotten his hands on $18k if he weren't caught.

And then lovely Margaret_FL who used to post here had her bank accounts hacked one day a few years ago. I think she said it happened when she was on her laptop in a parking lot or something. All this online banking and PayPal stuff can be scary. (btw - I use 2checkout.com - it's like PayPal and the safest thing I could find.)


I decided to stop buying anything on evilBay once I realized that a cell phone I got from there was probably stolen and that if evilBay suddenly disallowed the sale of new and used car parts, car theft in No America would plummet. Crikey, this living an ethical life is getting to be more of a hassle all the time. No Wal-Mart, no shopping at the local store where the employees are treated crummy, trying to buy organic produce but not much availability in my town, etc.



"a savings account which I keep zero money in"
Boy, I bet a lot of sad people have accounts like this in this recession. Funny thing to read, tho.

Reply by MW/VA on 2/2/10 7:27pm
Msg #320883

I use PayPal to accept payments that are transferred to my biz checking acct. There is a small fee for that, and I have to wait a few days for it to go into my account. I was a little apprehensive about linking a bank account, but I think PayPal is solid & the risk is minimal.
If I used it more for purchases, I think I would leave the funds in my PayPal acct.

Reply by MW/VA on 2/2/10 7:28pm
Msg #320884

As already been brought up--be really careful about phishing scams pretending to be PayPal.
I report all phishing scams to the company involved.

Reply by Susan Fischer on 2/2/10 10:04pm
Msg #320912

I think security is on the cutting edge, and getting

edgier. Using PayPal is akin to using Visa, MC, Discover, etal, where security is just as vulnerable.

It's all a crap shoot, and consulting experts in security for our own computer systems is on us, while securing our info, whether by swiping a card, or using PayPal as a conduit, is on them.

My guess is that it all starts with the simple things, like passwords. There was just a news item that highlighted the importance of Password Choices, for instance. Foil the Hackers.

Personally, I've loved my relationship with PayPal over these years, but when I use it judiciously, depending on the vendor with which I'm dealing.

Hope that helps a bit.

Reply by John Schenk on 2/2/10 11:06pm
Msg #320921

OT, but Gin got a call this AM from BoA on her CC

Charge for $425 for the Barcelona football team, from SPAIN! She was sick, but I woke her up to take the initial automated call. It WAS a TOTALLY bogus charge! She gave no info on the phone when it got to a person, and then, at the suggestion of that nice individual, called the number on the back of that CC. The charge was there, and they took care of it, although all this crap took about an hour to accomplish.

KNOW WHO YOU ARE TALKING TOO! With a CC, always call the number on the back of your CC before giving any real information! Coulda saved about a half hour if we hadn't gone through the steps of calling the number on the back of the card, but you never know how sophisticated these thieves can be, so it's worth the extra time to protect your identity.

BE CAREFUL OUT THERE! We almost got ripped for $425.00 today!

JJ

Reply by Susan Fischer on 2/2/10 11:12pm
Msg #320922

Oops, typo alert - meant " 'then' I use it judiciously..." n/m