To sign up it's free... but do they charge money when someone pays you
Dusky: that's how paypal works. They need to earn money, and that's the easiest way. It's really great if you think about it. $5.00 charge? No biggy.
Originally posted by Dusky
If I wait a couple of weeks until my friend and I meet, I'll have the whole 100 bucks, not 97.50.
Which helps me bring up my next topic: nobody said you guys had to use paypal.
"i don't really know anybody who uses it for personal things."
And I believe that they are very upfront about telling you that if you accept payments, that they take their cut.
Well just like many things what you're paying for is the convenience. If your buddy mailed you a check, and you had to drive to the bank to deposit it and wait a few days for the money to become available, is it worth $2.50 - $5.00 to avoid all this.
It isn't necessary to send the check from one person to another... The first person can send the check directly to the bank to be deposited into the account of the first person. You don't even need an official deposit slip or account number as long as you know the persons name.Originally posted by binaryDigit
Well just like many things what you're paying for is the convenience. If your buddy mailed you a check, and you had to drive to the bank to deposit it and wait a few days for the money to become available, is it worth $2.50 - $5.00 to avoid all this. If the answer is no, then the choice is obvious, send the check. If the answer is yes, either because the bank/nearest atm is far away (i.e. it would cost more than that in case to do the deposit), or you want access to the money immediately (vs 3-5 days for mail + time to deposit + funds availability), then you would say yes, that amount is worth your time. Of course the biggest benefit of PayPal for most is that it allows someone to effectively "accept" credit card payments.
I can see how you might be confused by the fact that they advertise as being "free", but it is for buyers so it's not totally untrue. And I believe that they are very upfront about telling you that if you accept payments, that they take their cut.
Originally posted by twister
Oh and don't forget that Pay Pal pools all the peoples money together and then collets the interest. All the money they make of your money is thiers.
Originally posted by binaryDigit
This is no different than a bank. When you deposit your money you don't really think that the bank just has it sitting there do you?
And pay very close attention tot he fact that PayPal is not FDIC insured and does not have to follow all of the banking regulations... That means all of the money in your PayPal account can go up in smoke if/when PayPal goes out of business.Originally posted by twister
PayPal is not a bank nor does it want to become one. It just acts like one and keeps all profits off your money.
Originally posted by twister
PayPal is not a bank nor does it want to become one. It just acts like one and keeps all profits off your money.
Originally posted by twister
I just wanted to give some info so someone doesn't put in $1000 and leave it there for a while. If your going to use it, put your money in when ready to buy something. Otherwise leave it empty.