Other Payment Methods - PayPal Sucks (1 Viewer)

[RainmanTrail]

I'm assuming I can't be the only person here who hates PayPal. Why isn't anyone else using Bitcoin around here? I've heard a few others mention Venmo as an option. What are you guys using? It seems everyone here uses PayPal for everything. I find their $1000 per month max withdrawals to be extremely annoying. It's a pretty nasty bottleneck when trying to get your money out of there, and I don't want to upgrade to the business account... Anyone else have issues with PayPal?

What else are you guys using? Surely there are better options out there...

 

[Stas]

Sadly, there is no real alternative to PayPal. But I'm pretty sure you can lift that $1000 limit without upgrading to a business account.

 

[Psypher1000]

The hurdles you have to jump through to get started with Bitcoin combined with the unstable/unregulated nature of the market makes it an unattractive option for me. As for te $1k/month thing, I'm not sure that applies to every non-business account equally. I haven't ever been limited or questioned when making withdrawals larger than $1k.

 

[H|Q]

I use Square and Square Cash

 

[abby99]

I've used Chase Quick Pay, which works as long as one of the parties has an account with Chase. Free is good, and the transfers are very quick. I haven't tried any other alternative methods.

 

[jhelik]

As a Canadian, the only advantage about paypal is that I can pay for US goods in US dollars...some other payment methods are for US only. Unfortunately the exchange rate that paypal applies adds another 2% to their take.

 

[manamongkids]

Ffs, venmo venmo venmo. Easiest option there is

 

[DJ Mack]

Mt. Gox.

 

[chkmte]

I'm assuming I can't be the only person here who hates PayPal. Why isn't anyone else using Bitcoin around here? I've heard a few others mention Venmo as an option. What are you guys using? It seems everyone here uses PayPal for everything. I find their $1000 per month max withdrawals to be extremely annoying. It's a pretty nasty bottleneck when trying to get your money out of there, and I don't want to upgrade to the business account... Anyone else have issues with PayPal?

What else are you guys using? Surely there are better options out there...

I had the same problem. To solve it I just verified my bank account (I think). They made two small deposits, etc. Not sure why you wouldn't be able to do the same thing.

 

[Señor Tony]

In Australia, transferring money from your bank account to one owned by someone else is instant if both parties use the same bank or from a few hours right up to a few business days if using different banks. In both cases there is no fee on either end. Is this not the case in the US or we specifically talking about options that are always instant?

 

[DJ Mack]

Maybe it's different in Australia but here in the US you're not supposed to share your account number with anybody and everybody you want to send money to. Granted, that's what a check is but over the Internet that's a no no unless it can be transmitted securely and you completely trust the person. PayPal gives both parties the ability to keep their bank details private.

 

[DrStrange]

Bit coin leads to other income tax problems because it is seen as an "investment". You will need to file for the capital gain/loss every time you "sell" (I.e. every time you pay for something.)

 

[Señor Tony]

Maybe it's different in Australia but here in the US you're not supposed to share your account number with anybody and everybody you want to send money to. Granted, that's what a check is but over the Internet that's a no no unless it can be transmitted securely and you completely trust the person. PayPal gives both parties the ability to keep their bank details private.

It is generally considered a safe way to send and receive money when (like most things in life) used with a little common sense. Less risky than having bank statements mailed to your house and sitting in your letterbox all day while you are at work.

I have a free savings account that does not accept withdrawals, is not linked to my regular accounts and is dedicated solely to sending and receiving money. At the end of the day, I trust in my credit unions fraud detection department and refund process which I have seen work and have used many times over the years.

I really hate to give Paypal complete control and discretion over my access to my own money.

 

[legend672]

Grateful dead ticket sales taught me how well the postal money order works.

If I had a gun for every ace I've flopped, I could arm a town the size of Abeline

 

[DJ Mack]

I have a free savings account that does not accept withdrawals, is not linked to my regular accounts and is dedicated solely to sending and receiving money. At the end of the day, I trust in my credit unions fraud detection department and refund process which I have seen work and have used many times over the years.

And that's the problem. In the US if you've got an account number you can initiate an electronic debit (ACH) against it. The only accounts I've seen that can be set up to specifically block electronic debits are special commercial accounts and they usually charge a per month fee for the block. You're certainly not going to find that on a free consumer account. Also, US-based savings accounts are subject to withdrawal limits (count not amount) per month because the regulators don't want people using savings accounts as checking accounts. Most banks allow between 3-4 withdrawals a month before they first send you a warning letter and then on subsequent violations convert your account to checking or close it entirely.

On the flip side, regulatory protections for consumer account fraud are pretty good in terms of getting your money back. The problem is the normal response to a compromised account number is for the bank to force the account closed and transfer everything to a new account. That can mean new checks, a new debit card, changing any pre-existing automated withdrawals, etc. While the bank is obligated to make a consumer whole for a legitimate, timely fraud claim nothing says they have to keep you as a customer. A family member went through this where he had a virus on his computer so the bad guys kept getting his new account number every time he keyed it into Quicken. After the third claim in four months the bank said here's your money back, in fact, here's everything in your account. We wish you well in finding another bank.

 

[abby99]

And that's the problem. In the US if you've got an account number you can initiate an electronic debit (ACH) against it. The only accounts I've seen that can be set up to specifically block electronic debits are special commercial accounts and they usually charge a per month fee for the block. You're certainly not going to find that on a free consumer account. Also, US-based savings accounts are subject to withdrawal limits (count not amount) per month because the regulators don't want people using savings accounts as checking accounts. Most banks allow between 3-4 withdrawals a month before they first send you a warning letter and then on subsequent violations convert your account to checking or close it entirely.

I have a second checking account that I use for electronic transactions (e.g., PayPal). I maintain a very low balance in this account, and it does NOT have overdraft protection. If somebody does get my account number, they can't drain my other accounts.

 

[MatB]

I just want to see the Winklevoss twins go broke. Then i will be happy.

 

[ssanel54]

I'm assuming I can't be the only person here who hates PayPal. Why isn't anyone else using Bitcoin around here? I've heard a few others mention Venmo as an option. What are you guys using? It seems everyone here uses PayPal for everything. I find their $1000 per month max withdrawals to be extremely annoying. It's a pretty nasty bottleneck when trying to get your money out of there, and I don't want to upgrade to the business account... Anyone else have issues with PayPal?

What else are you guys using? Surely there are better options out there...

Paypal sucks, but if the $1000 limit is your biggest gripe, could you just transfer your paypal balance to one of your gambling sites and then cash out from them? Im not sure if this presents other issues, but Ive liquidated from Draft Kings pretty easily...not sure I ever had a huge balance though.

 

[RainmanTrail]

I have a second checking account that I use for electronic transactions (e.g., PayPal). I maintain a very low balance in this account, and it does NOT have overdraft protection. If somebody does get my account number, they can't drain my other accounts.

This is what I do also. I use Simple. They're great

 

[brains613]

I've used Chase Quick Pay, which works as long as one of the parties has an account with Chase. Free is good, and the transfers are very quick. I haven't tried any other alternative methods.

Actually, I didn't have to have a Chase account for our transaction. I think that's been lifted. So if you're looking for Paypal alternatives, I've used Chase QP a few times and had not a single issue.

 

[Chicken Rob]

I have a second checking account that I use for electronic transactions (e.g., PayPal). I maintain a very low balance in this account, and it does NOT have overdraft protection. If somebody does get my account number, they can't drain my other accounts.

I do exactly this.

 

[abby99]

Actually, I didn't have to have a Chase account for our transaction. I think that's been lifted. So if you're looking for Paypal alternatives, I've used Chase QP a few times and had not a single issue.

I think that one of the parties had to be a Chase customer, but that's no longer the case. However, and obviously, both parties do need a Chase Quick Pay account. Transfers do take longer when one or both of the parties are not a customer of Chase. I've used it a few times and have not had any problems. It can't completely replace PP, but it's nice that I don't have to hide the fact that I'm buying or selling something.

 

[brains613]

Actually, I didn't have to have a Chase account for our transaction. I think that's been lifted. So if you're looking for Paypal alternatives, I've used Chase QP a few times and had not a single issue.

Not any more. Got this in an email today...

"Important changes to Chase QuickPaySM

Dear Chase QuickPay User:

We are a participating member of clearXchange (cXc), a person-to-person payment network created as a convenient, fast and secure way for you to send and receive money with people.

With this partnership, starting August 19, you will need a Chase checking account or Chase Liquid® Card to use Chase QuickPaySM.

Since you are not using a Chase account, please use one of these person-to-person payment options:

• Use your primary bank's person-to-person payment service if they are also a participating member of clearXchange. Visit clearXchange.com to learn about participating members.
• Use clearXchange if your bank is not a participating member. Visit clearXchange.com to learn more.
On August 21, we will cancel your Chase QuickPay service and deactivate your Chase OnlineSM profile. If you have Chase QuickPay payments scheduled for after August 19, they will be canceled as part of this change."

 

[SixSpeedFury]

WTF is that?? Does that make it easier to quick pay people that are under different banks?

 

[BiGGyT]

Us Gen XY people use checks when all else fails.