I’m with stubby77 on this one. While I never personally got screwed by Paypal, I helped several friends with problems they had with Paypal during their formative years. At the time, they were unregulated and did things “their way” to skirt the spirit if not the letter of the law.
Before signing up with them, check to see how regulated their business is these days. Would you deposit money in a bank that was not FDIC insured?
Looks like Paypal is going after market share of the smart phone cc processing. Same deal, free ap, free reader, android, Iphone, 2.70% transaction, etc. Not yet to market but coming real soon.
I will never again do business with Paypal for anything. Too many reasons to explain, but if you are interested just google “paypal nightmares”, you’ll get thousands of results. It happened to me almost 10 years ago, paypal held over $10,000 of my business’s money when one of my customers received money from one of his customers whom paypal thought the transaction was suspicious. It cost me thousands in attorneys fees to get my money back from paypal. Never again.
From what I understand, although they are slightly more regulated now, they are still not considered a “banking institution” and therefore none of the normal legal protections apply. In my mind, paypal is no more or no less risky than just asking your buddy Jim who owns a really big safe to please hang onto your dough for you.
Intuit has a system as well. Google “Go Payment”
Paypal is getting into the CC processing business with smart phones
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