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- Robert D. Wagers
- Elite Rocketeer
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- Full-Time Cancer Fighter!
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I use Pay-Pal, but mostly to make payments from my checking account. If I received payments, I always dumped the money into my checking account and never kept in the paypal balance for very long.
My sister is wanting to start an E-Bay business and wants to use paypal to accept payments. My question is, does anyone have any insight as to the security of paypal in regards to keeping a balance (maybe a High balance).
I personally have never had a bad experience with paypal, but before I give her my advice, I thought I'd ask if anyone else could list any good-or-bad experiences with doing so.
Thanks in advance!
Wage - "Everyone has to get knocked-down every once-in-a-while, otherwise you'll never learn how to get-back-up!
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A quote attributed to my Grandpa Wagers
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- David Goode
- Preeminent Rocketeer
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Hi Robert,
Depends on the definition of High Balance. I am UK based and use PayPal a lot for both incoming and outgoing payments. I try to never exceed a balance of £1,000 as it is more than I could afford to lose if anything major went wrong.
So far I have had no major issues with Paypal and have been using them for quite a few years.
Not much but it is positive. Hope this helps
Hope you're feeling a bit better than you were.
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- Robert D. Wagers
- Elite Rocketeer
- Posts: 1545
- Thanks: 0
- Full-Time Cancer Fighter!
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Currently, I have over $2500 sitting in my account and haven't had any problems yet...
But she is thinking her cash flow would bring a substantially higher balance at certain times. I just don't know what to tell her.
I know "brick and mortar" banks have FDIC coverage and PayPal doesn't.... but that's mostly because they don't have a physical location that would warrant FDIC insurance on deposits.
Thanks for the feedback so far. I'm Eager to read any other experiences and/or advice that you folks might have!
Wage - "Everyone has to get knocked-down every once-in-a-while, otherwise you'll never learn how to get-back-up!
"
A quote attributed to my Grandpa Wagers
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- Rich Bean
- Elite Rocketeer
- Posts: 1194
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Wage,
For what it's worth, I tell my clients to start with PayPal then if the site is very successful they can shell out the cash for an SSL and Merchant Account with one of the Payment Providers.
Cheers,
Rich - My Sites:
Perth Website Design
Scuba Marketing
I'm a Henning Stalker!
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- Robert D. Wagers
- Elite Rocketeer
- Posts: 1545
- Thanks: 0
- Full-Time Cancer Fighter!
- Thanks Rich!
- "Everyone has to get knocked-down every once-in-a-while, otherwise you'll never learn how to get-back-up!
"
A quote attributed to my Grandpa Wagers
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- Robert D. Wagers
- Elite Rocketeer
- Posts: 1545
- Thanks: 0
- Full-Time Cancer Fighter!
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I told her my advice was pretty much what David recommended.... Not to keep more in her paypal account than she could "afford-to-lose" in case of fraud, hacking, or theft. I advised her to "Be-Diligent" in managing her "positive-cash-flow" with pay-pal. I think that is probably the safest advice I could give her.
Thanks again!
Wage - "Everyone has to get knocked-down every once-in-a-while, otherwise you'll never learn how to get-back-up!
"
A quote attributed to my Grandpa Wagers
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- Robert D. Wagers
- Elite Rocketeer
- Posts: 1545
- Thanks: 0
- Full-Time Cancer Fighter!
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After heavily researching this issue, I decided to dump my paypal balance back into my bank account. I have explained all the pro-'s and con's to my sister and I think she is going to invest some effort in getting a SSL.
All this will probably be a "mute-point" in the end and I think she will make the right decision.
Thanks for the input!
Wage - "Everyone has to get knocked-down every once-in-a-while, otherwise you'll never learn how to get-back-up!
"
A quote attributed to my Grandpa Wagers
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