Friday, March 28, 2008

PayPal: Friend or PayFoe?

I just might have coined a new phrase: PayFoe. I haven't Googled it so don't know if it already exists. I was updating twitter to note I'd gotten my Adsense payout today straight in my bank account. No fees, no waiting. Wonderbar!

PayPal isn't really my foe as it is how I get most of my online writing money. It also allows me to pay team members and get subscriptions, pay for web hosting plus buy the odd thing online. Here's a bit of what I love and hate about them.

I love PayPal payment notifications but hate the fees I pay. I also don't much like it when it sends an e-check to someone instead of just pulling the money from another currency.

I also don't like the hefty payment fees I pay to get my own money. They don't pay me interest when I leave my money there and many say that the longer you leave it there, the better the chances of having it frozen so I always grab it asap.

I don't like the fact that in Canada we don't get to have debit cards.

I don't love the fact that when I want to pay a slew of money requests at once it takes FOREVER! I have to manually look up each one instead of being able to do a bunch of payments without subscribing and paying for a premium service. They get enough of my money thank you very much! So I go back to the main page and do a find all money requests and scroll for each one!

What do I love about PayPal? I do love that despite what it says about 5 to a zillion business days for the transfer that it takes 48 hours during the week. I love that I know the precise minute the funds will arrive in my bank account although I don't love the fact that every once in a while the money will mysteriously take a day longer; usually when I really really need it!

So, do you love PayPal or hate them?

I have read horror stories about account holds for 90 days and other problems and touch wood I've never had that type of a problem. I have used services like MoneyBookers as well as have clients send me the odd cheque or internet money transfer but PayPal still looks to be the industry standard. I do love getting the odd cheque in the mail as it feels like free money sort of and I love that Google direct deposits.

I read a nightmare story recently on the Warrior Forum about a $50k PayPal hold for 3 months and have also heard people who've used them for years swear they've never had a problem.

One thing I do hate is that I sort of came up with the idea of PayPal before they existed. Yep, that's right. I have been in the IT world since 1991 when I was 19 and started working for an IT VAR and back in the very early days of the internet and online shopping, I talked about a plan based on the need for a service for people without credit cards who wanted to buy online. Dang, eh? Too bad I didn't act on it.

9 comments:

Jen said...

I couldn't agree with your points more. I've been using paypal for years and have not had a problem but, man, those little fees add up.
And, good luck, I know you're going to have that next big idea and act on it and we'll say we knew you when....

Sharon said...

You hit the nail on the head, Dana. That's what I love and hate about Paypal too.

Samantha said...

Sorry, this is unrelated to your post but I saw on your Twitter updates that you are a Corrie fan too. Always good to find another one!

suewrite said...

i think that what you've said just about sums up Paypal Dana - but where would we be without it?

Dana Prince said...

Samantha, Never be sorry for mentioning Coronation Street. LOL. Didn't Carla who usually makes me cringe just make you well up this week? Sorry non-Corrie loving readers!

Thanks for stopping by :)

Laura Spencer said...

So far, the positives outweigh the negatives...

amy said...

Well, considering I recently had my Paypal account hacked into, I'm not a big fan anymore.

I'm lucky that most of my clients don't even know what Paypal is. (Corporate types, stuck in the dark ages, you see...)

Dana Prince said...

Amy, how did PayPal treat you when you got hacked? I'm sorry it happened. I have heard some negativity about their customer service skills so interested to find out what happened and how they fixed it..

Brenda Emmett said...

Right now Paypal is a foe...I've got a client that currently can't send or receive $$ through his paypal account. Hopefully this will be lifted soon. He has always paid like clockwork, and this has never happened, so I'm hopeful to see my $$ someday. LOL! :)