Adam/Boston Posted March 4, 2006 Report Share Posted March 4, 2006 I just got notice from paypal that I've received cash from an unverified paypal buyer. It's a buyer in Canada. Anybody know what the substantative difference is between a verified and unverified PayPal buyer? PayPal's site doesn't really explain the risks of accepting payment from an unverified buyer. Thanks to whowever can help. The board's packed and ready to ship, but I need to know better what unverified means. Quote Link to comment Share on other sites More sharing options...
Dr D Posted March 4, 2006 Report Share Posted March 4, 2006 in order to verify they deposit 2 small amounts in your account say 35 cents and 23 cents you look at your statement and tell them how much the amounts were. I can't see how it makes a difference to a seller. mostly it would protect the account holder from someone using their account. I think its fluff personally claim the money and its yours. Its just a bank like any other it just has marketing challenges due to its nontraditional approach. IT has to use some of the stuff just to make people feel comfortable. and yes to the paypal haters out there they will take a cut like any bank there are small fees. just the price you pay for convenience. take the money and run send your package you are good to go. Quote Link to comment Share on other sites More sharing options...
Joe D Posted March 4, 2006 Report Share Posted March 4, 2006 We use PayPal at our own risk. The Federal Deposit Insurance Corp. (government insurance fund for bank deposits) had responded to a letter of inquiry from PayPal. The FDIC's legal staff said that because PayPal does not actually accept deposits from customers - but rather acts as an "agent," moving money between payees, payers and banks - it is not a bank under federal law. It is an agent - not a depositor in and of itself. PayPal's standing under state law is a different story. Banking regulators in at least three states (including New York and California) are investigating whether PayPal should be considered a bank and regulated as such. And what about the money to which PayPal customers have been denied access? A close reading of the service agreement that all customers (both senders and receivers of money) are obliged to accept reveals that PayPal customers sign away their rights to sue. Customers agree to indemnify PayPal and hold it blameless for anything or everything that could possibly go wrong with or as a result of a PayPal transaction. Customers also grant PayPal a right of set-off against their accounts for amounts PayPal deems they owe, and the right to restrict access to funds on deposit with PayPal and/or their financial institutions. What does all this mean? In the short run, it may simply mean that PayPal will be forced to comply with all the requirements applicable to financial institutions. While this would likely undermine PayPal’s business model, it only seems fair that they should be forced to play by the same rules as traditional financial institutions. Otherwise consumers would not have many of the protections they have come to expect. Quote Link to comment Share on other sites More sharing options...
Joe D Posted March 4, 2006 Report Share Posted March 4, 2006 And to answer your original question, whether a buyer is verified or not has no bearing on the success of the transaction. It depends on the trustworthiness of the buyer as an individual. An Unverified buyer can execute a "chargeback" to their credit card that they used to make the payment, although PayPal will likely close their account for doing so, because the Terms Of Use Agreement specifies that is forbidden. A Verified buyer can initiate a complaint of "not as described" which will return the funds to them pending PayPal's tedious review of the transfer. Once PayPal has ruled in the arbitration, the decision is final. They tend to side with the buyers, historically. PayPal likes to emphasize the need to verify, because it gives them access to your account. I agree with D-Sub, PayPal is a convenience, but I don't keep any funds in my PayPal account that would be a hardship to lose. Quote Link to comment Share on other sites More sharing options...
big canuck Posted March 4, 2006 Report Share Posted March 4, 2006 For your peice of mind. I have made many purchases on BOL and have never stiffed anyone. I really have no idea what this "verified vs non verified" means. I have never left anyone hanging. I guarentee it. I understand your concern but I want to be on public record to say so. My 2 cents. Take if for what it's worth. I also have recieved a payment recipt from Paypal. Kurt Quote Link to comment Share on other sites More sharing options...
D-Sub Posted March 4, 2006 Report Share Posted March 4, 2006 I agree with D-Sub, PayPal is a convenience, but I don't keep any funds in my PayPal account that would be a hardship to lose. did I respond to this thread? Im confused! :) oh, and btw...I dont think paypal allows non-us folk to verify or confirm their accounts Ive had people send me money thousands of times and have never had a single problem. Quote Link to comment Share on other sites More sharing options...
Joe D Posted March 4, 2006 Report Share Posted March 4, 2006 The safety in the deal rests in the people involved. Not in whatever BS PayPal's trying to sell ya. Honest people + clear communication = no problem Big Canuck's clearly not a noob to Bomber whoops, sorry D-Sub, I meant Dr. D. Ah hell, you're in so many of these discussions, you might as well be in this one... Quote Link to comment Share on other sites More sharing options...
D-Sub Posted March 5, 2006 Report Share Posted March 5, 2006 The safety in the deal rests in the people involved. Not in whatever BS PayPal's trying to sell ya. Honest people + clear communication = no problem Big Canuck's clearly not a noob to Bomber whoops, sorry D-Sub, I meant Dr. D. Ah hell, you're in so many of these discussions, you might as well be in this one... and here I was thinkin Id been stayin out of stuff for the most part:) also www.escrow.com the _only_ way to ensure a flawless transaction. Quote Link to comment Share on other sites More sharing options...
cfj04 Posted March 5, 2006 Report Share Posted March 5, 2006 If it helps, I can vouch for Big Canuck as being an excellent member of our community. We shipped gear back and forth last year without a hitch in shipping or payment Quote Link to comment Share on other sites More sharing options...
Dr D Posted March 5, 2006 Report Share Posted March 5, 2006 tell me more? I use paypal because its so damn simple. If I wanted to go to town for a money order I'd shop at the flippin walmart. IF there is a widely accepted alternative I would love to hear about it. experiences etc. There is always some nut who is on a crusade to kill paypal and whatever. I have never had a bad experience with them but then I don't sell much online. I find most objectors don't want to pay the 4% or whatever the rate is. I am in business and a credit card processor takes a cut off every sale. seems like a normal cost of doing business to me and can be made up in the shipping and handling charges. ITs all about making the transaction easy for the buyer. One way or the other I don't think the major disputes over paypal have any thing to do with buyer or seller and more to do with paypal and its various fees and policies. safest thing to do is pull your money out when it postsl Quote Link to comment Share on other sites More sharing options...
trikerdad Posted March 6, 2006 Report Share Posted March 6, 2006 I've made close to 200 PayPal transactions, about equal buying and selling, without any problems. I don't accept credit card payments from PP accounts only because I don't want to upgrade my account from verified to a business account and pay a fee and a percentage of every transaction, not because I don't trust the buyer. If a person can't pay with cash through PP, then a money order works fine by me. Quote Link to comment Share on other sites More sharing options...
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