Paypal

[Bazile]

How does PayPal work

What are the pros and cons of using this system to pay for goods / services?

[dannyk13]

I used to use Paypal until someone in America got into my account and removed some money.

[Old_Geezer]

It works by charging your card for anything you pay for via them. It means you only need to trust them with your card details and not every retailer you purchase from. Plus it's less hassle than getting your card out and filling in the form each time.

[Cloverjo]

As O_G says.
I use it all the time for buying things and have my eBay sales paid by PayPal. Never had a problem.

[ToraToraTora]

you register any amount of cards bank accounts etc then when you pay with paypal it deducts it from your default source or any other you specify at the time. I find it very convenient, especially on line as anyone offering paypal payments has to sign up to the rules which means you can get refunds etc much easier as paypal control the payment source and target. Also as OG says it's safer as you only use your paypal user id not your bank/card details.

[ToraToraTora]

sorry the cons are that due to the fee structure a lot of sellers don't take it. BTW it's free to transfer to another person as a gift etc.

[dannyk13]

//as OG says it's safer//
It wasn't in my case.

[davebro]

pros - it's quick & easy to use with minimum setting up by buyer or seller. It offers some degree of security by resolution of disputed transactions (not always to everyone's satisfaction).
cons - they charge the seller commission, there have been instances of hacking of accounts. ebay practically forces you to use it.

[ToraToraTora]

danny anything can get hacked that does not detract from the functionality of the service.

[dannyk13]

//. ebay practically forces you to use it.//
Not so, I use e-bay regularly without having to use Paypal.

[dannyk13]

TTT, agreed, but I feel safer nit using it.,

[Bazile]

Ok thanks all

TTT

What do you mean by

//BTW it's free to transfer to another person as a gift etc.//

[davebro]

I think all ebay sellers have to include Paypal as a payment option.

[SparklyKid]

Paypal is superb for sending money to grandchildren. Doing it through HSBC with their secure key is an absolute nightmare.

[ToraToraTora]

if you want to pay a person privately, you can using their paypal id. It must be from cleared funds though. So for example if I paid you £50 into your paypal account from mine it would not cost either of us.

[SparklyKid]

My Paypal account is linked to my credit card, beautifully simple to send money without charges.

[Maydup]

I'm a very happy PayPal user and have been known to abort a purchase if I get to the payment screen and find they dont take it. That would mean getting off my butt, finding a debit card and several more clicks away from completing the purchase.

Paypal means one card registered to one company through whom all payments are made. They show on your statement as Payal - name of retailer. My card isnt then registered with all the different companies who you might only use the once.

From the other side, retailers pay a fee for taking credit/debit cards as they do Paypal transactions. Its as broad as its long for them, its just that some dont have enough transactions to bother I guess.

[ToraToraTora]

yes sparkly, the seller pays the fees.