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Auctionbytes-Update, Number 105 - October 19, 2003 - ISSN 1528-6703
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Letters from Readers By Ina Steiner
AuctionBytes.com October 19, 2003
Good afternoon,
At this time, if you have any balance in your PP account, they use that first. Should I buy a higher ticket item, that eliminates the protection that I get from my credit card company, since I cannot use that to pay them from my account. I also cannot choose to make a payment from my checking account, should I be wanting to leave a certain balance in the PP account for some other reason.
Another real problem is the transfer of funds. If you are transferring funds IN to your PP account, it is almost immediate (the last time I tried - it is possible it is slower now). Should you be transferring monies OUT of your PP account into your own account, they take a minimum of four business days to complete the transaction, continuing to tie up your monies in their accounts (presumably gaining a few extra days of interest?).
In this electronic age, there is no excuse for that long delay. I can shop at Wal Mart, and by the time I get home 10 minutes later, my purchase is showing up as a "pending" transaction. PP initiates nothing until the last day possible. I have had it take as long as five days (a full week) to get a balance to show up in my own account. Since I keep these funds separated for business use only, this ties up MY capital for either buying more supplies/inventory, or paying business-related bills.
I would like to see Paypal come under more scrutiny in the way they handle people's finances, especially since they are now owned by eBay. (Isn't that suspicious in and of itself? Sort of like Microsoft building a kingdom within a kingdom....)
I don't have the contacts or knowledge for starting such a thing, but from what you read on the boards, there are plenty of people who feel the same way.
I don't mind paying the PP fees, but in return, I expect a little better service, such as being able to use my own money as needed.
Thanks for listening,
About the author:
Ina Steiner is Editor of AuctionBytes.com and author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). She has a background in marketing and research in the high-tech and publishing fields. If you have story ideas, comments or questions, send them to ina@auctionbytes.com .
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