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July 7, 2003
Pay Pal Dissapoints...

Paypal has always been one of my favorite conveniences on the internet. Unfortunately, they've just made a move I find incredibly irritating.

A "basic" paypal account is free, but if you want to receive credit card payments you have to upgrade your account and pay a certain fee. This is fair enough, as credit card companies will be charging paypal. However, once you've "upgraded" your account to be eligible to receive credit card payments (which I did as a one-time favor to a friend who owed me some money), you are forever trapped with a "premier" account and paypal will dock you 4-5% for ALL payments regardless of their origins. There is no way to downgrade back to the basic account.

I don't mind paying for the privilege of receiving credit card payments, but paypal makes enough money off the interest on my account. They don't need to screw me on regular contributions. If you owe me money, please DON'T paypal me.
Posted at 2:32 PM | Comments (3)
Category: Internet



 Comments on this article:

Are you sure about the PayPal prices?
I have just been investigating and I compared them to the prices available through Costco --- and Costco is ALWAYS excellent value --- and PayPal was insignificantly more expensive, and a whole lot easier to set-up.
There is of course the old PayPal security issues, so I hear. Lots of scams etc. In fact I've already been scammed 2-3 times with phoney "We need to reverify your bank account info" emails.

 Posted by: david on July 11, 2003 2:23 PM

yeah, unfortunately. If you have a "premier account" they nip you any time you receive money. I just ran an experiment, and had a friend send me a dollar. The details of the transaction:

Total Amount:
1.00
Fee Amount:
-0.33
Net Amount:
0.67

So in that case I lost a whopping 33% !!

The solution is to deactivate your acount and sign up again.... but that's quite a pain.

 Posted by: Nick on July 17, 2003 11:53 AM

similar problems have been experienced by me (what kind of sentence structure did I just type??). i finally just started a new acct!

 Posted by: maddy on July 22, 2003 6:56 PM