Some Quick - but important - Questions

Edan_Nuria · Posted: 10/6/2006, 6:34 pm Post subject: Some Quick - but important - Questions

Hey,

I am a very wary and cautious person. My website is a hobby, a pleasure, and a joy and I am not in this to make money. However I want to allow people to make donations to me. I know the obvious choice is paypal, and I do have an account there. However, before I start using this I have a few questions:

1) Once money is recieved, how long will it sit on paypal. For example, do I need to withdraw it immediately, or can I wait a few months until there is a larger ammount.

2) Should there be some kind of dispute, does paypal keep records that will back me up.

3) How trustworthy do you find this service? Have you ever had any problems?

4) I'm slightly wary about this, what do you think?

Thanks a lot,
-Josh
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Truestar · Moderator

Paypal is a trusty online payment service, and no you don't need to withdraw it immediately. I believe there's some kind of "Transaction History", however I'm not sure about that. Smile

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Patrick · Administrator

As Ryan said, you can keep money in there as long as you want. Although opinions as to PayPal vary, their popularity is not a result of sheer luck. They are an overall good service and a lot of money changes hands through them. I have used them for years, making hundreds and hundreds of transactions and I have only had trouble on 2 of them. That's a great success rate, really. So, I do find them trustworthy. As far as disputes, I am not 100% on that, but they do have a dispute resolution system. It may not come out in your favor, of course, but I have only ever had 2 disputed transactions (both times I was the buyer).

As far as being wary, I don't know. You have to be careful with people taking an attitude of "I paid money, so I get to do what I want or I can't get banned" or whatever. That'd be about all I'd be really wary about. Be ready to file your taxes, of course. Smile

Good luck.
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