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Thread: Merchant account vs. Paypal ?

  1. #1
    Unregistered Guest

    Default Merchant account vs. Paypal ?

    I was going to sign up for paypal but have read some not so good things about them and that I should get a merchant account instead. What's the difference besides the monthly fee I have to pay for a merchant account but not with paypal?

  2. #2
    LambertGini Guest

    Default

    Quote Originally Posted by Unregistered View Post
    I was going to sign up for paypal but have read some not so good things about them and that I should get a merchant account instead. What's the difference besides the monthly fee I have to pay for a merchant account but not with paypal?
    you get what you pay for. I got my paypal account about 4 years ago because I liked the fact they don't charge a monthly fee. Little did I realize then that their processing fees are outrageous. Then 4 months ago they limited my account holding $6700 of my money for 6 months! This must be illegal I thought but it's not! Because paypal is not regulated and can pull whatever shit they want on their users. And whenever yo have a problem with paypal (you will, now way around that) their customer service is the most frustrating thing you will ever deal with. Plus with the paypal account the people buying from you also need to have an account where with a merchant account (which I have now) they just use a credit card.

  3. #3
    Alec Guest

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    There are pros and cons with everything in life but with paypal the cons are just so many; they freeze/limit your account at any time for any reason. They don't ever rule in the favor of a seller incase of a chargeback. No customer support of any kind, unless getting hung up on counts. Paypal is not regulated. Paypal accounts get hacked all the time. Your personal information is NOT safe with paypal. Anyone can get a paypal account; good, bad or master scammer. Paypal's fees are way high. Takes forever yo get your money to your bank account. Always problems with their website and constantly getting phishing emails that look very real. And this is just the few things that I have experienced.

  4. #4
    Unregistered Guest

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    Quote Originally Posted by Unregistered View Post
    What's the difference besides the monthly fee I have to pay for a merchant account but not with paypal?
    With a merchant account you get your money in to your bank account, with paypal you gotta hope, pray and cross your fingers that you get your money at all.

  5. #5
    Unregistered Guest

    Default

    Paypal sucks, at this point i think it is safer to send cash in a clear envelope in the mail then to use paypal. Paypal will steal your money. Just a matter of time.

  6. #6

    Default

    Ok, so merchant accounts require you to be a business. Are you set up as an actual business? Second, many merchant accounts some with a lot of fees. There is the discount fee, which is the same as the percentage that paypal charges you per each transaction. The percentage with a merchant account will most likely be less, but it's because they charge a ton of other charges like set up fees, monthly account maintenance fees, minimum fees...and the list goes on and on. If you are a high volume seller, then the discount fee beign less will help you and it makes total sense. If you aren't, stick with an aggregator...You don't have to use Paypal, but definitely stick with a company like them.

  7. #7
    Join Date
    Jan 2014
    Posts
    4

    Default

    In my view, Each of them are have merits and demerits. All merchants want to have access to their money as quickly as possible. They also want to know what the process of getting that money from the customer to them is solid and secure. Paypal works completely differently. With Paypal, you have an account with Paypal. When a customer buys something, you have immediate access to the funds in your Paypal account.

  8. #8

    Default

    You might have instant access to your money, John. It depends on whether or not Paypal decides to hold it for some reason...and trust me, there are many. I've had them withhold funds from me once on an Ebay transaction until the buyer actually received the merchandise. I'd never had them do that before and they said that they could actually hold the money up to 30 days. I got the cash, but wondered why Paypal would take that step.

  9. #9
    Join Date
    Feb 2014
    Posts
    4

    Default

    Yeah.. from what I've heard, Merchant account should be better.. Personally, I'm using Paypal and I've seen nothing wrong with it but many of my friends keep complaining about it..

  10. #10
    Join Date
    Jan 2014
    Posts
    347

    Default

    I am sure everyone in this topic is just posting whatever they read somewhere.

    Yes, there are a lot of complaints about Paypal but this is mostly because they check who is doing transaction, where the money is going, ... just to make sure you're not actually funneling your money towards some kind of terrorist action.

    Almost everyone who has a problem, has done something against the rules.

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