Why are peoples so much into PayPal?

never had a problem with paypal..just wish they would work with adult sites

 

Well, I guess it is probably because Paypal is easy to use and supported in the majority of the First and Second World countries. I like it because it is the lowest fees payment processor around.

 

I love using Paypal and so do my customers, but it's always a good idea to use a second option like 2CO for customers who can't use it.

Andrew

 

What about using egold? I have seen that payment option used before by people on here trying to convert Paypal funds into egold and vice versa. Is it hard to set up or not compatible with most people and their needs?

 

Well it's not availale evrywhere (my contry for exemple ) so it's not as good as people say ...

 

Stormpay???? Let me laugh!!! Stormpay is one of the worst payment processors if they are still in business.
People are so much into Paypal because it is simply the BEST. PERIOD. Maybe when Google Checkout gains enough traction, it might be able to compete with paypal.
But until then, Paypal remains da best.

 

@ablaye: what will be the difference? both won't support every ( or most ) countries.

 

There is another thread about e-gold. But my experience as a customer is quite unfavorable to it. Firstly, you need to find an exchanger to convert to and from e-gold which may charge you an arm and a leg for the transfer. Secondly, as a customer (buyer), you have totally no protection from fraudulent seller at all as all payment are final. Thirdly, you will not be provided with any real useful information about the seller if you are paying through e-gold.

My experience with e-gold was that I spent over a day looking for an exchanger which works in my country but charged a hefty 10% to convert my money to e-gold. Most foreign ones would work but it require me to wire transfer funds over and wire transfers are not cheap and since I do not know them, it is hard to take the risk.

Then I paid someone $100 for some service but never heard back from them. Emailed them but they ignore it. Then there is no recourse from e-gold since everything is final. Then all I had was just a batch number and the person's e-gold number. Of course, I should do my due diligences but I did and from the comments of others, the guy is clean and honest but I guess those may have been fake comments.

With Paypal, everything is above-board and straight forward. Funding the account could be directly through existing funds, bank account or credit card. Then both the buyer and the seller has some form of recourse if one party does not play fair. You at least get an email address of the one you are transacting and perhaps the billing address so you know how to contact the other party in case something goes wrong.

Compared to the other low-cost payment processor, I still prefer Paypal.

 

For full paypal stories I'll suugest to visit paypalsucks.com , the sellers are not protected if they are selling digital stuff and many other issues . Moneybookers is the best

 

What can I say?
Sure thing PayPal is a fraud - just type 'PayPal fraud' in Google and you will get a large number of sites where people tell us horror stories about PayPal stealing tens of thousand dollars.
But in any case it's the most popular system and you can do nothing about it.

 

Corey Bryant said

It's a very self righteous thing to say. You will find fraudsters everywhere.
Why can't Paypal charge extra "insurance" fees for people in "risky" countries ? It's not rocket science.

 

I think people use it the most because that is what all the companies use.
For example of you want to buy and trade on ebay.. then paypal is your only answer.

 

Ive been with them for a while now and I have not even made 1 complaint. If you know how to do business and stay out of bad sites, then you will never have any problems with your finance on paypal.
I also use them because they are the only company I would trust with my bank information.

 

easy to use fast and safe y not everyone has a account i also agree with redz no problems here

 

I have a paypal account and use web payment pro to accept credit cards I also use 2co for people with out paypal or where paypal is not accepted. I have never had a big or costly problem with paypal but the main reason they do not support other country's is the charge backs if they do not have an bank account in the country then they have no way to fight the charge back this was explained to me from one of my other Credit Card Processors. also on credit card charges you have up to 6 months to dispute the charge.

I processed over $100K in payments last year with paypal and only one $50 charge back I go stuck with and only about 5-10 charge backs total one or two where my fault but the others I was covered by paypal. So I thank thats an acceptable risk for me.

As for why everyone uses it its the same as why so many use ebay it easy, fast, and sucure. and almost everyone has an account. They got there biggest growth from ebay when they offered a better way to pay for your auctions then ebays payment system.

one of the main reasion I use paypal is the money is there when the user pays for stuff. with most other credit card processors includeing 2co there is any where from 2-5 day hold time on the funds for people selling on the internet 2co only pays you once every week.

 

i agree paypal has many flaws but they were the first in its class and is pretty easy to have an account in many countrys

 

Without paypal I'd simply be out of online business.
What would my other options be, wired transfers? Takes time for the money to clear, inconvenient when you expect instant transcactions and are expected to do fast work.
e-gold? Playing with grams and ounces is driving me crazy..
money-bookers? Not many of my customers have an account with them..
Worldpay? Monthly fees, high commissions.
What else?

So I have to accept Paypal, if not for the limited coverage, I'd say it is the most affordable option for what I do.

 

There is always 2Checkout.com . Of course, you could provide several payment methods to cater for the different crowds.

 

Speaking of 2Checkout.com..

Their exagerated anti-fraud policies are what makes them not a perfect alternative. I purchased a template from TM 1 year ago. So, I paid through 2CO, the guys have checked the money in, and delivered the template. On the following day, I received an email from 2CO announcing me that they have cancelled the transaction because it was suspected to be fraudulent. So I got my money back a couple of days later. At the same time, TM guys would not let me sleep unless I paid them again.. Chargebacks initiated by the payment processing party, now that's something. I can assure you my uk credit cards were and still are accepted on the net without issues.

 

Switching to another service is just simply inconvenient because everyone is already familiar with Paypal.