Has the Paypal Killer Finally Arrived? - Comments Page 1

I like PayPal and have used it since it started in 1998 without a single problem. Money gets transferred easily and accurately and the Bill Me Later option is a blessing at times. I sure hope it doesn't go away.

This has been done in Canada for quite some time now. It is called E-Transfer. Just be careful of your bank service charges. Depending on the bank you may incur transaction fees. Most banks are currently allowing two free E-transfers.

Unless I'm missing something, this app seems to be extremely unsafe. If someone gets on my phone after I've linked my debit card, then they can simply send money to anyone at anytime they want. It should, at a minimum, use a pin number or password.

EDITOR'S NOTE: I recommend that everyone have a pin or password on their phone. As for Square Cash, you always have the recourse of notifying your card issuer and disputing any bogus charges.

I've been using Paypal for years, as a buyer only, not a recipient of cash, and I don't think I've EVER seen that slogan you quote. I think it's very prompt & useful, and sometimes when I'm ready to buy something or donate money online, I abort when I see the vendor/cause doesn't take Paypal. Square Cash sounds somewhat risky. Paypal at least has a lot of security.

One problem is when the person you are sending money to does not have a credit card..I think that in that regard paypal will keep those customers.. I donate money monthly to a facility who does not wish to put the monies on a card as it may be used to pay bills or other things and they don't have credit cards..
Also sent money to a friend in South Africa for a couple of months and again they didn't have a CC so the transfer to a bank was worth the $4+ dollars a month.

Thank you for the article.. on a lot of things this would be very useful..

I choose not to have a debit card. Credit cards work much better for me. So how does Square work without a debit card. Or does it work fine with CC also and you neglected to mention it.

Never mind, if you dig down far enough on the Sq site it says Credit Cards are also acceptable.

EDITOR'S NOTE: It does? I see this in the Help text: "At this time, you may only link standard, US-issued Visa or MasterCard debit cards. You may not link a credit card, ATM or pre-paid bank card as a means to send or receive Square Cash."

I would not give information on my debit card to anybody. It is, essentially, my checking account! I think it is too risky. I don't even use the debit card except at my own bank. Besides, when I use my credit card (even via PayPal, which has always worked fine for me), I get extra points or cash back. Incidentally, it took me a long time to even use PayPal. I'm very conservative when it comes to money!

Since you are paying from a debit card I understand you have far less ability to protest the payment than you would with a credit card. Debit cards are basically "cash". Has anybody any experience with protesting a Square Cash payment?

I have used Paypal for about 11 years with no problems, both as a vendor and a buyer. I have also used it to send money to a family member in another country. On one occasion when a payment went astray because the seller had made a mistake in the billing info, I made one phone call to PayPal ad within days the money was recovered and back in my account. I will need to see a better service before I will quit using PayPal. I don't recall ever seeing PayPal's slogan, and I don't care what slogan some entity wants to use.

Since I don't use a smartphone I wouldn't have the pin option available so I am very concerned about the security associated with this. I would never use the service because I don't feel it is secure enough.

EDITOR'S NOTE: No smartphone is needed. Any mobile phone that can receive a text message is fine. Here are some details on Square security: https://squareup.com/help/en-us/article/5144-square-cash-security

Thank you Bob for nice article.

Does Square Cash service could be used by those who live in countries other than USA?

Well,trying being a seller on ebay using paypal and see what happens.They will lock your money for 6 months or hold till buyer receives item and you get feedback.Many horror storys with paypal.
I agree that sqare cash has security problem,but I think it can be fixed.Time will tell.For now I must continue to use paypal because ebay does not like any other payment service.Just my 2 cents.

Bob, I don't understand why you state that for now there is no charge to use the service. The link you provided in Tom Van Dam's posting had another link to click on about "fees & pricing plans." Here it is:
https://squareup.com/help/en-us/article/5068-fees-and-pricing-plans

EDITOR'S NOTE: Confusing, but that's a different service. It's referring to the Square card readers that let you swipe a credit card.

As I understand it, debit cards do not provide the same fraud protection credit cards do. In the past week while traveling, someone "skimmed" my credit card info and sold it in Italy where a bogus card(s) was made. The bank caught it, refused some transactions and we closed the account immediately. I am not liable for two small "test" transactions. This is why I will not use a debit card for other than cash withdrawals inside my bank premises.

An old friend referred a client to me saying, "Take it easy on her, she's a technophobe." So I deviated from my EFT-only policy and she turned out to be such a PITA I aborted the project and blocked her on Facebook.

This "Luddite & proud of it" woman went to her bank for a certified check and then to the PO for a certified letter. That would have been merely amusing if I hadn't waited until 4:00 p.m. without daring to take shower, then bummed a ride (don't drive for health reasons) to my credit union.

So I revised my payment policy to accommodate such people:

Check or money order:

1. Bring the paper to my Denver, CO, lair (by appointment only)
2. Stand by while I endorse the paper
3. Take the paper to my credit union (1.3 miles)
4. Stand in line, perhaps
5. Wait while teller processes deposit
6. Return to my lair with the deposit slip.
7. Go home and think about what you've just done.

Or I will add $50.00 to your invoice, give you my USPS mailing address, and do all of the above for you.

Before you say, "Fine, I'll take my money elsewhere" let me say, "Thank you." I do not make profit by selling my inconvenience and irritation.

My ATM card is also my debit card. I occasionally use it, but only for in-person purchases the 2 or 3 times I've forgotten my credit card at home. The lack of security or opportunity to dispute a false charge are deal-killers for me. Not to mention the float I get until the credit card bill arrives.

To everyone worried about their debit card/checking account info being "out there on the Internet:" where do you think it is now - in Fort Knox? Banks do not exchange transaction data via diplomatic pouches chained to ninjas' wrists.

Banks are a lot less careful with customer data than any EFT service. I have never heard of any breach of Paypal's security, and Square, Inc., is an equally secure major player in merchant services.

I've used PayPal since they started and never had a problem with them. They also helped resolve a problem I did have with another company so I won't switch to a new company. Plus I would worry about security trying out a new company.

Mr. Bob Rankin,
Another one of your extremely informative articles that was very "un-usurious"! [Is this the proper way to use that great word I had never seen before?]
Few years ago, I got a notification from PayPal that I had reached the maximum allowable limit (~$10k) of my free purchasing power via PayPal, for transactions on ebay. It would have been a simple matter of just creating a new account with PayPal that is tied to my AX CC. Instead, I called PayPal up to let them know the silliness of this rule. They were kind enough to remove the silly limit from my account. Of course, it was to their advantage, as I have been a great revenue maker for PayPal/ebay!
Cheers!