It looks like Venmo (Paypal) will allow "insured transactions". I am not sure if this was already implemented but it looks like the seller's fee would be 1.9% of the transaction+ .10 cents.
I was told by a FM member that one would need a business account with Venmo for this to work.
As you all know FM advises members to conduct transactions only via "insured" methods of payment and therefore "insured Venmo" could be an alternative to insured Paypal.
I’ve had nothing but headaches with “Insured Venmo.” I used it thinking it is safe, but I’m in the middle of fighting a case and it’s taking forever. They make it really difficult to file cases, don’t provide communication or a platform to manage anything. There is no option to actually put an address. I say just use PayPal!
What am I missing here. As long as you pay with a credit or debit card every transaction you have is protected by the credit card and banking system no matter what service you use to send the money. The buyer is always protected and the seller never is and all of the risk falls to them regardless of the payment service. Anyone can buy something through PayPal, Venmo, whatever, call their bank or credit card company and say it was an unauthorized transaction or they didn’t receive the item and the credit card company or bank will do a chargeback…. I have personally been screwed over by this more than once in my lifetime …. It’s the core reason that I hate PayPal. Someone bought a motorcycle from me a few years ago, “was short on cash” and asked if it was ok to in person PayPal me the remainder …got home and reversed the charges on the transaction and PayPal never even checked with me they just did it and charged the $1000 back to me which pulled it from my bank without me knowing …. So the moral of the story is that the buyer is protected by default if they use a credit card and the seller is taking all of the real risk
brainchill wrote:
What am I missing here. As long as you pay with a credit or debit card every transaction you have is protected by the credit card and banking system no matter what service you use to send the money. The buyer is always protected and the seller never is and all of the risk falls to them regardless of the payment service. Anyone can buy something through PayPal, Venmo, whatever, call their bank or credit card company and say it was an unauthorized transaction or they didn’t receive the item and the credit card company or bank will do a chargeback…. I have personally been screwed over by this more than once in my lifetime …. It’s the core reason that I hate PayPal. Someone bought a motorcycle from me a few years ago, “was short on cash” and asked if it was ok to in person PayPal me the remainder …got home and reversed the charges on the transaction and PayPal never even checked with me they just did it and charged the $1000 back to me which pulled it from my bank without me knowing …. So the moral of the story is that the buyer is protected by default if they use a credit card and the seller is taking all of the real risk...Show more →
This is why I do not deal with PayPal unless someone here has more than 5 positive transactions as a buyer.
It's just the fact that ANY payment processor will ALWAYS side with the buyer. It's a crappy world to be in as a seller.
Right you are and even though Paypal may decide in a seller's favor, the buyer can still charge-back the credit card and Paypal has to go along. Paypal isn't even entitled to stop repeat offenders because the credit card company rules prohibit any retaliation. It's buyer beware and seller too!!
Don’t forget that the feds are going to be requiring PayPal and others to collect tax information if you sell over $600 as well. It’s going to get real un-fun to buy and sell shortly.
I am negative $1000 because someone returned a drone I sold missing pieces. He could not calibrate it so he sent it back. I refuse to pay the $1000 and will just never use Paypal.
Venmo has a major flaw IMO -- credit/debit cards charge a 3% fee, and if you try to link a bank account they ask for your bank PASSWORD which I consider extremely unethical. Basically they phish people for bank passwords in return for removing the 3% fee. Seems extremely sketchy to me.
wuxiekeji wrote:
Venmo has a major flaw IMO -- credit/debit cards charge a 3% fee, and if you try to link a bank account they ask for your bank PASSWORD which I consider extremely unethical. Basically they phish people for bank passwords in return for removing the 3% fee. Seems extremely sketchy to me.
You’re basically logging in and linking accounts, it’s becoming fairly common in financial services.
wuxiekeji wrote:
Venmo has a major flaw IMO -- credit/debit cards charge a 3% fee, and if you try to link a bank account they ask for your bank PASSWORD which I consider extremely unethical. Basically they phish people for bank passwords in return for removing the 3% fee. Seems extremely sketchy to me.
They are not collecting your bank password. You log in to your bank’s site and they issue an OAUTH token or similar to Venmo to make the connection secure. It’s nothing unusual or sketchy at all.
wuxiekeji wrote:
Venmo has a major flaw IMO -- credit/debit cards charge a 3% fee, and if you try to link a bank account they ask for your bank PASSWORD which I consider extremely unethical. Basically they phish people for bank passwords in return for removing the 3% fee. Seems extremely sketchy to me.
torifile wrote:
They are not collecting your bank password. You log in to your bank’s site and they issue an OAUTH token or similar to Venmo to make the connection secure. It’s nothing unusual or sketchy at all.
Right, and I emphatically don't trust Plaid or any such services. You should never give your bank password to *anyone* but your bank. If the domain isn't your bank's domain you shouldn't be entering your bank password period.
It's bad enough if they ask for the password themselves, now there's a 3rd party that wants my password? No. *Hell* no.
AdaptedLenses wrote:
You’re basically logging in and linking accounts, it’s becoming fairly common in financial services.
I'm not giving my bank password to anyone unless the domain is my bank's domain, period. Plain and simple.
I don't trust any third parties with my bank password, I don't care how many million they raised from some Silicon Valley VC, if they're not my bank they don't get the password.
If they want to verify bank account there are other ways to do that.
In this world of instant everything let us not forget there are things called checks. I have no problem sending a check and waiting for it to clear before the item is mailed. And the $600 reporting requirement and PP fees are not an issue using this alternative. Lets go back to the good old days
Sounds like a plan with reporting requirements. I’m not going there…
John Power wrote:
In this world of instant everything let us not forget there are things called checks. I have no problem sending a check and waiting for it to clear before the item is mailed. And the $600 reporting requirement and PP fees are not an issue using this alternative. Lets go back to the good old days
Totally understandable, but they aren’t phishing for your password.
wuxiekeji wrote:
I'm not giving my bank password to anyone unless the domain is my bank's domain, period. Plain and simple.
I don't trust any third parties with my bank password, I don't care how many million they raised from some Silicon Valley VC, if they're not my bank they don't get the password.
If they want to verify bank account there are other ways to do that.
[knock on wood] I've had 100% reliable transactions on FM, and those have universally been PP G&S, unless the value is under $50, in which case F&F is worth the risk.
.gov forcing PP to collect taxes on trading in used goods elevates my level of contempt for .gov.
