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Is accepting 5 figures/month via paypal a bad idea?

Discussion in 'BlackHat Lounge' started by HaxTuTorial, Feb 23, 2015.

  1. HaxTuTorial

    HaxTuTorial Jr. VIP Jr. VIP

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    I use paypal for a significant portion of my transactions, on of my clients always wants to pay with paypal. I receive about $5k/month from him, should i tell him to start paying through bank transfers/western union/non-reversible means? Feel like i have given him all the power, cause even months after a transaction one can still do a false chargeback, has happened before.
     
  2. Mauri1995

    Mauri1995 Newbie

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    Definitely yes, maybe you can use escrow to be safer
     
  3. the_demon

    the_demon Jr. Executive VIP

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    Although I've done transactions in the 5 figure range with PayPal. I would strongly advise you try to push the client to a non refundable medium. Also, you can save a lot of money doing bank transfers for that amount.
     
  4. mickyfu

    mickyfu Jr. VIP Jr. VIP

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    I would not even leave a used condom in a PayPal account.
     
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  5. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    That has never been a problem with me and I've been easily doing 5 figures+ in PP for several years.
     
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  6. henkepenka

    henkepenka Registered Member

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    I'll handle 5 figures on PayPal as well. No problems so far...
     
  7. infoasian

    infoasian Supreme Member

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    Paypal is very expensive, but as long as your service makes your customers happy I don't see a problem. There are many guys who sell 5 figures doing the ebay thing. It's pretty safe until one or two guys cause a problem at the same time.
     
  8. jamb0ss

    jamb0ss Junior Member

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    you can't cross your PayPal account limits, so they don't give a duck about your money flow if you are not Edward Snowden
     
  9. Megha120

    Megha120 Junior Member

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    Work with perfectmoney or btc . Everything is better than PP
     
  10. anafsp1

    anafsp1 Junior Member

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    About any refund request dont forget that paypal do not refund any digital services. If this is your case, you're safe. But with a bank transfer you should pay less fees, what is nice.
     
  11. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    Mine, paypal, now, 5 figures, no problem.
     
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  12. T0NYS

    T0NYS Supreme Member

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    same for me , actually I have a business account and never had a problem
     
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  13. snarky

    snarky Junior Member

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    -Try to avoid Paypal when possible. A real merchant account will give you better rates, and slightly better protection from charge backs (you'll be dealing with only the Visa/Mastercard chargeback rules, and not Paypal's own rules on top of the credit card company rules)

    -When you do use it, take the money out of the paypal account and into you bank account as soon as possible

    -Have a bank account dedicated for paypal. Only use it to withdraw money from paypal. As soon as it gets deposited to your bank account, transfer it to one of your regular bank accounts. (Paypal can reverse transactions and take money from your bank account, so be careful what account you give them access to.)

    -Have back up merchant accounts to use so you're still able to accept credit card payments when your paypal account gets frozen. Paypal might only put a temp freeze on your account, but this way you're not scrambling looking for an alternative merchant account. I like Stripe, but there is lots of choice now.
     
  14. Typlo

    Typlo Jr. VIP Jr. VIP Premium Member

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    If you are really worried about PP, tell your client you will be reducing the amount of services provided based on the fees PP takes. For wires, you won't do that since there aren't any fees for you. Might make it worth his while then.
     
  15. kevinweb

    kevinweb Newbie

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    paypal really arrogant and with its high fee, so i think for you it would be better to ask client for bank transfer for those pp fee or bitcoin :)
     
  16. DanTe_0101

    DanTe_0101 Senior Member

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    not a bad idea but VERY bad idea :D
     
  17. JDelgado69

    JDelgado69 Newbie

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    Does anyone here s3ll verified paypals?

    My account was just limited after a client reversed a charge 30 days after buying a digital good. I have to accept a 4k payment this week. Does anyone have a paypal account that can handle that without getting limited for sal3.

    If not, does anyone have a better option? I don't want this client to have my bnking info, never met any of my clients in person.

    Just joined for this reason only. Thnks for answering.
     
  18. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    You've answered your own question. Since you don't really trust your client, ask for wire payments. Will make you sleep better at night :)
     
  19. Visit

    Visit Senior Member

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    Paypal usually goes after you if you withdraw a majority of the funds that's 5 figures and above, all at once, or a dispute occurs.
     
  20. asap1

    asap1 BANNED BANNED Jr. VIP

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    Man stay away from paypal.

    I learned the hard way, I read all the bad stories but though I would be ok and then the shit happened to me.

    2k locked for 6 months for no damn reason.

    I dont get the whole 6 month lock anyway its like they put you in punishment or some shit, why not let me withdraw my damn money and just ban the account? But noooo they ban ur account, hold your money for 6 month then give it back....

    STAY AWAY FROM PAYPAL.