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Paypal vs. Merchant Account
Copyright (c) 2006-2010 Scott Burke
ALBANY, New York (AP) -- The nation's largest online payment
service, PayPal, is paying New York $150,000 in penalties after
misrepresenting to consumers its policy on repayment when
merchandise doesn't arrive, the state attorney general said
Monday.
PayPal, which claims 40 million customers worldwide, had
specifically stated that it provided the same rights and
protections of a traditional credit card transaction, said
Attorney General Eliot Spitzer. But consumers were often denied
those rights, he said.
For example, consumers who didn't receive merchandise purchased
through PayPal were often denied reimbursement from either PayPal
or American Express or Discover credit cards. A spokeswoman for
Spitzer said consumers complained they were being bounced between
PayPal and their credit card companies and there was no prompt
action.
The credit card firms agreed to properly credit consumers in an
agreement with Spitzer late last year.
PayPal creates accounts for buyers and sellers using the
Internet, including PayPal's parent, eBay, the Internet auction
site. The service lets buyers and sellers exchange money through
e-mail.
Besides the penalties, PayPal will pay New York state the
investigation costs. The online payment service also will clearly
describe consumer rights including conditions or limitations on
their rights and refund policies.
Without the agreement, consumers using their credit cards through
"e-payment" systems like PayPal would lose their protections
under the federal Fair Credit Billing Act and similar state laws.
"Protecting consumer rights in online transactions is the best
way to establish and maintain confidence in electronic commerce,"
Spitzer said.
PayPal has clarified that it will investigate any claims about a
deal as long as the complaint is made within 30 days of the
purchase.
Our Service is a great alternative to Paypal. Not only do you get
your own merchant account and the ability to accept credit cards
real time on your website, but you can also process face to face
or offline transactions. You can't do that with PayPal.
www.cmscreditcards.com even has better rates than PayPals
standard program and you get your money in 48 hours directly into
your Business Checking Account. No volume limits like Paypal.
Benefits to having your own merchant account and not a PayPal
account:
No chance of PayPal freezing funds or holding money because
they don't understand your business. When you sign up for
an account with us, we underwrite your account so our banks
know exactly what you are doing therefore, lessening the
chance for you to have your funds held erroneously and
hampering your cash flow.
Merchant can take both online and offline orders at their
home, store, office, tradeshow, etc. You can't do that with
PayPal. With PayPal you can only take orders from your
website. Though we believe your website sales are important,
it is also important that you make sales face to face and
via other marketing methods.
Merchant gets funds automatically in 48 hours to bank
account of their choice.
With your own Merchant Account, your customers will not be
required to open up a PayPal account just to do business
with you.(This is a huge inconvenience to put your customers
through just to make a one time purchase from you.)
You can do recurring billing transactions for regular
customers. Automatically bill a customer $100 per week or
per month. You set it up once and don't have to worry about
it ever again.
Pay Pal does not make their phone number available to its
customers. Call our office anytime and you'll get a live
person during business hours.
Main Difference between Pay Pal and a Merchant account:
The main difference between Pay Pal and a merchant account is
that funds are not processed through the merchants own merchant
account. All transactions are processed through one or more large
bank accounts that the merchant needs to access to get his funds.
They are not directly deposited into the merchants checking
account.
The accounts where these funds get pooled are typically too large
to be FDIC insured. The method of clearing and settling
transactions skirts the rules established by Visa and Mastercard
as well as state and federal bank regulations.
For more information on how your business may benefit from
accepting credit cards now. Click over to
http://www.cmscreditcards.com
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Scott Burke, President of MAXX Business Solutions is committed to making the merchant experience a pleasure and one that will build long-lasting business relationships. MAXX works as a trusted partner in merchant account credit card processing and strives to provide merchants with the best support, the best rates, and the best service in the industry. http://www.cmscreditcards.com/payment-processing.html
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Top-Level Category: Internet Articles || Related Categories: Business Online Articles
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Written by: Kim Roach |
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|
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