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Klarinet Archive - Posting 000541.txt from 2001/07

From: "cpaok@-----.net>
Subj: Re: [kl] Off topic but could use advice on Paypal
Date: Wed, 18 Jul 2001 20:35:12 -0400

Again, Bill ... it's but another step for _your_ credibility. You asked why,
I told you. Confirmed addresses, verified bank accounts. That is what it is
about. You don't wanna, you don't have to.

NOW, anybody can get a credit card & anybody can use a credit card. It's
not perfect, I doubt it ever will be. Anybody can steal a credit card too,
but they are less likely to have fraudulently-charged goods shipped to the
address of the credit card holder, right?

Paypal also hopes that once your bank info is verified, that you will you
cash from your account to pay. They make more money that way, as they don't
have to pay a merchant fee to the credit card companies.

AND, no, you don't have to do it (release information concerning your bank
account). But, you asked why & now you know. Paypal is a very secure
(encrypted) website. They probably will move to actually becoming a credit
card company and bank before long. They already have interest bearing
deposits for Sellers.

mw

PS - I don't think that Paypal is "Big Brother". As an aside --- as a CPA I
marvel at the number of people who give the IRS their bank account number
for direct deposit of their tax refunds. Certainly, the IRS has other ways
to obtain such data. However, some people elect to provide it directly.
DSFDF.

----- Original Message -----
From: "Bill Hausmann" <bhausmann1@-----.com>
Subject: Re: [kl] Off topic but could use advice on Paypal

> At 05:37 PM 7/18/2001 -0500, you wrote:
> >Bill, there is a very good reason why they want to confirm your address.
> >
> >As previously stated, Paypal works (in part) off the "float". They also
> >realize other substantial revenues from (% & fixed) fees they charge to
> >Sellers, & from other activities related to their Electronic Payment
> >Business.
> >
> >If _your_ home address (or the address where you receive your credit card
> >statements) is confirmed by Paypal, they *KNOW* you are a much _better_
risk
> >when it comes to fraud, etc. Who do you think bears the brunt of fraud?
> >(Paypal & their Sellers in certain cases).
> >
> >Many Paypal Sellers will _NOT_ ship to an Unconfirmed Address of a Paypal
> >buyer. Why? Its simple. If the originating Paypal payment is via credit
> >card, the Seller is (always) subject to credit card chargeback(s) for
> >shipments to an UNconfirmed addresses. This could be due to buyer
> >unhappiness, or fraud.
> >
> >Buyers should review the chargeback policies of _OTHER_ online electronic
> >payment "vendors", such as BillPoint (eBay).
>
> They can have my ADDRESS all day, and in fact they DO have my confirmed
> address, but my bank account number is MY business, especially since the
> credit card I am using is completely unrelated to that bank.
>
>
>
> Bill Hausmann bhausmann1@-----.com
> 451 Old Orchard Drive
http://homepages.go.com/~zoot14/zoot14.html
> Essexville, MI 48732 ICQ UIN 4862265
>
> If you have to mic a saxophone, the rest of the band is TOO LOUD!
>
>
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