Paypal is the greatest thing for online sales. It allows the average person to accept payments for a nominal fee and sell anything worldwide.
Since I started accepting payments using Paypal, I have always had a cautious eye. To help prevent any shady dealings between my Paypal account and my personal savings account, I opened a new savings account at my local bank. This new bank account is a simple savings account. This is the only account on file with Paypal, it is the account I use to transfer money to and from my Paypal account.
Lets say I withdrawal funds from my Paypal account into this savings account, after the transaction completes (usually three business days), I login to my bank and simply transfer the funds from my Paypal-specific savings account to my regular savings account.
This way in the event there is a person at Paypal that tries to clean house, they will only get the minimal amount I have lingering in this 'buffer' account.
I must add, I have NEVER had any issues using Paypal, nor do I ever expect to. There is no harm in being cautious.
1 comment:
I've never had a problem with PayPal before, but you can't be too cautious like you said. Great idea.
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