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Paypal v CC

  • 16-01-2011 9:31am
    #1
    corblimey
    Registered Users, Registered Users 2 Posts: 4,475 ✭✭✭


    A lot of sites these days have the option of paying by credit card or by Paypal. I usually don't have any money in my PP account, so in essence that's paying by credit card aswell, but I've often wondered which is the best approach.

    I'm thinking that the PP exchange rate would be slightly worse than that imposed by my credit card company, but maybe PP doesn't exchange it, and would just charge the (sterling) rate appropriately?

    Also, which method covers me better in terms of refunds, etc


Comments

  • #2
    Max Power1
    Closed Accounts Posts: 10,272 ✭✭✭✭Max Power1


    You can opt not to use paypal exchange rates but to use use those set by your CC company if you wish. Its a setting that needs to be changed (i've done it myself) in your paypal account.

    If given the choice, I would pay through paypal using a credit card (not funds from paypal account) so that I have both the paypal claim, and also the CC chargeback process to rely on to get my money back in the event of fraud/non delivery.


  • #3
    Red Mosquito
    Registered Users, Registered Users 2 Posts: 7 ✭Red Mosquito


    I always use Paypal if it is available as it means I am not sharing my credit card details on the website. From previous purchases I have made (dollar/sterling etc), Paypal do not add on any additional charges. They just process the purchase amount to my visa and AIB do the conversion.

    Refunds etc is the same through both and with paypal you can file a clam against a seller if he transaction goes wrong. Never had to do it so far but it looks easy to do instead of dealing with a bank.

    Hope this helps.


  • #4
    RachaelVO
    Registered Users, Registered Users 2 Posts: 3,108 ✭✭✭RachaelVO


    There are other options if you don't want your cc details being held by companies, because despite what they say they do hold your details, use a prepaid card that has an electronic virtual card. This can generate random numbers for use with exp date and ccv number too. They can be funded by credit card or transfer. To be fair the usually have more than one option to fund it. Not to mention that a pre paid card saves you money when booking with ryanair (with a prepaid mastercard).

    I've blogged about it if you want to know more
    http://rightcreditcard.blogspot.com/2011/01/free-prepaid-credit-card.html


  • #5
    Max Power1
    Closed Accounts Posts: 10,272 ✭✭✭✭Max Power1


    Red Mosquito wrote: »
    Paypal do not add on any additional charges.
    Woah, yes they do. In the region of 3.4% per transaction! This is not charged directly to the buyer (the recipient pays the fees) however will be incorporated indirectly into the purchase price by the seller.


  • #6
    RachaelVO
    Registered Users, Registered Users 2 Posts: 3,108 ✭✭✭RachaelVO


    Max Power1 wrote: »
    Woah, yes they do. In the region of 3.4% per transaction! This is not charged directly to the buyer (the recipient pays the fees) however will be incorporated indirectly into the purchase price by the seller.

    Not only that, but as a buyer you do not have their protection. The only guarantee you protection if you buy from ebay and other certain approved sites which vary from country to country. Paypal is NOT the great advantage that everyone thinks it is. If a scam site is using paypal they will "investigate" but if the money is gone, it's gone and they don't give a rats, nor will they tell you what they have "investigated" so in the regard they can be seem like they are outta 1984!!!!


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  • #7
    Max Power1
    Closed Accounts Posts: 10,272 ✭✭✭✭Max Power1


    RachaelVO wrote: »
    Not only that, but as a buyer you do not have their protection. The only guarantee you protection if you buy from ebay and other certain approved sites which vary from country to country. Paypal is NOT the great advantage that everyone thinks it is. If a scam site is using paypal they will "investigate" but if the money is gone, it's gone and they don't give a rats, nor will they tell you what they have "investigated" so in the regard they can be seem like they are outta 1984!!!!
    That was true in the past however is no longer the case. You are as covered for off ebay purchases as on ebay purchases.


  • #8
    rubadub
    Registered Users, Registered Users 2 Posts: 32,386 ✭✭✭✭rubadub


    Max Power1 wrote: »
    Woah, yes they do. In the region of 3.4% per transaction! This is not charged directly to the buyer (the recipient pays the fees) however will be incorporated indirectly into the purchase price by the seller.
    This is why I pay by CC on sites I use a lot and trust, I do it since I like the shops and get great service and prices from them and so want to see them maximise their profits -which might hopefully result in lower prices for me in the future.

    And CC invariably gave me a better exchange rate anytime I checked. Never knew about the feature Max Power mentioned.


  • #9
    RasTa
    Closed Accounts Posts: 15,116 ✭✭✭✭RasTa


    rubadub wrote: »
    This is why I pay by CC on sites I use a lot and trust, I do it since I like the shops and get great service and prices from them and so want to see them maximise their profits -which might hopefully result in lower prices for me in the future.

    And CC invariably gave me a better exchange rate anytime I checked. Never knew about the feature Max Power mentioned.

    Merchants who use credit card terminals pay a lot more then 3.4% per transaction in the end. 50k fine if their cb rate is over 1%


  • #10
    Elara: Kin
    Closed Accounts Posts: 1,116 ✭✭✭Elara: Kin


    RasTa wrote: »
    Merchants who use credit card terminals pay a lot more then 3.4% per transaction in the end. 50k fine if their cb rate is over 1%

    Generally unless you never use the terminals the percentage will be a lot less than that. CB for terminals must be greatly reduced now with chip and pin I suspect.


  • #11
    Max Power1
    Closed Accounts Posts: 10,272 ✭✭✭✭Max Power1


    Elara: Kin wrote: »
    Generally unless you never use the terminals the percentage will be a lot less than that. CB for terminals must be greatly reduced now with chip and pin I suspect.
    I believe he was talking about using CC through Paypal as opposed to in bricks and mortar shops. Chip and pin doesnt affect you when using a credit card online.


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  • #12
    Elara: Kin
    Closed Accounts Posts: 1,116 ✭✭✭Elara: Kin


    Max Power1 wrote: »
    I believe he was talking about using CC through Paypal as opposed to in bricks and mortar shops. Chip and pin doesnt affect you when using a credit card online.

    Sorry I was replying to RasTa's post not the OP.


  • #13
    RasTa
    Closed Accounts Posts: 15,116 ✭✭✭✭RasTa


    Elara: Kin wrote: »
    Generally unless you never use the terminals the percentage will be a lot less than that. CB for terminals must be greatly reduced now with chip and pin I suspect.

    How much do they cost anyway? Set up and are there yearly fees? I've heard conflicting reports on what is more expensive. The chargeback fines seem to be the same across the board.


  • #14
    Elara: Kin
    Closed Accounts Posts: 1,116 ✭✭✭Elara: Kin


    RasTa wrote: »
    How much do they cost anyway? Set up and are there yearly fees? I've heard conflicting reports on what is more expensive. The chargeback fines seem to be the same across the board.

    I think we started at 2.5% back in the day. No idea on setup and yearly costs but any yearly cost will be small compared to the transaction charges I would think.


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