Why are we still using Paypal? (1 Viewer)

[bradiggy]

After a few recent transactions here, I'm starting to get a little tired of PayPal. With so many members from around the world, the PayPal fees to send money via F&F are a little ridiculous considering it is an absolutely identical transaction that you would complete with Venmo.

I'm aware that Venmo is technically owned by PayPal, but that doesn't change the fact that Venmo has zero fees to transfer money from your balance, zero fees to make a payment with a debit card, and relatively small fees to send via a credit card. Additionally zero fees to withdraw money to a bank account, and something like .99 cents to transfer direct to a debit bank account instantly. Even more so, Venmo could could not care less what your transaction is for whereas we have to be "secretive" when sending a PayPal for chips when it should technically be a "Goods and Services" transaction with more, you guessed it, fees.

There must be some obvious reason I am missing as to why we are still doing transactions on PayPal?

 

[johnjohn]

You sold me.

 

[Amish Rabbi]

To bad USA can’t get with the times in implement EMTs....

 

[74suited]

There must be some obvious reason I am missing as to why we are still doing transactions on PayPal?

The one snag I can think of is: Venmo is a mobile-only app, and not nearly as popular as PayPal. I'm all for it, but most people just don't have a Venmo account, and if one is already familiar with and trust PayPal, its hard to ask them to try a try a new e-wallet.

 

[asam2006]

When everybody switches to Venmo I'll be on that train.

 

[Pokerdweebz]

The one snag I can think of is: Venmo is a mobile-only app, and not nearly as popular as PayPal. I'm all for it, but most people just don't have a Venmo account, and if one is already familiar with and trust PayPal, its hard to ask them to try a try a new e-wallet.

This is my reason. I've used PayPal for this long, 95% of my transactions are fee-less, and more accounts = more security/risk. I don't particularly like PayPal or trust them though.

 

[johnjohn]

switched.

 

[Tommy]

I support....

 

[Tommy]

And...

 

[sheikh617]

I have access to pretty much all of the E-wallet services. Whatever the buyer/seller wants' I'm game.

 

[Marius L]

Agree with this very much! Revolut us also another great option.

 

[justsomedude]

I’m all for it, but most people just don't have a Venmo account, and if one is already familiar with and trust PayPal, its hard to ask them to try a try a new e-wallet.

Honestly, I don’t know anyone who DOESN'T have a Venmo account. And over the last year, I’d say the percentage of Venmo transactions in the studio has pushed upwards of 40%, where it was historically 100% credit card swipes. And this is only after being initiated by the customer. If I offered it as an official option, I’m sure that percentage would be even higher.

And no offense to the 45+ crowd (I’m almost there myself)... but I’m willing to bet everyone under 35 with a smartphone has Venmo. And uses it.

+1 for going Venmo. Sure, PayPal will monetize it eventually. But let’s use it while it’s free.

 

[sem0030]

Venmo is the best

 

[EnjoyLife]

I like Google Pay. Money goes straight into my account.

 

[sheikh617]

If people are already doing F&F routinely, Venmo and Zelle are definitely better options.

 

[CantSpellPoker]

I’m a Venmo user, and if I ever sold anything on here (haven’t to this point), I’d request payment via Venmo before anything else.

 

[ReallyGoodUsername]

Pretty much most popular = default here and I guess PayPal at least gives the buyer option of protection unless Venmo started to (to my knowledge they don’t offer seller/buyer protection). Plus most people (not just my friends in the 20s-30s age range) don’t have Venmo.

 

[timinater]

Interac email money transfers have been a thing in Canada for so long and are universally used. I don't understand how they haven't expanded to other countries Interac serves.

Here's how it works: I log into my online banking, transfer right out of my account, enter the recipients email address (or text), done.

Seamless and for most bank accounts, free. If not, usually $1.

 

[justsomedude]

If anyone’s worried about Venmo’s popularity... don’t. Their growth is absurd...

https://www.cnbc.com/2019/04/24/venmo-has-40-million-users-paypal-reveals-for-first-time.html

 

[inca911]

Good point, and this post was just the impetus I needed. I signed up for Venmo, and will be changing to accept that over PayPal starting 01Jun2019.

 

[ReallyGoodUsername]

Good point, and this post was just the impetus I needed. I signed up for Venmo, and will be changing to accept that over PayPal starting 01Jun2019.

Is that when their ridiculous FF fees start?

 

[inca911]

Is that when their ridiculous FF fees start?

I will probably wreck it for everyone.

I still have a hotmail email address too....

 

[Lemonzest]

As far as USA > USA transactions you guys should start posting Venmo as your preferred payment method in your for sale ads. It sounds like many people already have an account. Unfortunately, Venmo is not available to Canadians. I tried to open an account a while ago and it would not let me.

But yeah E-transfer for transactions within Canada are the best.

 

[hdgeno]

As far as USA > USA transactions you guys should start posting Venmo as your preferred payment method in your for sale ads. It sounds like many people already have an account. Unfortunately, Venmo is not available to Canadians. I tried to open an account a while ago and it would not let me.

But yeah E-transfer for transactions within Canada are the best.

I agree, E transfer is awesome when doing deals with Canadians. Too bad none of those other options are available to us north of the border. I’m sick and tired of all the fees.

 

[FDLmold]

I've got hundreds of dollars in my Amazon cart. Anybody in the world can buy me an Amazon gift certificate!

 

[mummel]

I dont get it. PayPal owns Venmo and is competing against itself?

I've always used PayPal with zero fees. Nearly everyone has PayPal. Not all folks have Venmo.

EDIT: I see that Venmo would be preferred for international transactions. Makes sense. Otherwise for domestic US F&F transactions, I see no reason to use Venmo over PayPal, because again, everyone has PayPal.

 

[cpac54]

To bad USA can’t get with the times in implement EMTs....

No doubt. All you need here is someone's IBAN and that's it. Done. Secure, free, and easy.

PayPal fees for international transactions are horrendous, and that's saying nothing about the even worse exchange rates when converting funds into USD.
Alas, the life of the international chipper...

 

[Schmendr1ck]

I dont get it. PayPal owns Venmo and is competing against itself?

I've always used PayPal with zero fees. Nearly everyone has PayPal. Not all folks have Venmo.

PayPal bought Venmo, and many Vemno users either dislike PP, don't know PP owns Venmo, or both.

It's about branding to target markets and increasing market share through buying up the competition (see: Microsoft).

 

[johnjohn]

also see Oracle.

 

[ReallyGoodUsername]

PayPal bought Venmo, and many Vemno users either dislike PP, don't know PP owns Venmo, or both.

It's about branding to target markets and increasing market share through buying up the competition (see: Microsoft).

or beer!