This service is no Pal of mine (paypal.com)

Member Name: dannybwoii

Product:	paypal.com
Date:	15/01/09 (43 review reads)
Rating:

Advantages: Don't have to enter bank details online, money can be received easily for online transactions.

Disadvantages: Handling fee for receiving money and waiting time before being able to withdraw

PayPal is an online payment method. Much like a virtual bank where you can leave money, deposit money, transfer money and use it to shop online. You may well think, what is so special about PayPal as you can do all this with your debit/credit card, which is totally right. The only advantage to using PayPal is that it protects buyers from having to enter their personal bank details online.

However, the only problem with that is only a select amount of online retailers accept paypal, ebay being it's largest benefactor as it also owns paypal. The reason these online retailers aren't so keen on accepting PayPal is because firstly they charge a handling fee for receiving money between 1.4-3.4%. Not only that but to withdraw money from PayPal into your bank account can take up to 7 working days.

As i see it PayPal is a good resource for those who want to use it to buy from websites as it is free to use, however for those that use it as a means to receive payment it will cost them. Also unlike with your bank where money is freely available to take out, PayPal doesn't allow for that luxury.

Summary: I only use this with ebay and whilst it offers a way for payment to be secured it has a lot of flaws