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Was talking last night with my son about the future of PayPal..he asked me how much money I keep in PayPal. He wondered if some day in the future PayPal would go bankrupt after EBay starts it’s own payment service. I transfer out pretty regularly, but it’s worth thinking about and keeping an eye on in the future…
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Like you we regularly move money out of Paypal so its not a big deal.
But Paypal isnt going to go bankrupt since eBay isnt their only customer. And if they did go bankrupt, itd be after all of us are using eBay’s new payment system….so we wouldnt have any money in Paypal anyway.
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question: does anyone know how Venmo works? because what seems to happen that is different than Paypal to Paypal payments (person to person, not through ebay) is that you can link a bank account to Venmo, pay someone and they have it instantly, but the payment takes several days to come out of my bank account. you can put a balance in Venmo like with Paypal and it’s obviously instant. I just dont understand how essentially what is considered an “e-check” via Paypal is instant in Venmo. (does anyone know what i mean?)
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Only done it once with my son.
Yeah, there was some time there as all the transactions have to clear the banks (which I would LOVE to know why it still takes so long to clear in 2018). I know we have a bank expert on here…
Beyond that, dunno. I’m sure it is the bank clearing that takes the time. Same with PayPal. Takes at least one day if not two to get into our account. If you have a balance, the move is quick (PayPal to PayPal), but still takes time for the recipient to move to their bank.
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HEre’s my hunch: because Venmo is usually for small transactions, Paypal covers the payment instantaneously, then they pul the money out of your bank account which takes three day period.
Whats confusing is that Venmo charges 0% to pay with a bank account. I dont know how they make money.
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Transaction fees on credit cards. They may give up the P2P side to gain marketshare of users. I only had it as a way to get money to my son in Europe.
https://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp
We use Zelle for our photographer. Right in our Banking App and he gets paid instantly. We have used it to pay our boys as well when they have access to their debit cards.
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right that’s what i was explaining to jay too, that they charge if you want to hook up a credit/debit card. so i guess enough people do that to make them money.
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Any purchase on a credit or debit card will have a transaction fee, so Venmo will be no different. So, for moving money back and forth (like PayPal), that would be free, but any credit card transaction would have the fee.
I don’t know enough about them to know how they get paid on their fees, as in who uses them to process payments. Maybe they are a B2B vendor on the backend and that is how they get paid.
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My brother in law works for Paypal and I asked him this very question. Turns out, ebay is a very small part of their business model. The have a large share in overseas markets and are not going away anytime soon. The most likely scenario is they will be bought up by someone but even that doesn’t look like it will need to happen anymore.
Colleen -
PayPal is accepted at most major retailers in Canada – I use it often at Home Depot, Lowes, Best Buy, and many other big international and Canadian retailers and restaurants. The only place I know that doesn’t accept PayPal at this time is Walmart. I like it because almost every retailer has had a credit breach at one point or another – and to have my info in one spot allows me to control it and know I only have one place to worry about it being compromised.
I think the big positive with PayPal is that they are a 3rd party for dispute resolution – a lot of the other payment services, once you pay, your money could be gone and you have no recourse if the items isn’t as described or you are a victim of outright fraud.
eBay isn’t going to kill Paypal – they are just going to add options for buyers to choose other methods. I’m sure for awhile, seasoned eBayers will continue to use PayPal to make purchases – however, we need to adapt as sellers to alternate payment methods to increase sales.
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