Good alternative to PayPal?
#3038626
04/30/22 09:59 PM
04/30/22 09:59 PM
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Joined: Jan 2003
Posts: 16,832 Between Houston & Galveston TX
SattyNoCar
OP
Smarter than no class Flappergass by a mile
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OP
Smarter than no class Flappergass by a mile
Joined: Jan 2003
Posts: 16,832
Between Houston & Galveston TX
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I've had PayPal for years, but fees and other issues make it less desirable now. What's a good alternative now? Venmo? I'm not a business, just a guy offloading parts online. Yes, I did a google search, and while reviews are great, hoping I can get some firsthand feedback here. Thanks!
John
The dream is dead, long live the dream.......😥
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Re: Good alternative to PayPal?
[Re: SattyNoCar]
#3038689
05/01/22 07:46 AM
05/01/22 07:46 AM
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Joined: Apr 2005
Posts: 4,923 new berlin wisconsin
Mr T2U
master
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master
Joined: Apr 2005
Posts: 4,923
new berlin wisconsin
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i myself prefer paypal even after the 3 1/2% fee when using the goods and services option. in my OPINION it's the safest and most secure and secure digital payment system when using the goods and services payment option. i just figure the fees into my selling price. i regularly read posts on facebook about how someone scammed them using the other online payment methods. in my OPINION. if the seller won't accept paypal goods and services payments this is the biggest red flag of it being a scam. if they don't accept paypal goods and services method i won't buy from them unless the transaction is done in person.
Last edited by Mr T2U; 05/01/22 07:48 AM.
perception is 90% of reality
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Re: Good alternative to PayPal?
[Re: Dart 500]
#3038708
05/01/22 09:40 AM
05/01/22 09:40 AM
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Joined: Jan 2003
Posts: 16,832 Between Houston & Galveston TX
SattyNoCar
OP
Smarter than no class Flappergass by a mile
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OP
Smarter than no class Flappergass by a mile
Joined: Jan 2003
Posts: 16,832
Between Houston & Galveston TX
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I didn't realize last night that Venmo is owned by PayPal. Not sure if that's a good thing or a bad thing. Thanks for the replies so far!
John
The dream is dead, long live the dream.......😥
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Re: Good alternative to PayPal?
[Re: Moparite]
#3038774
05/01/22 01:48 PM
05/01/22 01:48 PM
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Joined: Jul 2003
Posts: 3,267 Connecticut
1972CudaV21
master
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master
Joined: Jul 2003
Posts: 3,267
Connecticut
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All of these apps are monitored by the IRS and issue 1099’s if over $600.00
China is the enemy.
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Re: Good alternative to PayPal?
[Re: 2fast4yourBrain]
#3039200
05/02/22 09:29 PM
05/02/22 09:29 PM
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Joined: Jan 2003
Posts: 15,457 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,457
Omaha Ne
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If you are selling something over $600 from a private person, you may want to ask the buyer to give you funds in $500 chunks.
Otherwise, you'll be paying taxes.
If you sell something on ebay for >$600, you then are screwed.
Start tracking what you pay for goods so you have a basis for what you paid for the item so that you only get taxed for the difference (zero taxes if sold at a loss obviously). My understanding is that sales totaling more than 600.00 in a calendar year generate a 1099. Same with any TPO transfers (paypal etc). Unless the money is designated as other than for a purchase IE: repayment for dinner, a gift to a friend. Please correct me if I am mistaken
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Re: Good alternative to PayPal?
[Re: 2fast4yourBrain]
#3039259
05/03/22 08:03 AM
05/03/22 08:03 AM
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Joined: Jan 2003
Posts: 43,603 Round Lake Beach, Illinoisy
Rhinodart
Rhinotruck
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Rhinotruck
Joined: Jan 2003
Posts: 43,603
Round Lake Beach, Illinoisy
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If you are selling something over $600 from a private person, you may want to ask the buyer to give you funds in $500 chunks.
Otherwise, you'll be paying taxes.
If you sell something on ebay for >$600, you then are screwed.
Start tracking what you pay for goods so you have a basis for what you paid for the item so that you only get taxed for the difference (zero taxes if sold at a loss obviously). It doesn't matter anymore, if it is over $600 cumulative FOR THE YEAR you WILL get taxed and sent a 1099 now!
The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.
JB Rhinehart, Realist
A-Body's RULE!
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Re: Good alternative to PayPal?
[Re: Rhinodart]
#3039269
05/03/22 08:40 AM
05/03/22 08:40 AM
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Joined: Apr 2005
Posts: 4,923 new berlin wisconsin
Mr T2U
master
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master
Joined: Apr 2005
Posts: 4,923
new berlin wisconsin
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the biggest reason why i like paypal is the ability to get your $$$ back if you pay with goods and services. a lot of other payment services don't have this ability.
perception is 90% of reality
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Re: Good alternative to PayPal?
[Re: Rhinodart]
#3039310
05/03/22 10:39 AM
05/03/22 10:39 AM
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Joined: Feb 2015
Posts: 2,079 CA
crackedback
top fuel
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top fuel
Joined: Feb 2015
Posts: 2,079
CA
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If you are selling something over $600 from a private person, you may want to ask the buyer to give you funds in $500 chunks.
Otherwise, you'll be paying taxes.
If you sell something on ebay for >$600, you then are screwed.
Start tracking what you pay for goods so you have a basis for what you paid for the item so that you only get taxed for the difference (zero taxes if sold at a loss obviously). It doesn't matter anymore, if it is over $600 cumulative FOR THE YEAR you WILL get taxed and sent a 1099 now! Take friends and family is one way to avoid the 1099. If you can't figure out how to get rid of the income being reported to you in a business type environment. Put it on sch C and hammer away with expenses. Just a bunch more paperwork and effort which sucks. Be creative and aggressive. The sheer number of additional tax forms the IRS will receive from this one reporting change is going to be an avalanche on them. All you money laundering criminals out there... LOL I thought I saw that venmo was no longer free in some cases. Charging a fee now in similar fashion to paypal.
Last edited by crackedback; 05/03/22 10:41 AM.
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Re: Good alternative to PayPal?
[Re: crackedback]
#3039363
05/03/22 01:03 PM
05/03/22 01:03 PM
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Joined: Jan 2003
Posts: 15,457 Omaha Ne
TJP
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 15,457
Omaha Ne
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Take friends and family is one way to avoid the 1099.
Correct. But you won't have the get your money back option on a purchase if your not happy AND I wonder how long it will be until they figure out they are losing a bunch of $$ because of people using that option and then start charging a flat fee
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Re: Good alternative to PayPal?
[Re: 5thAve]
#3039421
05/03/22 03:45 PM
05/03/22 03:45 PM
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Joined: Jul 2004
Posts: 820 In the Middle
roadntrack
super stock
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super stock
Joined: Jul 2004
Posts: 820
In the Middle
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[quote=5thAve] Quote "The thing that put me off paypal is when their latest agreement update said they're going to start charging a fee if you don't use your account for a year. "
How much is the fee for in-active account?
Last edited by roadntrack; 05/03/22 03:47 PM.
Remember when cars were FUN?
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