PayPal Beam your money

Posted By: AlanB Thursday, December 9, 1999 8:40:48 AM

PayPal has gone live today with their software for Palm devices. You can now zap virtual cash to other users, or email it to those poor unfortunates without a Palm. The money the money can be linked to your credit card or bank account. Your friend can retrieve the money by direct deposit or check mailed from PayPal. Interesting concept, I wonder if it will catch on. Here's an article on the free service for further reading.

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Hmmmmm I was gonna sign up but...

Bikemanaic @ 12/9/1999 11:32:12 AM #
I was talking with some friends and they wouldnt give thier info out. They say its a pyrimid scheme so now I'm apprehensive. What about others out there?
RE: Hmmmmm I was gonna sign up but...
I.M. Anonymous @ 12/9/1999 12:01:03 PM #
I don't know about the pyramid scheme, but they do charge users for credit card charges, $5 per use. The fine print, read the fine print.
The overall idea is good, it needs refinement.
RE: Hmmmmm I was gonna sign up but...
I.M. Anonymous @ 12/9/1999 4:34:50 PM #
I am confused. It was my understanding that if you account was below the amount you had sent to someone, they would CHARGE your credit card in $5 increments. I do not beleive that they charge any type of service transaction fee. I like the idea, but cannot figure out how they will generate any money for themsleves. I will go back and read the fine print again.
RE: Hmmmmm I was gonna sign up but...
jerrylin@cs.stanford.edu @ 12/10/1999 6:35:24 AM #
They make money off the interest they earn on the money they hold before your withdraw it. The service is free, but you can only charge money to your credit card if a transaction you make costs more than $5.
No, you have it wrong
I.M. Anonymous @ 12/11/1999 10:09:16 AM #
The service takes money out of your paypal account first, then out of your credit card. If you have no money in your paypal account (which is the case when you first apply) and you send someone less than $5, the service will pull $5 out of your credit card, deposit it in your paypal account, and then pay the amount from the paypal account. So if you opened an account and sent me $1 (by all means!), then you'd end up with $5 deducted from your credit card and $4 in your paypal account. You are not being charged a fee! They are simply shifting the money from one account to another. This is what they mean when they talk about "playing the float". They are banking on people leaving money in their paypal accounts long enough to make money on it.

I signed up but

Pfloyd @ 12/10/1999 1:18:18 AM #
balked at giving my account information. Something about the site makes me leary. Dunno what. I feel like a fish looking at a worm. I'll wait.

I signed up and downloaded the app, but...

I.M. Anonymous @ 12/10/1999 1:35:15 PM #
I didn't give my credit card info over yet. I think I will wait a while for that and let the general public be the guinea pigs.
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