Tools
The internet is full of tools and websites which make it easier to manage one’s money. One of the most popular form of these tools are third party payment sites like PayPal or Stormpay and EGold. These tools allow one to make payments to others without the need to exchange sensitive financial details such as account numbers. With just an e-mail address, one can send money for goods, services, donations or just because as well as receive money.
Services like PayPal can deduct money instantly from one’s checking, credit or debit accounts which will then be sent to one’s chosen recipient or remain in one’s PayPal account. Money in a PayPal account can then be transfered into one’s bank account, though this usually is not instantly. Features like PayPal’s debit card allow one to make purchases like a regular debit card by withdraw ingthe money from one’s PayPal account.
Additionally, payment sites save one’s payments and deposits so one may track one’s spending and revenue. Using a payment service like PayPal can also be advantageous when using sites like Ebay which coordinate payment information and allow sellers to print out shipping slips from their own printer.
Furthermore, PayPal allows one to send one’s customers electronic invoices and receipts, creating a “paper” trail should the transaction go awry. Third party payment sites generally have strict policies when it comes to fraud; should one act unscrupulously or attempt to defraud another, the activity can be reported and, often, the money refunded. However, because payment sites need to be secure, sometimes legitimate business can be flagged as questionable.
Partnerning with PayPal can help one’s business when potential customers see a store using the familiar, trusted trademark. Furthermore, using PayPal is easier than processing payments manually, faster than waiting for a check or money order and needs less resources than a shopping cart script would need. PayPal may not work best for everyone, however. PayPal users generally need to be 18 and own a credit card in order to verify identity. PayPal and similar services also generally charge a small fee.
Because PayPal and similar sites deal with sensitive information that others would love to have, its users are often targeted. Although PayPal may be perfectly fine, many people will try to “phish” for information regarding accounts. Phishers will often send e-mails, appearing to be from PayPal, alerting a user of one’s account status (often saying the account needs to be verified or updated) but will redirect the user so a site which is not PayPal.
Therefore, it’s important to pay attention to the sender and to links. Any link which does not link to http://paypal.com, if probably false. Logging in will send one’s sensitive information to a thief. Furthermore, ne should never reply to an e-mail with one’s sensitive information. PayPal will never ask for any of this information via e-mail:
- Credit and debit card numbers
- Bank account numbers
- Driver’s License numbers
- Email addresses
- Passwords
- Your full name
However, one may receive valid e-mails regarding information from PayPal. Log on to the PayPal site via the index rather than following the link in the e-mail can determine if any action or communication is actually needed on one’s part with PayPal.
If you suspect an e-mail is a phishing e-mail or PayPal spoofy, forward it to spoof@paypal.com. PayPal will respond generally with an automated “Thank You” e-mail which contains information about protecting one’s sensitive information.
