6 ms·

"set up a nightly sweep from PayPal to a proper bank account" That is by far the best advice one can get, and it's not hard to do.

• pmlnr 10y ago
  So, how does one set this up in the automated way?
  • Negitivefrags 10y ago
    Paypal has this as a feature. It's buried but you should be able to find it. It's called Auto Sweep.
    • sova 10y ago
      Apparently you have to contact them if you don't see the link after clicking More> by your balance. (3/12)
    • RandomBookmarks 10y ago
      Or, as with any website without Api, you can use tools like Selenium or Kantu that automate a system via its web interface.
• DrScump 10y ago
  But they can withdraw from linked accounts as easily as they deposit to them. You give them permission to do so, even for disputed amounts, in the TOS. The only safe mechanism is to close them off from the bank side (e.g. sever their access, close account, change account number).
  • blhack 10y ago
    I think you are misunderstanding the point of a sweep account here. Paypal gets "swept" into the sweep account at your bank, and then that account gets "swept" into another account at your bank that paypal does not have access to. Your sweep account should get a very low balance, and only acts a sortof public-facing proxy for your bank accounts.
    • oblib 10y ago
      exactly
    • DrScump 10y ago
      No, I didn't misunderstand the quote: "set up a nightly sweep from PayPal to a proper bank account" In other words, there is no mention there of any second bank account as a final depository... which is, of course, the best mechanism.
      • deelowe 10y ago
        A "sweep account" is a technical term and has a specific definition. The parent's comment makes absolute sense if you know what sweep accounts are used for in the more traditional sense. The parent is suggesting setting up a 0 balance sweep account and then having paypal deposit all funds into that account nightly.
        • masonic 10y ago
          Do you really not understand the difference between a noun and a verb?
          • deelowe 10y ago
            These comments are hillarious. Literally the first result for nightly sweep: https://www.google.com/search?q=nightly+sweep&oq=nightly+sweep https://www.google.com/search?q=nightly+sweep&oq=nightly+swe...
        • lazyasciiart 10y ago
          The original comment didn't even use the term "sweep account".
• kweks 10y ago
  This works, until they put 'temporary' holds on you. The holds seem reasonable at first (ID check, business verification, etc) - but can / will drag on for weeks / months. All the while, the funds in your account add up - yet you can't touch them - and you have to deliver product to customers. It can get very uncomfortable, very quickly. I thought I was safe with your advice, but still found myself recently with 6 figures held in a PP account.
  • plaguuuuuu 10y ago
    I'll put it another way, if you are moving 6 figures of product, you can afford a less risky and... evil.. payment processor
    • hkmurakami 10y ago
      Aren't they still by far the cheapest if your business relies on micro transactions? I remember Marco Arment commenting on this.
      • dflock 10y ago
        Until they take all your money, at which point they become the most expensive.
        • cft 10y ago
          What are the other processors that reasonably price micropaymens? PayPal has ¢5+5% micropaymens regime.
      • deleted 10y ago
        [deleted]
      • trome 10y ago
        A normal payment processor (which you can integrate with PayPal) can beat 5% plus 5 cents.
    • kbart 10y ago