Paypal questions

[Raven001]

I have made a few purchases here on AO and am finding it bothersome to use a money order, especially on the lower cost items.

How does paypal work. How does one put money into it and if one sells stuff, how does one get money out.

I'm at work so I cannot access the paypal site. I would have to go to an internet cafe to actually sign up and use it.

Any help would be appreciated.

[MedicDVG]

Paypal is a great system. You can link it to a credit/debit card or bank account. Basically when someone pays you, it goes into your 'account'. You can use that money in the account to make purchases yourself, or you can cash it out via a check or deposit it into your regular bank or cc account. Now when you use paypal there is a fee for the transaction that is somewhere in the neighborhood of 3%.

You can read more information (that is probably more accurate then mine) on their FAQ at the site.


Hope that helps

[Dend78]

yeah paypal makes life easy, there is a tab on the page to withdraw money which as said above can be sent to your personal account that you have hooked to the Paypal account be it checking/savings or CC account. if you want to send money to someone just click on the send money tab and fill out the necessary information for the trasnaction and you are done. only thing you will see is if you get paid you will see a 3% loss on the full amount, but 3% is minimal since you save time and days waiting on a MO to get to where its going.

[luke]

In order to get the best/easiest use from your PayPal account is to have a credit card and personal bank account to link to your PayPal account. I believe you have to have at least one of those to open the account but I don't recall for sure.

There are different ways to withdraw funds some cost you money and some are free. Transfers from PayPal to your bank is free and only takes about 3 days to clear. If you want to purchase an item and don't have funds in your PayPal account, you can pay using your credit card (which I believe is the fastest way) or they (PayPal) can draw it from your personal bank account.

Sending and receiving money is real easy as it is linked to the e-mail address that is attached to the account. For example if you wanted to send me money for helping you out here today (say $50) all you would have to do is log into PP click on "send money" and follow the few steps. Just send it to: [email protected].

Sending and receiving money is solely based on e-mail addresses. So if you send the $50 we were talking about I would never see any of your personal information like bank account numbers or credit card information.

They do charge you a fee for receiving money but it does not cost the person sending it.

[Raven001]

Thank you Luke and others too. Looks like I will have to set up a new bank account.

[wimag]

i set mine up last week. You can set it up so you can pay with just credit card and not attaching it to any type of account bank account. You cannot receive payments in that manner, but you can purchase items.

[Ruler_Mark]

ppcalc.com estimates fees raped by paypal

[Madmarx]

I found that it's best to set up 2 accounts.
Both linked to seperate bank accounts. (neither of which are my "home" accounts)
- 1 basic personal account that doesn't accept cc payments just balance transfers only. Therefore no fees by paypal.
- 2nd one set up with cc so you can accept credit card payments or other forms of paypal.
You will pay about 3 to 3.5% in each payment received.

[rkjunior303]

Paypal is great. Only thing I have had an issue with is that I was burned on ONE auction for a 360 a while back for about $600.. Fortuantely, I used my credit card through paypal to pay for 95% of the item so I was able to charge it back but I lost about $60 due to a cash balance I had on the account (it used my cash first, then billed the rest to the card). Needless to say, I learned my lesson -- I still use Paypal but anytime I have something that I'm purchasing that's considered "big ticket" I will use my credit card entirely for it since you get the extra layer of protection directly through the credit card company.

[luke]

ppcalc.com estimates fees raped by paypal

What is this? Never heard of it.

[luke]

Never mind I Googled it.

I set up a "spread sheet" of my own to do the same thing.

I wish Ebay had the same type of sheet...