Paypal questions?

[FreestyleFreak]

I just got a paypal account because im putting something on ebay and i enterend my credit card number and everything.When someone buys it from me does it attomaticly put that money on my card?Someone please explain it all to me.

 

[Mike W]

I just got a paypal account because im putting something on ebay and i enterend my credit card number and everything.When someone buys it from me does it attomaticly put that money on my card?Someone please explain it all to me.

It's not automatic. The winning bidder has to go into Paypal and send you the money.

 

[yankeeboy]

You have to put money from your bank account into the pay-pal account ( can take 3-7 days ) to be able to buy things. Then when someone buys something and sends you money, it goes into your Pay-pal account, which can then be transfered into your bank account. Its not part of your bank account, its like a second bank account, but the two can swap money back and forth only by you. and dont forget paypal gets 3% of every time you recieve money.

 

[ger87410]

You have to put money from your bank account into the pay-pal account ( can take 3-7 days ) to be able to buy things. Then when someone buys something and sends you money, it goes into your Pay-pal account, which can then be transfered into your bank account. Its not part of your bank account, its like a second bank account, but the two can swap money back and forth only by you. and dont forget paypal gets 3% of every time you recieve money.

I'd have to disagree. If your don't have enough money in your account when you go to pay, it will take it directly out of your bank account, or put it on your credit card. Whatever your choice is.

I do agree that when someone pays you, the money first goes into your paypal account and waits for you to either transfer it to your bank or CC, or spend it.

 

[yamaslut]

I'd have to disagree. If your don't have enough money in your account when you go to pay, it will take it directly out of your bank account, or put it on your credit card. Whatever your choice is.

I do agree that when someone pays you, the money first goes into your paypal account and waits for you to either transfer it to your bank or CC, or spend it.

just to clearify, I'm pretty sure that it will only deduct if you link your personal bank account to paypal... I don't think it's set up that way as a default.

I really like paypal and use it quite ofter to spend money... Not to much of a fan of the 3% extortion... I always ask the buyer to cover the 3% or at least split it w/ me if I don't factor in for the 3% before I price the item.

 

[ger87410]

Yes and no. Of course if you don't have your bank account linked to them, they can't transfer money from there.

Paypal complains every time I pay through them via CC. Paying that way, if I remember correctly, you're not covered by the $10,000 paypal guarantee.

I have both a CC and a bank account setup with them. The default method of payment, because I never have any money in paypal, is to pay by bank transfer (also called ACH transfer).

 

[keefer]

If you do not plan on transacting more than $500 a month you can avoid the 3-5% they hit you for. If you go over that amount Paypal will make you upgrade to a Premier account which automatically deducts the 3-5% for every purchase. If you use a credit card transfer to pay for something you will automatically get charged a percentage for each transaction. I think you have to have a credit card number entered anyway as a backup just to create a paypal account. They way to avoid charges is to create a secondary free checking account at your bank and link it to your paypal account. Only keep a small amount in that account or do electronic transfers into that account when you need to buy something. If you receive money it will go into your paypal account, not your bank account unless you transfer it. When you make a purchase it will use up your paypal account first, then it will auto transfer from your linked bank account. If there are insufficient funds there it will then try to pull from the credit card account which is not free. It always warns me about extra charges if it is trying to pull from the credit card.

 

[hangtime]

It doesnt matter what type of an account you have they always take the 3% no matter what .

 

[The Penguin]

If you do not plan on transacting more than $500 a month you can avoid the 3-5% they hit you for. If you go over that amount Paypal will make you upgrade to a Premier account which automatically deducts the 3-5% for every purchase. If you use a credit card transfer to pay for something you will automatically get charged a percentage for each transaction. I think you have to have a credit card number entered anyway as a backup just to create a paypal account. They way to avoid charges is to create a secondary free checking account at your bank and link it to your paypal account. Only keep a small amount in that account or do electronic transfers into that account when you need to buy something. If you receive money it will go into your paypal account, not your bank account unless you transfer it. When you make a purchase it will use up your paypal account first, then it will auto transfer from your linked bank account. If there are insufficient funds there it will then try to pull from the credit card account which is not free. It always warns me about extra charges if it is trying to pull from the credit card.

it is always FREE to send money on Paypal

it always costs to recieve money on Paypal - how much it costs depends on your account. For a premier user, I think they take 2.9% + $0.35 per transaction (recieved). For a regular (non-premier) it's a bit more.

I upgraded to premier several years ago when I sold a camera on ebay (had to upgrade to accept a payment over $500) and haven't worried about it since.

It doesn't cost anything additional if I remember right.