PayPal - How does it work?

JT Szymanski · #1 07-25-2001, 07:13 PM

I am new to this and would like to buy things from other members but I don't know anything about PayPal. *What is it, how does it work, and how do I get started using it? * Any help would be great, thanks.

**jemsite** · #2 07-25-2001, 07:18 PM

read their FAQ. you sign up w/ credit card. You verify w/ bank account if you like and can send and receive e-payments... sometimes w/ a slight surcharge... glen

kirk · #3 07-25-2001, 08:34 PM

I think it's great. *If you buy and sell a lot, it cuts down on the wait time. *If you've got a buyer who is on the ball, you could have money in an instant, ship the item and forget about it all in about an hour's time.

You can leave money in your Pay Pal account and earn about 5 % interest on it, sort of like a bank account. *Basically, I liken it to a debit card - you put money in it, and can buy things up to the amount of your balance. *You can also use it with credit cards.

When you want to cash out, they will transfer your balance to your savings account within 3-4 business days.

There are limitations on the free account - $250 I think is the limit. *Or you can sign up for a business account, which will stick you with a 2.5% surcharge plus .50 per transaction. *I ususally just tack on an extra 2.5% to the purchase price, or ask the buyer to just send a money order to avoid the few bucks extra they'll have to pay.

All in all, I like Pay Pal.

Rich · #4 07-25-2001, 08:38 PM

I used to like paypal, it's down to $100 a month now, hardly worth the effort. If they're using a credit card what's the point of being a paypal member? A merchant account has the same fees and can run any card, not just those members of paypal.

HIS ROYAL DARKNESS · #5 07-26-2001, 12:27 AM

Basically, Paypal allows individual people to accept their buyers credit card as a means to purchase from them. *It gives a seller another advantage, that maybe is the only way a serious buyer can purchase something at that moment in time.

I loved it when everything was free! *Now its a percentage there, a percentage here, plus $1.50 to send my check! *(I don't like giving anyone access to my bank account!) *I THINK THEY PLANNED ALL ALONG TO CHARGE ONCE PEOPLE GOT USED TO IT!

But it does speed up the transaction, as well. *Once you've accepted the payment, you can ship right then. *I live in Cali, and I've always gotten my check within a week. *(I think Paypal's in Cali too.)

Its worth a try.

Rich · #6 07-26-2001, 12:33 AM

Not so, a seller was recently ripped off when one of the *Indonesian Credit Crooks* sent him a Paypal payment. He shipped, the next day Paypal figured out the Credit Card was stolen and took the money back. Seller ends up screwed. (that's how far and thorough the ICC's have gotten, there isn't any aspect of the market they haven't stolen from)

**jemsite** · #7 07-26-2001, 01:09 AM

Quote:

Quote: from Rich on 11:33 pm on July 25, 2001
Not so, a seller was recently ripped off when one of the *Indonesian Credit Crooks* sent him a Paypal payment. He shipped, the next day Paypal figured out the Credit Card was stolen and took the money back. Seller ends up screwed. (that's how far and thorough the ICC's have gotten, there isn't any aspect of the market they haven't stolen from)

This should not happen if you ship to a verified buyer. Any credit card company can withold/withdraw funds.

That said, if you have a workable "merchant account" for visa/mc that works over the web, please email me

...glen

Project Guitar · #8 07-27-2001, 01:21 AM

Quote:

Quote: from Rich on 7:38 pm on July 25, 2001
I used to like paypal, it's down to $100 a month now, hardly worth the effort. If they're using a credit card what's the point of being a paypal member? A merchant account has the same fees and can run any card, not just those members of paypal.

Ummm don't tell me this since lately I'm averaging a few hundred a week =o) then again I guess the problem your having Rich is that your dealing in high volume dollars with the sale of a single item generally being well over $1200

Gotta tell you for the most part Visa/Mastercard are still #1 worldwide anyway. So how many people actually ask you to accept American express or diners club and Discover? I haven't had a one....

While yes your going to pay for the upgraded service, unless your doing a ton of business it is still cheaper in the long run than the % plus the automatic monthly charge of a merchant account....

(Edited by becalvert at 12:37 am on July 27, 2001)