Pay Pal? Should I or shouldn't I

MikeT · Mar 12, 2003

I have been selling some parts via DRN and have been accepting personal checks which has been fine. Some people have asked me if I take Pay Pal and I haven't set up that yet. I did a Google search for PP and came up with several links to "Pay Pal sucks" "I hate Pay Pal" and the like. I am a little nervous about setting up an account. I need to know from you guys a few things.

!. Have you had any bad experiences using Pay Pal

2. If someone pays me with Pay Pal, How do I get my money out?? Do they send me a check or what?

3. What are the costs associated with Pay Pal that you have incurred.

I know how to get to their website however I want to hear your experieces because from the websites I have read I need to hear from people that have used them instead of them.

nikki · Mar 12, 2003

Mike - I've used Paypal a ton and have no complaints. Actually - I prefer Paypal over any other method. You can supply Paypal with your bank account (like your checking account routing number) and work that way.

If I remember right - they will verify that the account is yours by sending you two small amounts (like $.08 and $.05) and you'll have to tell them the amounts that you received. Then you are verified.

Once you set up your Paypal account (using your email addy as your Paypal ID) then you can send and receive money with them. So if you send, it'll come outta your checking and if someone sends money to you, it'll go into your checking. Usually takes like 3 days to actually clear with your bank. Nice thing about selling on the web is they can Paypal you, then you ship the product, then you take the money out of your Paypal once they get the product. Kinda keeps both parties happy and minimizes risk. There is NO charge/fees to use your bank account.

You can also use a credit card but I think there might be a very small fee with receiving money on your card. It's all on the site - check it out.

bscottr · Mar 12, 2003

Once you except that you are paying for a service (fees can be relatively high) it’s no problem. I’ve never had an issue with Paypal. Once setup they will transfer money to/from the bank account of your choice. The fee structure is listed on their site. Good luck.

Treejumper · Mar 12, 2003

I've had no problems with using it either. I've only sent money to people so i cant comment on the recieving end of it.

Smit-Dog · Mar 12, 2003

I'd trust the ease and security of PayPal over a personal check anyday. No problems submitting or receiving payments here.

MikeT · Mar 12, 2003

Nikki says there are no fees, bscottr says the fees can be high...... Why is that??

Nikki, so the money someone pays you for something you sold goes into your PP account and then you request that they put it in your personal checking account? Is that how it goes?

nikki · Mar 12, 2003

I'm not sure what fees bscottr has incurred?? I haven't payed a dime to use Paypal for both sending and receiving.

Yes Mike, thats how it works....

The buyer sends it to you and you get an email from Paypal saying "you got cash". You go to the Paypal site and you have a balance in your account of $xx. Then you can request a withdrawl of your balance (to your bank account or whatever) whenever you're ready.

Agreed Smit-Dog! If you have Paypal cash - it's the real deal. I don't have time to run to the bank and wait a few days to see if a personal check will clear. In that case - I usually request a money order from non-Paypal users.

CAL · Mar 12, 2003

There aren't any "fees" involved, but Paypal takes approx. 3% of money you receive. You can send money at no charge. For example I just sold my rear shock to endosports. He sent $145 through Paypal, but I recieved $140.49. But sending $$ is free. I love Paypal. It really speeds up transactions. And anytime I sell something, I pass the 3% charge onto the buyer. On my rear shock I wanted $140 if a money order was used, or $145 is Paypal was used.
:thumb:

nikki · Mar 12, 2003

Cal - I'm confused! Did you have the money you received transferred into a verified bank account?

I have received money 3 times in the past 3 months... and gotten the exact amount. Receive $120, transfer $120 into bank, etc. Just checked my Paypal history to make sure. :think:

slickpuss · Mar 12, 2003

If you pay from a credit card then they take a percentage. I payed for some stuff that cost around 4000.00 and I think they kept like 190.00 bucks or something. But if you pay out of your paypal balance or out of your checking account then there is no charge out of your money. But I love paypal and have never had any problems. Just read the rules and know what to expect. The best thing about it is no wait for the money through the mail. If you want to send your paypal balance to your bank that can take 2 or 3 days but at least you know it wont bounce.

Smit-Dog · Mar 12, 2003

I'm sure that PayPal is just passing on the fee that the credit card vendors charge PayPal when someone pays by CC.

bscottr · Mar 12, 2003

Originally posted by nikki
I'm not sure what fees bscottr has incurred?? I haven't payed a dime to use Paypal for both sending and receiving.

The difference is in the type of account you have. Nikki prob has a personal account (?) and I have a Premier/Business Account. The main difference is being able to accept CCs AND the amount that you can withdraw per month.

A while back I was selling some high end items and wanted to offer the customer the ability to pay via credit card. Also at the time (may still) Paypal had a limit on the amount of withdraw you could make. I elected to go with the Premier/Business Account. Admittedly they've updated their user aggreement and I haven't read it lately, so some details may have changed.
You'll need to do your homework and select the right account for you.

Bottom line...I like Paypal and I pay fees.

CAL · Mar 12, 2003

bscottr solved it. I've got a premier account. Nikki, I assume you have a personal account?

nikki · Mar 12, 2003

Yep - I have a personal account... so thats why they are different. Thanks for the clarification!

MikeT · Mar 12, 2003

so NIKKI, can someone pay you with a VISA card if they bought parts from you?

Philip · Mar 12, 2003

Mike I also use PP with no complaints. I used to be into RC airplanes and bought and sold tons of merchandise (weekly) with PP. No fees ever for me.
I highly recommend.

MikeT · Mar 12, 2003

Can people purchase things from you with a VISA card?

bscottr · Mar 12, 2003

Visa debit or credit? Not sure if it matters.

Look at the pic above and under the word FEE where it says "Personal accounts are free, but may not receive credits card payments."

Jaybird · Mar 13, 2003

Mike,
PayPal was bought by Ebay. They are probably the most reputable money transfer service available. When you sign up for a business account, there are several ways they check and verify all information including bank accounts.
When you have the account set up, you will be given the tools to create buttons for your sales on-line, then you can paste the code into a website.
It may take some time getting used to it, but it goes very fast and easy once you become aquainted with it.
You can accept monies from anyone using the sytem, and it will take care of verifying the buyer...no hassles to you.
When someone purchases an item from you you will be notified via e-mail immediately and your account will be credited with the amount. It will remain in your account until you request a transfer into a verified bank account.
The transfer of funds may take 3-4 business days, and the charges were explained by Scott above.

I know that the Business account is an interest bearing account. Not sure about personal or premier.

Pay Pal? Should I or shouldn't I

MikeT

nikki

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