paypal

[8v-of-fury]

who here can tell me how to use it? I just got an account and have no idea what its about! what do i do!? thanks

[theman53]

send all the money in it to me LOL 

[Baron VonZeppelin]

You'll need to do actual sending and receiving to get the hands on knowledge of the whole system. So i'll help you - good friend, ol pal, ol buddy buddy.

What we'll do is send $100 back and forth a few times to each other until you get the feel of it.

Send me the first $100 whenever you're ready, i'll send it right back within an hour.

My paypal addy is [email protected]

[Dakotakid]

The young man's vulnerability is exploited....sheesh!!!

Log into paypal and go through the menus and it will help to learn what abilities you have to send and receive moo-la.

[burn_your_money]

Remember that every time you send money paypal takes 3%. The only time this is avoided is if you are issuing a refund within the time frame. I think it is 90 days but am not sure.

IM me your email and I'll send you 0.01 and you can refund it if you want.

[Luckypabst]

They only skim their 3% when you receive money, same as the fees charged to a commercial merchant accepting credit cards in a proper tangible storefront business.

Someone told me that you can bypass that 3% cut if the money is sent under the "personal" category, rather than "purchase". Set it to something like "money owed" and they don't charge the service fee. Of course that may limit the credit card - like protections that Paypal offers to its users.

Chris

[burn_your_money]

If you use the personal feature they charge the sender and not the receiver.

[Luckypabst]

If you use the personal feature they charge the sender and not the receiver.

Not according to my paypal history - no fees paid since I heard that trick. Have they changed their policy in the very recent past?

Chris

[8v-of-fury]

so according to the site, adding money to my pay pal account to pay for something.. it will take 6-8 business days to process? wtf? how is that even remotely close to convenient?

[burn_your_money]

Not according to my paypal history - no fees paid since I heard that trick. Have they changed their policy in the very recent past?

Interesting... Last time I tried it I had to pay the fees

[Baron VonZeppelin]

You don't want to put/keep money in PayPal.
Use a debit card that is attached to a checking account to fund it as/when needed.
Then your payments will be Instant.
Sellers love instant payments.

If you fund with just a checking account or savings account  - your payments don't get cleared to seller for 3-5 business days.

I've never had any charge/fee using PayPal.
Basic accounts can do unlimited sends per month.
I can receive up to $500 a month without fees.
Can only receive 2 credit card payments per term (forgot length of term).

Never been fee'd or had a receiver get fee'd using "Personal" type payment. However, as mentioned before - that might terminate any PayPal protection in event of bad deal.

And any merchant or upgrade account, i think gets fee'd everytime regardless. Cost of doing "business".

*These statements are subject to current updates on PayPal Policies - and i recerve the right to be wrong.
LLC

[Turbinepowered]

so according to the site, adding money to my pay pal account to pay for something.. it will take 6-8 business days to process? wtf? how is that even remotely close to convenient?

You don't have to add money to your account to pay for things.

Basically, Paypal is an intermediary. You give them your credit card/bank account details (like you would a merchant). This "links" that card or that account to your paypal account.

Then you go pay for things via Paypal. When you check out, it'll give you the option to change which linked source (card, account, bank account) you want to use to pay for it.

They pay the merchant, and then you pay them using your chosen source.

In theory this is safer than you using your info every time, as you've given your details to a single entity, and only have transactions with that entity; your information is more tightly used, rather than spread out. The merchants you buy things from don't ever see your whole card number (I think they see last four digits if you're using a credit card, for identification purposes), since the money they get is being paid to them by the Paypal company.

[Turbinepowered]

And also, just as a note... according to their policies, you as a seller *cannot* pass on the 3% fee to your customer as such. I know of three people already who have had their accounts locked out and shut down because of this.

They do tell you that if the fee is *part* of a "handling" fee that you add onto a purchase that's no problem with them, they just got a lot of flak from senders about sellers making them pay the 3% fee in addition to the purchase price.


On the "personal" thing, I imagine if they see an upsurge in its use, especially for things that are very obviously "business transactions," it won't stay fee free/reduced for very long...

Personally I really don't have an issue with the 3%, so long as it remains a subscription-free service and the fees don't start adding up outside that 3%. Cheaper than Western Union most of the time, and it's a whole lot faster, more convenient and safer.

[burn_your_money]

That could be it, I have a merchant account. Thanks for the info

[8v-of-fury]

Seems i have figured it out slightly thanks guys, and thanks Tyler for doing a few $0.01 transactions and refunds with me, helped a ton.