paypal

RICKG · Post by **RICKG** » Sun Mar 06, 2011 12:24 pm

I dont know if this is the proper forum or not but here goes.
More and more buyers and sellers are specifying PAYPAL
payments as a condition of doing business. Thats OK.
I think i have set up an account but have no clue as to
how it works. ANY FEEDBACK PRO OR CON?? thx, rick

GPA · Post by **GPA** » Sun Mar 06, 2011 1:55 pm

We are Paypal users for 4-5 yrs. If you are paying with it, it is free and very quick. If you are receving money it is not cheap. Read the "small prints". We were almost burned once if it was not for Paypal action. Paid for my sons videogame credit to some SOB's in Korea and never received it not even a reply. Complained thru Paypal, they did sort it in a couple of weeks, refunded our payment. Overall we like it and recommend it.

mckim · Post by **mckim** » Mon Mar 07, 2011 12:05 pm

PayPal works on the "fees get charged to the receiver" model. So, as someone sending money (buying something) to somebody else, I don't see any fees. However, if I'm on the receiving end (selling something), PayPal will take their cut of the total.

There are different fee structures, but most of us would fall into the $0-$3000 received category. In that case, PayPal would take 2.9% + $0.30 of the total. Note that the fees vary depending on whether you are transferring money (say, to your friend) or buying something and whether you use your bank account or a credit/debit card. The full details are at https://www.paypal.com/cgi-bin/webscr?c ... countries= - the top section is for the "sending money to your friend" option and the bottom is for the "selling stuff" option.

The really nice benefit, as the sender/buyer, is that the other party never receives your account information. If you send a check or pay by credit card, they now have everything they need to pull money out at their will. With PayPal, it's always a "push", meaning you have to send the money. The most they can do is send you a request for payment. As a buyer, I prefer PayPal chiefly for that reason. As a seller, I don't have to worry that the check is going to bounce; once I see the payment, it's final.

So, is all that confusing enough? In summary, if you buy something off of eBay, you will only pay the bid + shipping; you will never see the fees. If you buy something from a forum member here, they may ask that you cover the PayPal fees (which is an option when you send the payment). When I sell items, I figure that I'll take a slight hit from PayPal, but it's low enough that I just count it part of doing business.

RICKG · Post by **RICKG** » Mon Mar 07, 2011 12:37 pm

OK, SAY I SELL A DOUBLE WIDGET JOHNSON BEARING TO A GUY IN
TIMBUCKTOO FOR 50 BUCKS. DO I TELL HIM TO PUT IT IN MY ACCT
BASED ON WHAT, THE EMAIL ADDRESS THAT PAYPAL HAS??
AM I PAYED IN "PAYPAL BUCKS" TO BE SPENT ON PAYPAL PURCHASES
OR CAN I GET GOOD OL US GREENBACKS?? AS YOU CAN PROBABLY TELL, IM NOT A FINANCIAL GENIUS..

mckim · Post by **mckim** » Mon Mar 07, 2011 12:44 pm

They will pay you based on the email address you have associated with PayPal (the one you use to log into PayPal). The funds will be deposited into your PayPal account, which you can either use to pay other people using PayPal or transfer into your checking account.

RICKG · Post by **RICKG** » Mon Mar 07, 2011 12:58 pm

THANKS ALL.. IM STILL SKEPTICAL BUT AM FEELING BETTER ABOUT IT.
"NOTHING TO FEAR BUT FEAR ITSELF". SO SEND ME 10 BUCKS AND
LETS SEE IF IT WORKS

mckim · Post by **mckim** » Mon Mar 07, 2011 1:03 pm

Of course, if some guy in Nigeria has a perfectly-restored M38 that's been willed to you as part of you helping him conduct some unknown business deal in the past and the guy just needs an advance to cover some shipping contract, you should still be suspicious.

Common sense still applies.

Post by **wesk** » Mon Mar 07, 2011 9:18 pm

I generally leave the monies I receive in PayPal. If you ask for a funds transfer to your checking then you get a new charge for that. As a seller I figure the PayPal take in my asking price.

As Stuart said, you can't beat not having to share your bank/credit card account information with a stranger.