PAYPAL...how does that work?

[DVCcruise]

Someone offered to pay for my points with paypal. How would I get the payment if they used paypal? I new to this stuff... Thanks.

 

[bongo59]

go to paypal.com sign up and it will link your CC or Debit card and even your bank account to your paypal account.....make sure you get a verified account..........that is the best one and it links to your bank account........once someone pays you you can immediately transfer the money electronically to your own bank account..........paypal is the life blood of e commerce..........itunes uses, it ebay uses it for more than 90% of their transactions and many businesses use it..........i know i have used it since 00............it is awesome and it even allows for refunds and sending or accepting cash.............

 

[bongo59]

once the money is verified in deposit there is no issues with payment........it is guarranteed.........then you can make your renters ressie without any risk............my belief is renters have to take the risk because i always come through........paypal makes the transaction riskless

 

[DiznEeyore]

paypal makes the transaction riskless

Unless the renter disputes the transaction (for whatever reason -- real or imagined) after it takes place. Paypal is famous for "freezing" accounts and taking forever to research a problem. I'd be leery of using Paypal for a points rental.

We're renting our points and used Paypal for the deposit. We then did up a contract with the renters. They are paying the balance (now that I've got the ressie made for their date w/our name) with a certified check. I'll then change the ressie from our name into theirs.

Oh, and both parties (us and them) have excellent eBay feedback, so I think that made both of us feel more at ease.

 

[bongo59]

with a verified account you can imeediately transfer the money.........it does not get frozen..........

 

[DiznEeyore]

with a verified account you can imeediately transfer the money.........it does not get frozen..........

I'm not talking about a new account or a waiting period. I'm referring to if, after the transfer, the renter disputes the payment with Paypal (i.e., tells Paypal they didn't receive what they paid for) then Paypal can freeze the seller's account until they "investigate" the allegation.

 

[bongo59]

but you do still control the funds and ultimately that is what you want.........even if the account is frozen down the road the money can be moved 1 sec after it hits your account.........and if your account is empty it is of no consequence........if it is go to escrow.com or bidpay.com to pay for whatever else needs paying............bottomline is everyone should have at least three E ways to pay for everything in my opinion..............

 

[poohj80]

There are two types of Paypal accounts - personal and business. With a personal account you can only accept funds from another user's bank or Paypal account, but you cannot accept credit card payments. This is important to know if someone wants to pay you with their credit card. A business account allows you to accept credit card payments but Paypal will charge you a certain percentage of the total amount as a fee. You may want to add that fee to what you charge the renter so you are not out any money.

 

[bongo59]

true..........we have both