Paypal question

[cjnix29]

Ok, I have used paypal to pay for things, but have never received a payment through paypal. How does that work? how do you actually get physical money. Do you have to change your account to accept funds?

 

[ChrisinNJ]

You have money in paypal funds which you can transfer into your checking account. In our case, we have a paypal mastercard (or maybe visa, I forget) debit card. I get 1.5% cash back when I use it as a credit card (ie, no PIN) so I usually do that instead. With the Paypal card I can also withdraw cash at an ATM, but there is a fee for that so I rarely do that.

We sell on ebay, and we have a website that accepts payment through paypal. I also use paypal funds to "click & ship" through USPS, so shipping charges get deducted that way.

 

[Kies99]

If you have a Paypal account then you are already set up to receive payments. You don't have to do a thing.

When you receive a payment, it is placed into your online account. Depending on the type of payment the funds may not be available immediately (ie..echeck), however usually the payments are done via the senders credit card or bank account so usually they are available immediately.

Depending on the type of Paypal account you have, Paypal will automatically take a % of the payment as their fee. You can avoid this by having the sender add an additional amount to cover your fee or there is a way for the sender to pay as a "gift" and they pay the fee in advance. Also depending on the type of account, you may be limited on the amount of funds you can receive in any given month.

As the previous PP stated, you can remove the money in various ways. You can keep it there and use it for other Paypal purchases. You can get a debit card to use against the balance (using it for purchases is free but removing funds from ATM charges; avoid that buy buying a pack of gum for $0.50 at the store and getting cash back); or you can do a direct transfer to your bank account (free but takes 3-5 business days).

 

[bjscheel]

If you're going to be receiving funds through selling on eBay, I think eBay will require you to upgrade to a certain type of PayPal account- one that accepts buyers' credit card payments. It's been a long time since I started, the details are fuzzy now!

You have to link your bank account and PayPal account to transfer money. When I did it, they transferred two amounts to your account, like .01 and .02 and you had to enter what you received so they knew you had access to that account. There may also be an option to request a check, but there is a small fee for that.