Accepting Payments Through Pay Pal

BP Green

BP Green

I do what I want! When I’m allowed to.
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Question for you experienced Pay Pal sellers:

I have a paypal account but I don't have the "full blown" membership or type of account - Not sure what it's called - directly tied to my bank account. I have a bank credit/ATM card associated to it that I use for making my purchases.

I have bought lots of stuff with it but have never sold anything. I did once receive a refund for an item and the money made it into my checking account OK. I have been contemplating selling a few of my knives but wasn't sure how that would work with PayPal.

So my question is: Do I need to upgrade my Pay Pal account? In other words associate my bank account to the Pay Pal account- not something I really want to do- in order to receive payments; or will it credit the payments I receive directly to my checking account anyway through the card?

Thanks in advance.

BP Green
 
If they money made it to your account then your good to go.

Honestly though, aside from conspiracy-theory fear mongering, why not upgrade? PP is as mainstream as it gets anymore, sure they have fees that may seem pretty outrageous but that's to be expected and it keeps the security working. I've been using PP for years now and never once had an issue. Basically PP is a bank that has no physical locations... they even have FDIC insurance.
 
BP Green said:
So my question is: Do I need to upgrade my Pay Pal account? In other words associate my bank account to the Pay Pal account- not something I really want to do- in order to receive payments; or will it credit the payments I receive directly to my checking account anyway through the card?
Click to expand...

Unless you upgrade any payments received will just sit in your Paypal a/c (limbo basically) - you can request a check from them but a fee will be deducted.
 
Lol. . . Ok so so far two completely contradictory responses? My refund didn't stay in the PP account and did make it to the checking account. Is that because it was a refund and not a payment?

The reason I'm hesitant associate my bank account is because I have heard numerous horror stories. Not really interested in turning this into a PP trash session though and I'd really like to stay on topic. If I absolutely have to upgrade I'll consider it but as I've already stated I'd like to avoid it if possible?

Does anyone actually know the answer to my original post with certainty and not just an assumption or guess?

Again, thanks for the responses thus far. . .
 
BP Green said:
My refund didn't stay in the PP account and did make it to the checking account. Is that because it was a refund and not a payment?
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Refunds are credited back to your linked cc a/c but straight up payments won't be.
 
Should this go in the FEEDBACK forum?
 
I am not sure about your position now with PayPal. If you can request money then you can receive payments, but you may have to wait on your funds to clear. When you received a refund, it was just that, a refund of your money. That would have worked as if you had used the same card at a department store and got a refund.

If you want fast access to the funds when people pay you you should upgrade your account. As for the fees people rail against, they are less than what a merchant ends up paying in discount fees when you factor in the occasional Amex (3.5% base), and the additional fees processors charge for credit cards that accrue points or miles for the buyer (over half I would guess). With PayPal you pay a flat fee and a transaction charge that are pretty reasonable to have access to instant payment from someones credit card.
 
pay pal will do an electronic transfer of your funds in the account to your bank account when you request it . There is no fee and it takes about 3 days to post .
 
I used to have paypal associated with my checking account. That was convenient because whenever I received a payment I could use an electronic transfer and have the money put directly into my checking account. All you have to do to make that happen is put in the routing number stuff and then wait for them to deposit some tiny amount. You confirm that you got the tiny amount and away you go. All is well. When you buy something that costs more then you have in your paypal account the money is debited from your checking account. Easy. Convenient.

Then I had a scare. Someone, somehow got their hands on my paypal password. They sent themselves two payments of 80 dollars at like 4:00 in the morning one morning. Fortunately I had email notifications set so that I get notified whenever a payment is sent. Even more fortunately I had that much money in my paypal account and so nothing came out of checking. I got with paypal immediately and froze the account. Paypal did an investigation and after about a week I got my money back since it was fraudulent. However that scared me. What if the jokers had cleaned out my checking account? They easily could have. Right after that I disconnected my checking account and got a paypal credit card so that I could continue to be a verified member.

It's a little less convenient, charges in excess of what is in my paypal account goes on the credit card and I have to send them a check, and if I want money out of my paypal account they have to send me a physical check. Not as convenient, not as easy... but they can't pull money out of my checking account either. Way more secure.
 
BP Green said:
Lol. . . Ok so so far two completely contradictory responses? My refund didn't stay in the PP account and did make it to the checking account. Is that because it was a refund and not a payment?

The reason I'm hesitant associate my bank account is because I have heard numerous horror stories. Not really interested in turning this into a PP trash session though and I'd really like to stay on topic. If I absolutely have to upgrade I'll consider it but as I've already stated I'd like to avoid it if possible?

Does anyone actually know the answer to my original post with certainty and not just an assumption or guess?

Again, thanks for the responses thus far. . .
Click to expand...

Hey G - I've linked my Paypal to my checking account and have had no problems. I've paid for tools, knives, auto parts, computer parts, knife making stuff, and have not had any problems. It's fairly safe from what I've been able to see. They use 128bit SSL (encryption) and it is impossible for the merchants to see or use your CC or bank account information. Kind of a nice perk that doesn't get mentioned much.

The flip side is what Triton mentions in his last statment. If you owe cash it gets pulled out of your checking account. I listed some fairly common computer parts on ebay, they didn't sell a month later I was hit with a $2 listing fee, it got taken from my checking account automatically. Not a problem, but had it been $20 I'd be a little upset.
Hope this helps somewhat.
C
 
RevDevil said:
Hey G - I've linked my Paypal to my checking account and have had no problems. I've paid for tools, knives, auto parts, computer parts, knife making stuff, and have not had any problems. It's fairly safe from what I've been able to see. They use 128bit SSL (encryption) and it is impossible for the merchants to see or use your CC or bank account information. Kind of a nice perk that doesn't get mentioned much.

The flip side is what Triton mentions in his last statment. If you owe cash it gets pulled out of your checking account. I listed some fairly common computer parts on ebay, they didn't sell a month later I was hit with a $2 listing fee, it got taken from my checking account automatically. Not a problem, but had it been $20 I'd be a little upset.
Hope this helps somewhat.
C
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Yes that absolutely helps, thanks Charlie, and everyone else who posted.

The scenario that scares me is the one the poster wrote about earlier where someone somehow gets your PW and cleans out your account.

I'm thinking about opening up an account specifically for stuff like this where I can keep just enough cash in it to do what I want to do. That might just be the best solution.

Spark, I don't know where you want this thread I just assumed this is where it fit best. By all means please feel free to move it wherever you want.

It's your party, I'm just here for the cake. . . :)
 
BP Green said:
Yes that absolutely helps, thanks Charlie, and everyone else who posted.

The scenario that scares me is the one the poster wrote about earlier where someone somehow gets your PW and cleans out your account.

I'm thinking about opening up an account specifically for stuff like this where I can keep just enough cash in it to do what I want to do. That might just be the best solution.

Spark, I don't know where you want this thread I just assumed this is where it fit best. By all means please feel free to move it wherever you want.

It's your party, I'm just here for the cake. . . :)
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No problem. The best thing that can be done as with any account that requires a username and password is to make sure your password is not easily guessed. Add numbers and capital letters to it. It doesn't have to be extremely cryptic, but adding a single character symbol/capital and a single number will exponentially decrease the odds of being "cracked". In most cases, depending on the bank you use as well you can recover some if not all funds lost via wire fraud. If you do any sort of online banking, you can log into your account and check the policy on wirefraud and financial protection regarding your accounts and the types of accounts they offer.
 
Also, if someone ever disputes a transaction and you have moved the money or spent it they will take it right back out of your account.
 
Pay pall is the only way I buy/sell knives on here. Won't let it happen any other way. To good protection, dispute resolution, efficiency, etc.
 
I had a verified PP acct. for 10 years (a business acct actually) - The verified, means it's associated with a bank. Yours obviously is because you stated that you got a refund back into your bank acct. PP doesn't care what the funds were from - if they're available then you can hit the link to have them placed back into your acct. and they will be put there in a couple of days.

It sounds to me like the only way money could get to your account and you don't have upgraded acct. is if you're using a bank debit card like Visa or MC debit. If that's the credit card you're referring to then yes that refund would migrate back to your checking acct. w/o having an upgraded acct.

To thwart all of the horror stories about PP yanking money from a bank acct. attached to one's acct. - what I did was went to my bank and opened a "sub-account" for PP only. It was the same numbers as my normal bank acct. with a suffix at the end like - 03. I funded it with $5 & gave PP this account "number only" and let them do their thing, where they deduct $1 something for a few days and then refund it. This gives you a full blown account, verified, etc.

Whenever I sold products on eBay, here, other forums via PP, I would have the funds sent to that sub-account and when I checked online at my bank and saw the money was in there, I'd call and have it transferred to my regular checking or savings acct. This gives them no access to the meat of your account - only to the sub-acct. - which I kept empty.

Hope that may help. :)
 
You guys are great, thank you all. Sounds like a dedicated account just for PP is the way to go.

Only other question I have is about the money. I've heard conflicting things about how long it takes for the money to get into your account.

Some say it's there the second someone sends it to you; others say it shows up in PP but it can't be accessed for a few days?

If that's the case it would seem prudent to hold a knife until the funds clear if you don't know the buyer very well. Doesn't seem like much of an advantage over a cashier's check or money order that could be in your hands in three days or so either. Sort of defeats the whole purpose I would think?
 
I've only had one sale where funds were held. A high end electronic piece of gear which was not in my usual niche of sales profile. They held the money for a couple of weeks. Never figured that one out?? Anyway, the money shows up the instant the other party sends it.

I've sold blades and by the time the new owner PM'ed me that he sent the funds, I was getting a notice from PP confirming this. No funds in your account - no goods is a good rule!!

I wouldn't worry as this is all very fast. You are well served to open a sub-account. Your bank will understand this, the minute your money hits, transfer it to your regular account, PP can only use the sub-account number.

I have let $1000's ride in my acct for a long time (online) for purchases and have never been ripped off. Good luck! :)
 
BP Green said:
You guys are great, thank you all. Sounds like a dedicated account just for PP is the way to go.

Only other question I have is about the money. I've heard conflicting things about how long it takes for the money to get into your account.

Some say it's there the second someone sends it to you; others say it shows up in PP but it can't be accessed for a few days?

If that's the case it would seem prudent to hold a knife until the funds clear if you don't know the buyer very well. Doesn't seem like much of an advantage over a cashier's check or money order that could be in your hands in three days or so either. Sort of defeats the whole purpose I would think?
Click to expand...

Say I buy a knife from you, the moment I send the funds via Paypal to you it is no longer in my account and it is in your paypal account. If you want to transfer that money into your checking account, it will take anywhere from 2-5 days. Provided I have a verified paypal account. In other words, once you have the money show up in your account, you can turn around and transfer it on another purchase (to someone else).

If I sent you an eCheck or some wire transfer via Paypal, that will take a few days.
 
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