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Entrepreneurship:  pay pal question  |
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knewslady
True Blue Farmgirl
555 Posts
Kathy
Russellville
KY
USA
555 Posts |
 Posted - Dec 27 2007 : 5:02:06 PM
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Okay girls, I must be having a brain freeze here because I just can't seem to understand the pay pal situation. Does the money go into your checking account, how much does it cost to use pay pal, and when do you pay their fees? if anyone who uses this system could shed some light on this for me I would be most grateful.
Kathy |
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one_dog_per_acre
True Blue Farmgirl
1572 Posts
Trish
Sandpoint
ID
USA
1572 Posts |
Posted - Dec 27 2007 : 5:12:32 PM
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Hi Kathy,
Money you receive goes into your paypal account, and you either spend the $ online, or you can get a Pay Pal debit card, and get cash from ATM's. After a certain amount of time, if you don't use it, it is put into your bank account. I have always spent the $ online, so I am not totally certain about depositing it back into your account. My husband had mentioned to me that the debit card is easier than the transfer to your bank account. I will ask him more about it when he gets home, he used to be an ebay seller. In the past, when I received a refund from ebayers, Pay pal charged me $0.11, which I beleive is the same amount that they deposit then withdraw from your bank account, to verify your account. If there aren't any other farm girls that have posted more info when I check back, I'll post what I find out from my hubbie.
Trish
Queen of run-on sentences.
Make cupcakes not war! |
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knewslady
True Blue Farmgirl
555 Posts
Kathy
Russellville
KY
USA
555 Posts |
Posted - Dec 27 2007 : 5:15:30 PM
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Please ask him because I am trying to muddle my way through the ebay way of making some revenue. I just wonder if anyone else on here has ever had a bad experience with pay pal and how many of you sell on ebay? Thanks for asking your husband Trisha, I will certainly be waiting for any tips he may have to offer. have a good one
Kathy |
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levisgrammy
True Blue Farmgirl
9346 Posts
Denise
Beavercreek
Ohio
USA
9346 Posts |
Posted - Dec 27 2007 : 7:20:05 PM
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Kathy,
I have sold on ebay before and used paypal. You have to have a premier account if you are going to accept credit cards. Paypasl does charge a percentage of the amount paid to you for this acceptance of credit cards. The money as Trish said goes into your paypal account. I always got a check sent to me for the amount in my account less the charge for them sending the check. I think there is a way that it is done using your bank account but I have never done it that way. Because of the ebay fees and then the paypal fees I pretty much gave up selling on ebay and went to the etsy. Though if I have something that I am not allowed to sell on etsy since that is all supposed to be handmade I do use ebay. Sorry I couldn't be of more help about the bank account.
"She seeketh wool, and flax, and worketh willingly with her hands."
www.torismimi.blogspot.com
www.torisgram.etsy.com |
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Alee
True Blue Farmgirl
22941 Posts
Alee
Worland
Wy
USA
22941 Posts |
Posted - Dec 27 2007 : 7:30:57 PM
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Here is what I know about Pay Pal:
It is free to sign up. They do not charge account maint. fees. When you recieve funds, a percentage is taken out, usually around 4-6%. You can make your paypal account into a money market account so it is always earning interest.
You can have a money in your paypal account forever- it will just sit there or earn you interest if you have your account set up as a MM.
You can apply for a paypal debit card (I have one and love it) and use it at any place that accepts major credit cards.
You can transfer money from paypal to bank account several different ways. The Free way takes several business days. You can also transfer money from bank account to pay pal account and again, the free way takes a few days.
The REALLY nice thing about paypal is that if something goes wrong with e-bay and your item doesn't arrive, you can get your money back.
I highly recommend paypal. It is fairly simple to use once you sign up, they have good conflict resolution, good buyer protection, and I have never had a problem with mine.
Alee
Farmgirl Sister #8
Please come visit Nora and I our our new blog: http://FarmgirlAlee.blogspot.com |
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elah
True Blue Farmgirl
349 Posts
Emily
SW
Michigan
USA
349 Posts |
Posted - Dec 28 2007 : 01:04:04 AM
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It's been a little while since I've done it (maybe a year?) but when I have PP funds I transfer it to my normal bank account. It was really not a hassle or any problem at all. It was also free. I think, at least at that time, you could only do it for free once a month or something like that. Which was not an issue for us. PP has a good Q&A section that spells things out in plain English. I was just looking up something else there last week and was pleasantly surprised.
Blog: http://thelahs.blogspot.com/
Etsy: http://auntieemshouse.etsy.com |
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willowtreecreek
True Blue Farmgirl
4813 Posts
Julie
Russell
AR
USA
4813 Posts |
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kydeere40744
True Blue Farmgirl
1132 Posts
Jessica
Kentucky
USA
1132 Posts |
Posted - Dec 28 2007 : 7:56:38 PM
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I've used paypal quite a bit and several merchants beyond Ebay use it for their payments. You can also send money to folks. If you receive an order with payment via Paypal, you can make packing slips for free & print the postage (if you know the exact weight of package) from home. You can also send invoices to customers and they can pay them. Another advantage is that you can accept checks, debit, and credit cards and not know the other person's information.
Here are options on getting your money out of Paypal:
* Withdraw funds to your bank account - Takes 3-4 business days - Free to do & is like direct deposit
* Request a check from PayPal - Takes 1-2 Weeks - Costs $1.50 to do
* Shop with a PayPal debit card - Instant(once you get a card) - Get cashback from ATM or shop like a normal credit/debit card
* Get cash out of an ATM - Instant - $1.00 per transaction
* Shop online with a Virtual Debit Card - Instant availability of funds - Free to do
* Buy from over 42,000 PayPal Shops - Instant availability of funds - Free to do
Based on prior experiences, I've requested money to my bank account and it is usually in there in about a couple of days.
As far as fees, it depends on the type of account you have with paypal. Here is the chart that details the fees:
https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-fees-outside
I hope that this info helps ya out. :)
~Jessica in Kentucky & Miss Wilma's Niece~
Gardening is a way of showing that you believe in tomorrow... |
Edited by - kydeere40744 on Dec 28 2007 7:58:13 PM |
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knewslady
True Blue Farmgirl
555 Posts
Kathy
Russellville
KY
USA
555 Posts |
Posted - Dec 29 2007 : 03:04:18 AM
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Thanks everyone, this has helped a lot. Maybe I will be able to get my little project off the ground after the New Year. If anyone else has something to add I would still love to hear from you. Do you think having pay pal increases your business.
Kathy |
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willowtreecreek
True Blue Farmgirl
4813 Posts
Julie
Russell
AR
USA
4813 Posts |
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kydeere40744
True Blue Farmgirl
1132 Posts
Jessica
Kentucky
USA
1132 Posts |
Posted - Dec 30 2007 : 10:49:59 AM
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I know with my photography stuff - some folks would rather use Paypal than doing by check/money order/cash. I know that if I'm purchasing from somewhere and I already have money in paypal, I will use it first. Like Julie just mentioned, it has safeguards that you don't normally have if you take checks/money orders. A buyer can use a check to purchase through paypal (called an echeck) and it takes about 3-4 days to clear the bank before funds are in your account.
~Jessica in Kentucky & Miss Wilma's Niece~
Gardening is a way of showing that you believe in tomorrow... |
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Entrepreneurship: pay pal question |
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pay pal question
