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Can someone explain how getting payed with paypal works?

Discussion in 'The Breakroom' started by knifeguy, Sep 6, 2012.

  1. knifeguy

    knifeguy Loaded Pockets

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    I have been using paypal to pay for items for a while now but I want to know exactly how getting paid works. I looked at everything on their website but it wasn't exactly clear. I know I need to link my bank account. But here's my question:

    When someone sends me a payment, does it go directly into my bank account? Or does it go into the paypal account and force me to transfer the money to my bank account? And does the buyer need anything other than my email?

    Thanks for the help. I want to know exactly what I am doing before I start doing it.
     
  2. ac7ss
    • In Omnia Paratus

    ac7ss Loaded Pockets

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    It is deposited into your Paypal account. upon request they will wire it to your personal bank account, or you can spend it from Paypal.
     
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  3. N2505
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    N2505 Loaded Pockets

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    They will only need your email address.
     
  4. xbanker
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    xbanker Geriatric Admin
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    Personal philosophy ... avoid linking primary bank account to Paypal. Because I have access to "free" bank accounts, regardless of balance, I created a Paypal-only bank account to facilitate transactions where bank account is useful. Having this separate account avoids putting large sums at risk in case anything goes "sideways."
     
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  5. shrap

    shrap Loaded Pockets

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    Yeah, Paypal has a bad and well-deserved rep for randomly freezing money in Paypal accounts or drawing money out of the linked account in case of a dispute.
     
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  6. ace19636

    ace19636 Loaded Pockets

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    Are there other ways to have someone pay you? or do you have to use paypal to post in the Buy sell trade section? I do not have a paypal and was wondering If I need one to sell some items. Oh and dose Paypal charge anything for having an account or for buying/selling things?
     
  7. knifeguy

    knifeguy Loaded Pockets

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    Paypal charges a percentage of the transaction depending on which type of transaction you select, but its a very small amount. Thanks to everyone for the help.
     
  8. 95yjinpa
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    95yjinpa Loaded Pockets

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    I have been using since it came out. I have been on both end of payment disputes as well (all turned out in my favor). I have never had money pulled from my linked bank account. The plus to linking your bank account is you can pay with a PayPal card even if your PayPal account has a zero balance because it will pull directly from your bank account. They charge the seller about 3% per transaction, well worth it if you ask me. Just my 2 cents.........
     
  9. CatherineM
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    CatherineM Loaded Pockets

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    I've never had money pulled out if mine either. I've had disputes as a buyer but never as a seller.


    Sent from my iPhone using Tapatalk
     
  10. Andy_pha

    Andy_pha Loaded Pockets

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    I've been using it for years and never any problems. Back in the day I had two accounts one to accept credit card transactions and one for cash so that I could avoid the fees if at all possible. 3% fee for credit card if you are accepting a payment most people try to charge for this fee up front when selling an item. The 3% isn't bad for a credit card transaction, most swipe systems charge at least that much.
     
  11. Soulriot
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    Soulriot EDCF Rule Enforcer
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    You are not required to have PayPal for the BST section. If you do uses Paypal you must receive the money as goods and not charge a fee for it's use. Other forms of payment I have seen is amazon payments, money orders, and personal checks. Ofcourse there is also trading going on.
     
  12. amacman
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    amacman Loaded Pockets

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    It also worth mentioning that paypal can issue a debit card to you. This will allow you to either use the card to pay for items directly(online or at brick and mortar) or use an ATM machine to withdraw cash directly and avoid the couple of day delay in doing a bank transfer.
     
  13. 95yjinpa
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    95yjinpa Loaded Pockets

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    +1 on the debit card!
    You also receive like 2% cash back on all purchases with the debit card, so really if you use the card you are reimbursed the fees they take from you.


    Sent from my iPhone using Tapatalk
     
  14. knifeguy

    knifeguy Loaded Pockets

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    Maybe I'm blind. Where on their site is the info on the debit card? I cant find a thing. Also, I guess I can unlink my other debit card and just use theirs to make payments with Pay pal.
     
  15. amacman
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    amacman Loaded Pockets

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    When signed in, its under the "withdraw" tab. You can't link the Paypal debit card to make payments, since the card only works if you have a balance in the paypal system, and if you have a balance, payments come from there first.
     
  16. knifeguy

    knifeguy Loaded Pockets

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    Right. That makes sense. But I can still unlink my card, correct?

    Edit: Paypal says I'm not eligible for the card. Whats up with that? It said it may be because I live outside of the US or have applied in the last 30 days, but both of those are false.
     
  17. amacman
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    amacman Loaded Pockets

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    If you don't have something linked (card or checking account), you'll only be able to use it to make purchase if you have a balance in their system. You can add funds by a MoneyPak transfer if you don't want a linked account.