Can someone explain Paypal a bit to me?

Sarahann31190

Sarahann31190

Animal collector
May 28, 2009
365
0
16
Apple Valley, CA
Could someone help me understand paypal a bit more?
How do I receive money?
Does the money stay on paypal pr go into my account?

I may have some other questions but can't remember at the moment.

Can anyone explain how it all works? Someone who sells often?

Thanks:)
 
I need to know the same thing as well,
these may be dumb questions :( but: does it take money to set up + maintain a paypal account?
what do you have to do? (does the account become inactive like photobucket accounts do after a certain time limit)?
Great question so here's a free bump!
 
A paypal account will receive money paid to you. You can either leave the money in the paypal account to use for future purchases or transfer it into a bank account. There's also a paypal debit card available that allows you to withdraw cash from your paypal account.
Being a little paranoid, I opened a separate savings account for my paypal transactions. That way, if someone/something gets screwed up the potential damage to my finances is limited to the balance in the (paypal) savings account. You do need a bank account linked to your paypal account to receive credit card payments.
To make payments for purchases paypal will automatically deduct from your paypal account balance first unless you choose another option (credit card or bank account transfer.) If the balance isn't enough paypal will use your backup funding (credit card or bank account) to make up the difference.
 
Paypal is easy and free to set up, has no maintainence fees, free to SEND money. It costs a percentage to RECIEVE money. It does not become inactive, to allow use at any time. There are different levels of account, I recommend a business account level. It doesn't cost extra and provides a debit card linked directly to your paypal account balance. Paypal is MUCH more secure than almost any other form of payment, excluding "maybe" cash (cash can be forged!). The best answer is go to paypal.com and follow the links.
 
You have received some good information and I won't duplicate it. What I will say is that I have had a paypal account for about 4 years and I find it to be the easiest way to make online purchases with persons that are not a commercial entity. It is great for regular folks like you and me to sell online and still receive the money as well.

The fee charged is minor for the benefit of using the site and is cheaper than Western Union. It also allows you a place to file a grievance against a seller thereby protecting your purchases.
 
I agree with everything stated above. I think that the last time I sold something (under $25), the fee for receiving the money was something like 50 cents. I don't remember the exact amount, but it was less than a dollar. I mainly pay through Paypal, but I've sold some snails, plants and fish food and received the money through Paypal. You do have to remember to move the money to your bank account, and sometimes it takes a couple days to go through. Otherwise, it's really easy and cheap to use (free if you're just sending money).
 
I consider Paypal a necessary evil. I've used them since 2002, as a buyer and seller, with very few problems. But, when I have had a problem I've found their customer service to be atrocious. If you never have a problem, then it won't be a problem. :shakehead:
 
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