paypal, a guide for an idiot
Posted by: ARC on 06 November 2004
I've purchased and sold a few items through ebay mainly using cheques and direct cash transfer. Paypal seems a good idea from what I have read as you can use you credit card to purchase giving some protection I guess. If I used paypal to sell would the payment from the buyer be credited to my credit card that I would register? Also it seems that the seller absorbs 3.4% costs is that correct?
Brendan
Posted on: 06 November 2004 by Hawk
Basically when a buyer pays you via paypal, the funds sit there in your paypal account.. you then have to 'withdraw' funds into a UK bank account which takes a further 5 ish days to go through... as far as im aware they wont credit funds to a credit card.. As the seller or whenever you receive funds to your pp account you pick up the paypal costs, im not sure of the exact amount but 3.4% is not a bad guess! Its convienient for both parties but is costly to the seller..
Posted on: 06 November 2004 by Roy T
Another paypal
guide.
quote:
Due to the manner in which the company operates, they do not qualify as a bank and they are not obligated to abide by the legislation that governs banks. PayPal is considered a money transmitter in many states and is licensed as such where required.
Posted on: 08 November 2004 by David Stewart
Although PP is quite costly, the fees are just about in line with those you would be charged for having a credit card facility. On the benefit side, because PP is so closely integrated into eBay, it does simplify the management of sales and payments. It also removes the need to wait for cheques to clear. I've used it regularly for some time now and havn't had any problems (so far!).
Posted on: 08 November 2004 by garyi
I have found paypal to be essential for cross seas payments or credits, although it costs money like ebay its just so darn useful!
Posted on: 08 November 2004 by David Stewart
Very good point Gary, I wish I'd thought of it myself (well of course I had, but just forgot to mention it!). Luckily your unerring wisdom can be relied upon to save the day
