ANSWERED: General Question about PayPal
I have a free personal account on PayPal. If I wanted to sell a piece of gear to someone and receive payment through PayPal, is this how it works?
On the PayPal website it says: "For basic personal accounts. Receive payments funded by Credit Card, Debit Card or Buyer Credit / 4.9% + $0.30 USD / (limit of 5 transactions per 12 month period)** for domestic or U.S. transactions."
So as I understand it. The buyer would send the payment to my email address through PayPal and then PayPal would take 4.9% + $.30. of the total and then credit my credit card with them the remainder. PayPal limits my personal account to doing this to 5 times. If I want to do more, then I'm guessing I pay them for an upgraded/business account.
So let's I'm charging the buyer $70 for the gear + shipping . . . 4.9% of $70.00 = $3.43 + $0.30 = $3.73.
So PayPal gets $3.73 for my transaction and they credit my listed credit card with with the remainder of $66.27.
Is this how it works? Appreciate the help! Thanks.