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  1. #1
    HappyCamper's Avatar
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    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.

    HC

  2. #2
    Senior Member Mrprez's Avatar
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    They don't credit your credit card, the money goes into your PP account. They also take the 4.9% of the total. So, if the gear was $70 and shipping $8 then you'd pay the 4.9% of $78.00.

    John

  3. #3
    HappyCamper's Avatar
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    Thanks. They how do I get the cash?

  4. #4
    yes and i think if you get a bus account, they may charge you less per transaction, not sure., but i don't think it costs any more.

    to get the money, you have to request they transfer it from your pp account to your checking account or whatever, or you can leave it in there to use for purchases you make on the internet that allow you to pay with pp.

  5. #5
    Senior Member FanaticFringer's Avatar
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    They will also send you a check for a small fee.
    "Every day above ground is a good day"

  6. #6
    HappyCamper's Avatar
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    Excellent! So quick. What service! Thanks. (I mean Hammock Forums, not PayPal!)
    Last edited by HappyCamper; 08-17-2008 at 11:00.

  7. #7
    Senior Member Mrprez's Avatar
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    A business account is charged a maximum of 2.9% plus .30 per transaction. That percentage goes down as you charge more each month. $3k a month and the rate drops to 2.5%. Over 10k and it goes down to 2.2%.

    John

  8. #8
    And a business account doesn't cost you anything upfront either.... Signing up for any of PPal should be free........ They make their money when you accept money from someone.........

  9. #9
    HappyCamper's Avatar
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    Quote Originally Posted by mixinmaster View Post
    And a business account doesn't cost you anything upfront either.... Signing up for any of PPal should be free........ They make their money when you accept money from someone.........
    Thanks. I didn't know that either.

  10. #10
    Senior Member Coldspring's Avatar
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    I have a PayPal Debit Card, so I rarely transfer funds to my bank account, and use it just like any other Mastercard debit card. If you want to withdraw it, it takes 4-5 business days for EFT. Receiving a physical check is a $1.50 fee, but I don't know how long it takes to receive.

    I'm on the Money Market they have through Barclays to. It pays a small dividend, and it used to be nice when the rates were over 5%. I spend too much on gear though, so it really doesn't amount to anything that's worth much, but since it just automatically sweeps the cash balance, I figure I might as well try to get a few extra cents here and there.

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