Help me understand paypal

**BRASSCATCHER** · 03-03-2013, 05:07 PM

I am trying to determine if having a Paypal account is worth it. I do not sell on eBay nor do I have any plans to do so right now. I would mainly have the account to get paid by some of the buyers here quicker instead of waiting for a check in the mail. My question is this...my transactions with the buyers are not online transactions. I send materials, they send me a check. If I used Paypal and linked it to my bank account would there still be fees taken out? Also once my Paypal account has money transferred into it, is that money immediately accessible to me thru my banks atm?

Figured I would ask this here since so many of you seem to use Paypal. Any feedback is appreciated.

**jghilino** · 03-03-2013, 05:17 PM

The seller of the scrap pays the fee. As a buyer you have no fees.

The problem i have with paypal is it generates tax forms if you receive over 20k a year. So i am tending to go more towards a check/cash payment system now.

**BRASSCATCHER** · 03-03-2013, 05:26 PM

JG-I send you memory, once recvd you pay me thru paypal, who eats the fees? And when is my money accessible to me?

**Phantoms001** · 03-03-2013, 05:49 PM

I was under the impression the person receiving the money usually gets hit with the fees. You will have access to the money pretty much right away via your paypal account. If you need to transfer the money to your bank this usually takes me about 2-3 days depending on when I asked for the transfer. If you are getting payments in a regular fashion with paypal it is often worth it to ask them for a debit card. You can then instantly access the money without the wait.

**jghilino** · 03-03-2013, 05:53 PM

Originally Posted by BRASSCATCHER

JG-I send you memory, once recvd you pay me thru paypal, who eats the fees? And when is my money accessible to me?

I think i screwed up, lol. I think the person who receives the payment always pays the fee. So if you send me memory and i pay you then you pay the fee when the payment is received..

**Mechanic688** · 03-03-2013, 06:03 PM

Originally Posted by jghilino

I think i screwed up, lol. I think the person who receives the payment always pays the fee. So if you send me memory and i pay you then you pay the fee when the payment is received..

I think it depends on how the payment is marked when it's sent. There is a couple of different ways to mark it.
"This is a purchase of:
Goods - eBay Items- Services",
If it's marked services (I think) I don't think they charge you a fee.

**BRASSCATCHER** · 03-03-2013, 06:09 PM

Phantom- so if the acct is linked to my bank acct and i transfer i have to wait a few days to access the money. If i use their debit card then i get hit with an atm fee whenever i make a withdrawal since it wouldn't be my banks atm card...Is the correct? So then i get the fee for getting paid thru them and an atm fee...or wait 2-3 days to access the money at the bank.

**KzScrapper** · 03-03-2013, 06:09 PM

If you are receiving money for something, you pay the approx 3% fee. I think there is a gift option too that does not hit you with fee's but I'm sure the would see a pattern after a while. Debit card is very handy and give you instant access to your money in most cases.

**KzScrapper** · 03-03-2013, 06:12 PM

BC...the debit card is a Mastercard so you use it whenever they accept MC as credit card with no fee.

**BRASSCATCHER** · 03-03-2013, 06:16 PM

I got that KC, but if I want cash on hand to buy computers and parts i need to get that from an atm. None of the scrappers I buy from accept plastic..lol

**PartTimeScrapper** · 03-03-2013, 06:27 PM

Originally Posted by BRASSCATCHER

I got that KC, but if I want cash on hand to buy computers and parts i need to get that from an atm. None of the scrappers I buy from accept plastic..lol

Then yes you either transfer it to your bank for free that takes 2 to 3 days and use your banks atm or get the paypal debit card and pay the atm fee.

**BRASSCATCHER** · 03-03-2013, 07:08 PM

Thank you all for your input...answered my questions.

**TheDude80** · 03-03-2013, 09:32 PM

Originally Posted by Phantoms001

I was under the impression the person receiving the money usually gets hit with the fees. You will have access to the money pretty much right away via your paypal account. If you need to transfer the money to your bank this usually takes me about 2-3 days depending on when I asked for the transfer. If you are getting payments in a regular fashion with paypal it is often worth it to ask them for a debit card. You can then instantly access the money without the wait.

Exactly what I did...transfer limit is $300 per day for instant transfers, but you can also transfer from the prepaid card to your bank account in the 2-3 days like you mentioned. For me its worth it because I started selling some stuff on ebay and plan on using it as a medium for doing so. My focus right now is on e-waste, and there are plenty of parts that are more then scrap value.

**freonjoe** · 03-03-2013, 09:53 PM

I can tell you about my first (and last transaction) with paypal. They took 3% of the transaction and it's been 8 days and counting and it still shows as a pending transaction. Run far away from paypal unless you're only doing ebay stuff.

**jghilino** · 03-03-2013, 10:16 PM

Originally Posted by freonjoe

They took 3% of the transaction and it's been 8 days and counting and it still shows as a pending transaction.

thats correct, if they paid with an echeck. Basically no money in there paypal account so they sent you an electronic check thru paypal. They usually take a couple weeks. I wouldnt hate paypal over that, its your buyers fault because they didnt have the money in the account to cover the transaction, they shouldve notified you of this before using that method of payment. I would hold the goods till it has cleared.

**freonjoe** · 03-03-2013, 10:20 PM

JG, it was for a package I sent to one of our buyers on here.

**PartTimeScrapper** · 03-03-2013, 10:29 PM

I think its because you had a brand new account joe. Untill you get I think $250 in deposits or do all the verifications threw paypal that 20 day hold will stay on your account. After that it should be instant.

**BroJer** · 03-03-2013, 10:50 PM

Originally Posted by PartTimeScrapper

I think its because you had a brand new account joe. Untill you get I think $250 in deposits or do all the verifications threw paypal that 20 day hold will stay on your account. After that it should be instant.

PTS is correct! In the long run, once you get established with paypal, you can make it work well for you. IE...the buyers I sell to here pay me via PP. I have been using the card since 2002 but there is still a 400 a day limit on CASH withdrawal. I am fine with that, as I see it as protection all the way around. It only cost a BUCK to pull that cash out at most ATM's. Now, fill the truck with fuel, using the PP card, pay for a few drill bits or tools, etc (use the card instead of the cash in your pocket) and I get cash back at the end of the month for making purchases with the PP card. So, if you WORK the card, you can make it WORK for you.

I also just got the unit so I can take credit card payments, on the spot, with my iphone. Sure, we pay a few percent for the convenience, but what they heck, it makes the money available to me right now. It also keeps people from trying to talk me down because they are 20 short on cash. (get out your debit card or run to the atm...sorry bout ur luck)

So, that is my 2.7% added to the convo ;-) BroJer

**Scrapette** · 03-04-2013, 12:41 PM

Does anybody know anything about the Paypal prepaid credit card?

I'm not talking about their debit card.

This one is like Green Dot and the other prepaids.

Does anyone know if you can have an online payment added to the Paypal prepaid credit card? Thanks in advance for your answers.

Also, do any of the buyers on the forum make payments to a prepaid credit card, does anyone know? Thanks.

**URBANERECYCLING** · 03-04-2013, 04:29 PM

You can use it at any place that allows you to get cash back ie.wal mart walgreens etc . When I was doing EBAY a few years ago I would buy a money order using my PAYPAL debit card from the post office and deposit it into my account to get the money transferred over quicker....

In general I wont send my customers money through PayPal. I will send a check or deposit it directly into their account if they have a branch in Tampa....If they need it through PayPAl i dont buy the load...

Help me understand paypal

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