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Topic: using paypal to buy/sell credits ...

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Subject: using paypal to buy/sell credits ...
Date Posted: 5/29/2009 4:42 PM ET
Member Since: 3/12/2009
Posts: 869
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how does this work? i just signed up for paypal and was curious how this works? thanks!
Date Posted: 5/29/2009 4:47 PM ET
Member Since: 10/6/2007
Posts: 376
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just like using paypal any other place - you choose paypal as your payment method, then it sends you over to paypal where you enter your user id and paypal password, approve the payment, then you are done. Just follow the prompts.

Date Posted: 5/29/2009 4:47 PM ET
Member Since: 8/23/2007
Posts: 26,510
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the person selling the credits give their paypal email address to the person buying. Then the person buying transfer the money.  If selling then you need to decide if you are going to ask for hte buyer to pay the paypal fees or not and if you will accept a credit card or just a transfer from checking.

Date Posted: 5/29/2009 5:39 PM ET
Member Since: 5/10/2005
Posts: 2,357
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If you do not accept credit cards (your account is not set up to do so) there are no fees at PayPal.

If you accept all forms of payment, there's a 30 cent + 2.5% (I think) fee for every transaction--no matter if it is a credit card or not.  That's why you see minimums on # of credits from some sellers.  30 cents on one credit is a large part of the payment!

For buying it's simple--you either use a credit card at PayPal, or link it to you bank account to pull funds.  Then send it off to the seller's email.  If you are confused or worried about initiating it, you can ask the seller to send you a Request for Money. They'll need your email addy to do that.

Date Posted: 5/29/2009 6:48 PM ET
Member Since: 3/12/2009
Posts: 869
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okay, i think it makes sense. i've never used paypal before, but i'll be selling credits later on as i have a good number and i don't need them all. so basically if you only use bank account as your form of transaction only, no fee is involved, but it just takes a little longer, correct? credit card is immediate.
Date Posted: 5/29/2009 7:23 PM ET
Member Since: 11/30/2007
Posts: 4,982
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Imelda, I just joined PP this past week. I bought credits from some members. Most of the selling members didn't want you to use paypal if you only had the credit card. I used my bank account. It was pretty quick. I think the longest took around 15 minutes at the most. The quickest was under 5 minutes. I really like the PayPal sytem.

Date Posted: 5/29/2009 8:04 PM ET
Member Since: 4/21/2007
Posts: 304
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so basically if you only use bank account as your form of transaction only, no fee is involved, but it just takes a little longer, correct? credit card is immediate.

No. That's not quite right. Fees are not only contingent upon the type of payment used but also the type of account you have. A personal account carries no fees at all but cannot accept CC payments. A Premier Account or business account carries fees on every transaction regardless of method of payment. The fee is 2.9% of the total sent plus a .30 transaction fee applied to every transaction. These fees are for transfers up to $3,000.00 The fees continue to go up based on the amount transfered. Now, sometimes PayPal will issue e-checks. I am not certain what the exact circumstances are that cause them to issue the check but if they do treat it like any other check. Don't give up the goods until the check clears.



Last Edited on: 5/29/09 8:05 PM ET - Total times edited: 1
Date Posted: 5/29/2009 8:58 PM ET
Member Since: 10/6/2007
Posts: 376
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Oh, you didn't mean buying credits from PBS, but from other members. Then you just have to use your PP acct to send them money. It's easiest for all concerned to use a personal account that accesses your bank, not a credit card so there will be no fees. And for me (a long time PP member) it's immediately taken from my bank account and sent to someone else's PP acct. Maybe new accounts take longer because you haven't had them authenticated or something, I'm not sure.

Date Posted: 5/30/2009 3:43 AM ET
Member Since: 3/12/2009
Posts: 869
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Oooo, okay i think it makes better sense. thanks for the info everyone!

Date Posted: 5/30/2009 12:57 PM ET
Member Since: 5/10/2007
Posts: 5,526
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A personal account carries no fees at all but cannot accept CC payments

Unless Paypal has changed, you used to be able to accept a limited number of CC transactions a year for the fee.  I accepted one or two with my free account and just paid the fees.  I don't do that anymore but it was an option at one time...but as I said, very limited in the number of CC transactions you could accept.

Date Posted: 5/30/2009 1:14 PM ET
Member Since: 4/21/2007
Posts: 304
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Unless Paypal has changed, you used to be able to accept a limited number of CC transactions a year for the fee.

Yeah, it very well may be that you are correct. It has been years since I have held only a Personal account. They may have changed it since I upgraded my account. Eons ago.
:-)

Date Posted: 5/30/2009 1:55 PM ET
Member Since: 8/16/2007
Posts: 15,201
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but i'll be selling credits later on as i have a good number and i don't need them all. so basically if you only use bank account as your form of transaction only, no fee is involved, but it just takes a little longer, correct? credit card is immediate.

I've never seen a difference in the time it takes to get money in via CC or a bank account and I've sold to people using both. Personal accounts can use and accept CCs, its just that you pay a fee to accept payment by credit card (the person buying the credits doesn't pay the fee, you do to get the money).

Date Posted: 5/30/2009 4:48 PM ET
Member Since: 5/10/2005
Posts: 2,357
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Credit cards are instant.

Bank accounts are instant if there is a credit card backing them up.

eChecks take days and days to clear.

I'm not sure about bank accounts that don't have a credit card to back them up.

(Not all the sellers demad bank account payments. Some of us take credit cards!)

Date Posted: 5/30/2009 6:22 PM ET
Member Since: 2/26/2009
Posts: 36,285
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I am waitin for them to offer money gift certificates in the kiosk.  I am lazy. lol  Then I'll use those for postage and dc.

Date Posted: 6/10/2009 12:23 AM ET
Member Since: 3/12/2009
Posts: 869
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ok, i'm retarded. so i sold 5 credits to another memeber and i sent a request for payment. they paid and i saw that there was a fee tacked on ... so i was deducted 74 cents from my "gross" fee ... does that mean they used a credit card? do folks mark that they used ebay or whatever instead of marking goods/services since it says that they add a fee on those transactions? is there a way to have a person only use their bank account?

i'm confused!!!! :(

Date Posted: 6/10/2009 10:03 AM ET
Member Since: 10/6/2007
Posts: 376
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Sorry, I am not sure of the answer for this - you may need to ask PayPal, or search their FAQs. There is probably a way, if you do not have a business account and do not take credit cards, to be let members know they must do no-fee transactions with you in the future. Hopefully someone here or at PayPal will show you how because it doesn't seem fair for you to pay a transaction fee for selling credits!

Date Posted: 6/10/2009 10:25 AM ET
Member Since: 12/21/2007
Posts: 1,642
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When you post in the Book Bazaar, state that you will only accept cash funded PayPal and will not accept credit card payments due to the fees or due to you not having a business account.

Date Posted: 6/10/2009 11:19 AM ET
Member Since: 3/12/2009
Posts: 869
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but i guess i'm confused in that on the paypal fee section it states: Fees apply only if the sender uses a credit or debit card, or if you receive any payment for goods or services." I understand the credit/debit thing ... but because I requested money for "goods" could that have been the reason why I was charged? or only because the purchaser used a credit card?