Question about Pay Pal??

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SaberX · #1 Post by **SaberX** » Mon May 14, 2007 8:49 am

First i just have to say i only used Pay Pal 5 or 6 times.I'm still learing about it.
Here it goes....

Say i'm thinking of buying something here on this forum for $25.00.
But my ballance in Pay Pal is $15.00.
I just herd that pay pal will take the remaining $10.00 out from my bank account to get the full $25.00.

Does this sound right?

pianowizard · #2 Post by **pianowizard** » Mon May 14, 2007 9:17 am

SaberX wrote:Does this sound right?

Yes.

#3 Post by **RealBlackStuff** » Mon May 14, 2007 9:18 am

My PayPal account is based on a credit-card. PayPal charges it if and when required. If I have a positive balance, it uses that if there is enough. If my balance is 'short', it charges the whole amount to my CC.
I don't know if it works like that with a bank account 'attached'. Doing seems a bit too risky for my liking!

Purcy · #4 Post by **Purcy** » Mon May 14, 2007 9:37 am

I use Paypal a lot and I also have a credit card attached instead of my bank account, for security reasons. If I have a balance in my paypal account and buy an item, but the paypal balance is not sufficient, paypal will use what is in my account and charge the remainder of the balance to my designated credit card. But paypal I think always uses your available balance first.

#5 Post by **jdhurst** » Mon May 14, 2007 9:40 am

I would never, under any circumstances, allow anyone to access my bank account. Never. I am fortunate in that I have a credit card, and I also have PayPal. So for PayPal and for any other vendor that charges me on a regular basis, I point them to my credit card.
... JDH

Purcy · #6 Post by **Purcy** » Mon May 14, 2007 9:46 am

Plus now Paypal has their own credit card you can apply for and have that attached to your paypal account if you are short on funds; please I think Steve here uses it and he says you get some sort of rebate on purchases with the Paypal credit card.

pianowizard · #7 Post by **pianowizard** » Mon May 14, 2007 9:48 am

jdhurst wrote:I would never, under any circumstances, allow anyone to access my bank account. Never.

You know, if possible, I would also prefer not to Pay Pal from my bank account, but many sellers (e.g. those on this forum) don't want CC payments.

#8 Post by **ryengineer** » Mon May 14, 2007 9:55 am

I have a Premier account with Paypal, I used to sell alot of items there once.

Purcy · #9 Post by **Purcy** » Mon May 14, 2007 9:56 am

pianowizard wrote:
You know, if possible, I would also prefer not to Pay Pal from my bank account, but many sellers (e.g. those on this forum) don't want CC payments.

You've got a point here, those sellers are trying to avoid upgrading to a business account to avoid the paypal fees for dealing with credit cards. The only option here is sending a money order.

SaberX · #10 Post by **SaberX** » Mon May 14, 2007 10:32 am

Thanks all.
But i dont have a CC so that option is out.
The bank account i linked to Pay Pal is just one i set up for this.It's not my main one.Just one i use for Pay Pal.Most of the times theres nothing there.

#11 Post by **rkawakami** » Mon May 14, 2007 10:34 am

My understanding is that now PayPal will allow for a limited amount of credit card funded payments to 'personal' accounts. It used to be that in order to accept a CC payment you had to have a business or premier account.

PayPal wrote:Personal accounts limit the number of credit or debit card funded payments received per year. Credit or debit card funded payments are assessed a transaction fee. Business and Premier accounts are assessed a transaction fee, which is a small percentage of each payment received. See our fee schedule.

To view your Personal account limit, log in to your account and click the View Limits link.

Purcy · #12 Post by **Purcy** » Mon May 14, 2007 10:54 am

Right Ray, I think they have always allowed 2 credit card acceptances a month, not much. As a seller, I think it is vital to accept cc funded payments and would miss out on a lot of higher prices if buyers could not do your terms of cash only payments. So I bite the bullet and have a business account.

dsigma6 · #13 Post by **dsigma6** » Mon May 14, 2007 2:51 pm

Purcy wrote:So I bite the bullet and have a business account.

What bullet are you speaking of? Small percentage taken from incoming sales? It doesn't equal out, but I use the PayPal debit card for 1% cashback...so it's not too bad. This is a convenience, and I tend to snarl at people when I find out they don't have one.

pianowizard · #14 Post by **pianowizard** » Mon May 14, 2007 2:56 pm

dsigma6 wrote:What bullet are you speaking of? Small percentage taken from incoming sales?

3%, I think.

Purcy · #15 Post by **Purcy** » Mon May 14, 2007 3:01 pm

Well, I think it is now over 3% that they charge for any incoming payments by credit cards, plus on top of that the increased listing and final sale percentage charges by E-bay. Go ahead Dan, snarl away

pianowizard · #16 Post by **pianowizard** » Mon May 14, 2007 3:03 pm

Purcy wrote:Well, I think it is now over 3% that they charge for any incoming payments by credit cards, plus on top of that the increased listing and final sale percentage charges by E-bay.

Wow, two more reasons for not selling stuff on eBay. I'll stick with Craigslist and this forum!

SaberX · #17 Post by **SaberX** » Mon May 14, 2007 6:53 pm

Thanks Ray.
I just loged into my Pay Pal account to look at the limits.Looks like for the free account i got upto 5 CC or debit payments per year.I have used two so far.That is why i guess i got charged a small fee for those two payment's.
Now i was talking to someone else today,they said that if i go through pay pal and get the money through my bank account as a debit.The person i send the money to will have to wait 5 or 6 days for the money to come out of my bank and to the seller.
Does this sound right OR will the seller get the money and be able to use it same day as i send it?
Were talking about a bank account (debit) funded pay pal.

#18 Post by **ryengineer** » Mon May 14, 2007 6:57 pm

SaberX wrote: Now i was talking to someone else today,they said that if i go through pay pal and get the money through my bank account as a debit.The person i send the money to will have to wait 5 or 6 days for the money to come out of my bank and to the seller.
Does this sound right OR will the seller get the money and be able to use it same day as i send it?
Were talking about a bank account (debit) funded pay pal.

That's called e-check and the seller will get the money in his account only after once it has been cleared by your bank in 5-6 days as you mentioned.

#19 Post by **rkawakami** » Mon May 14, 2007 7:09 pm

If you have a bank checking or saving account tied into your PayPal account to be used as a source of funds, when you make payment it is immediate to the receiver. He gets credited with your money as soon as you click "send money" (and s/he accepts payment).

I default my PayPal payments to come out of my checking account. I don't see any reason (security issues) why it's any different than having my credit card also on file with PayPal. For the nickel-and-dime purchases I simply use the checking account. For anything above a certain level (generally ~$100 and over) then I will use the credit card.

Also for a personal PayPal account, you have a limit as far as accepting funds. I think it's $500/month but I haven't checked with PayPal since they changed their policy about CC-funded payments.

qviri · #20 Post by **qviri** » Mon May 14, 2007 7:36 pm

You can send instant payments with your bank account as the source but I believe (maybe in Canada at least?) you need to set up a credit card to act as a back-up funding in case the bank transfer bounces. I actually see the payment leave my bank account a day or two after the "instant" payment went through paypal. Case in point: I just paid for a laptop on the weekend and the funds have yet to leave my bank account. (This is also partially why the e-check takes five days... two days to clear from bank, three days for paypal to sit on it and get interest.)

I distinctly remember not being able to send instant payments with just a link to a chequing account. Something changed since then, and I'm pretty sure it was the addition of a credit card.

#21 Post by **rkawakami** » Mon May 14, 2007 7:44 pm

Ah, yes, the "float". I forgot about that. And while the receiver of the payment is notified that the money has been sent, if they try to take it out of their own PayPal account, there's a few days wait.

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