Tool Talk
General Category => General Discussion => Topic started by: Nolatoolguy on August 08, 2013, 09:17:34 AM
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I posted a while back about getting a PayPal but never did. I use to use my sisters on eBay and just pay her cash but she canceled her Paypal and ebay recently.
I am setting up a Paypal and ebay acount today.
The whole point of this post is I wanted to ask for advice and if anyone has any tips in using PayPal acount of my own?
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Have had no problems with PayPal but use it sparingly. Did take the precaution of setting up a separate bank account for PayPal and keeping a small balance in it as I had heard of disputes where they froze your account.
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what Jim said
+1
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I've had mine frozen a few times because of buyers who wanted to return items that they just didn't want. Ebay / PayPal is not on the sellers side. It is a very convenient thing to have tho.
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Always back it up with a separate bank account in which you keep a small amount of $$. If you need more funds, just transfer some to it from your regular account.
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Unless you are planning on selling on eBay, you really don't need abank acct. tied to it. Use a credit card tied to your PP account. If you do decide to sell, then a separate account used ONLY for PP is a must. When I was selling on eBay I emptied the bank acct. that was tied to PP as soon as they transferred funds in to it.
By paying with the credit card you have the advantage of having the credit card co. on your side if there is a problem. Plus it costs PP money when you pay with your cc.
Here is another thing to keep in mind. PP is not a bank. They are a money transmitter and are licensed by the state you live in. The Feds have no input into any of their practices. Generally they have no right to hold your funds longer than 10 days. Some states may be different but that is what Florida and some other states use.
This is probably the most important thing. Neither PP or eBay is your friend...especially if you are a seller.
Mike
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Unless you are planning on selling on eBay, you really don't need abank acct. tied to it. Use a credit card tied to your PP account. If you do decide to sell, then a separate account used ONLY for PP is a must. When I was selling on eBay I emptied the bank acct. that was tied to PP as soon as they transferred funds in to it.
By paying with the credit card you have the advantage of having the credit card co. on your side if there is a problem. Plus it costs PP money when you pay with your cc.
Here is another thing to keep in mind. PP is not a bank. They are a money transmitter and are licensed by the state you live in. The Feds have no input into any of their practices. Generally they have no right to hold your funds longer than 10 days. Some states may be different but that is what Florida and some other states use.
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This is probably the most important thing. Neither PP or eBay is your friend...especially if you are a seller.
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Mike
This is the part about ebay I don't understand. The seller pays the fees and supplies the merchandise,
but is considered second class to the buyer.
I have a Paypal account , never had a problem, yet. I do all the things already listed.
Withdraw daily.
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as a buyer I had a paypal account with a credit card. it worked great till I reached my "SENDING limit" now I just check out as a guest with a credit card.
my hatred for ebay has limits, while my hatred for paypal has no bounds.
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Since ebay went tto the "charge 9% on the item and the shipping, I use therm only as a last resort. I've had not issues with Paypal using our regular household account, but like the others,it rarely has more than $20 in it.
ymmv
DM&FS
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Never use gift options for payments or receivables.