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Paypal payment question

Discussion in 'Home Cinema, Hi-Fi and Gadgets' started by TDI, Aug 1, 2006.

  1. TDI
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    TDI Member

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    [Aug 1, 2006]
    I'm about to sell something on ebay, and have a paypal account. I've used the account to pay for items but have never used it to receive payments for items that i am selling. Is there something that needs to be done with the account i.e verified in some way before i can receive payment prior to transfering funds to my bank account??

    Thanks for clearing that one up in advance :-0
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  3. topscaff
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    topscaff New Member

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    [Aug 1, 2006]
    I can`t remember specifics, but, i believe i had to make a small payment to Paypal which they then refunded to my bank account. I then had to wait a couple of days for the refund to show on my account and then quote the payment reference back to Paypal to verify it was my account.

    It was a long time ago so this might not be accurate, but it was something very similar to this ................. I think :D
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  4. Rev-head
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    Rev-head Active Member

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    [Aug 1, 2006]
    Above is right

    Things to be aware of is that they charge you 4% of the sale price if they pay through pay-pal so worth remembering when advertising

    If you withdraw money less than think £100 there is a charge for that as well and it will take 3-5 working days for you to get the money....

    Quick and fast way of getting payment but at a price (as everything in this world)
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  5. topscaff
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    topscaff New Member

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    [Aug 1, 2006]
    Agree with the charges being a killer, i wouldn`t mind too much but, as it is an Ebay company they charge you for selling and then again for recieving the payment. It can work out expensive with all the extra options when listing, much more convenient than those prehistoric Cheque thingymajigs`s that people still try to use though :D
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  6. AndyMac
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    AndyMac Moderator Staff Member Moderator

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    [Aug 1, 2006]
    It can be as low as 3% charge for accepting paypal payments. There is a flat fee for each transaction + 2.9% of the total amount, so if you accept one big payment, say £300 they only charge you 3.1%, but if the £300 is made up of 30 payments of £10 then the overall charge is more.
    The security setup is more for buying stuff using paypal, I don't think you have to do anything to accept a payment, but yes as Revhead says there is another charge for withdrawing small amounts, which is fair. Far better to let the payments ride and they'll get used up next time you buy something using paypal.
    Bear in mind all credit card companies charge up to 3% for accepting credit card payments so PayPal is no different. It's an excellent service which takes the hassle out of selling stuff on ebay. I only accept bids from people who have a PayPal account - you can select this in the options when you create your ad on ebay. Cheques are just a pain, which the banking world are doing their best to irradicate completely.
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  7. jdp1962
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    jdp1962 Grumpy Old Moderator Staff Member Moderator

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    [Aug 1, 2006]
    Hear hear! Money transmission services are not free to provide, so why should they be free to use? Whether buying or selling on Ebay, I only use Paypal.
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  8. mikeclark007
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    mikeclark007 Member

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    [Aug 1, 2006]
    To add..... withdrawals back to your current bank account are charged for if they are below £50-00. Over this amount is free.
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  9. TDI
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    [Aug 3, 2006]
    Cheers guys for the replies

    :-0
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  10. missviper
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    missviper Member

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    [Aug 6, 2006]
    The problem seems to be with Paypal the buyer can claim the money back very easily and you as a seller end up losing out.
    I have heard this happen several times and due to the amount of strange people on Ebay now i don't bother with Paypal.
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  11. TDI
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    [Aug 7, 2006]
    Cheers for that....I think i'll stick to postal orders or cheques.

    Cheers

    :-0
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