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Paypal question(12 posts)

Paypal questionHigh Gear
Aug 21, 2002 2:53 PM
I opened a Paypal account to buy things on E-bay but did not verify it ,they needed my bank account #. How do I go about receiving money from someone that purchased a bike part from me that wasn't through e-bay?
re: Paypal questionfiltersweep
Aug 21, 2002 3:00 PM
You can paypal yourself if you want to (you lose money on fees, but anyone with a CC can use it)... is your account active? Just give your PayPal email ID to the person you are selling to.

You will need to verify the account so you can transfer your money into your bank account. It is super easy- they deposit something like $.02 and $.11 and you confirm receipt of the deposits and you are verified- painless.
Related questionjtolleson
Aug 21, 2002 3:56 PM
I'm in the process of selling a bike via the 'net and have been evaluating different ways to be paid. I have a verified Pay Pal acct but have wondered what the fees are. Anyone? Anyone?

The other options are a money order (which either means the buyer has to trust me enough to send it in advance, or have have to trust him enough to send the bike in advance) or COD (which also has fees and also more hassle).
Feesfiltersweep
Aug 21, 2002 4:08 PM
I just sold a bike and received $200 more than I expected. The buyer is actually driving 7 hrs on Saturday to pick it up- he said he had been burned before on ebay. At least I'll save on fees...

Fees:

2.9% + 30¢

That is $29.30 for $1000

It is actually lower than most merchant Visa/MC fees that retail stores contend with... but money IS money.

I'd shoot for PayPal or MO and give the buyer a TON of info about you after the auction ends (name, address, a few phone numbers, etc...).
Credit card feesKerry
Aug 21, 2002 4:28 PM
You're guessing high. Bank fees on credit cards used to be in the range of 5%, but the business is so competitive that it is down around 1% today.
Credit card feesfiltersweep
Aug 21, 2002 4:30 PM
I wondered how such low margin retailers such as grocery stores suddenly starting taking CCs...
Related questionnewhouse
Aug 21, 2002 5:06 PM
i've sold stuff on ebay, received payment through paypal, and was never charged a fee. i believe that if you want to allow buyers to pay with a credit card, then you have to upgrade your account which has a fee. then i think you are charged a percentage of the money you receive. if they transfer money into their account from a checking account and then send it to you, i think it's free. i've never sold a bike and the stuff i sold on ebay was never more than a hundred dollars.
I have 2 paypal accounts and...african
Aug 22, 2002 4:23 AM
I sent money from my business paypal account to my personal paypal account and lost about $9.00

Doh! there goes lunch.
Escrow.com another possibilityScot_Gore
Aug 21, 2002 6:20 PM
Another option is Escrow.com. I bought my bike on the classified on this site and used Escrow.com to transfer the funds. Sounds like the fees are about the same as paypal. The advantage is both the buyer and seller can gain some sense of comfort about the merchandise being shipped and receivied and the funds being good.

Good luck

Scot
Related questiongranda
Aug 21, 2002 10:26 PM
About $30/$1000 withdrawn

Sold a bike for $1930 and the fee was $56
paypal feestarwheel
Aug 22, 2002 3:51 AM
Correct me if I am wrong, but I thought PayPal didn't charge a transaction fee unless you use a credit card. I have used PayPal many times and find it very convenient. I've never had any problems associated with it, and it sure speeds up transactions. That way the seller doesn't have to wait a week for your check to arrive and clear before mailing the merchandise. I think the only time it cost me anything was when I sold a frame and the buyer paid by credit card; I think the fee was around 5% in that case -- or $17.50 for a $350 frame. I'm sure you can verify all this by checking the www.paypal.com website.

If you are dealing with someone who doesn't have a PayPal account and the amount is substantial, I would look into one of the escrow services. I've never been burned on an internet sale, but I've come close. I have bought a frame and a used bike over the internet as well as selling a frame and lots of parts. In most cases, particularly the expensive items, I exchange a number of emails with the buyer/seller and get their phone number and address. Usually you can get a sense of how legitimate someone is by how they answer the questions you ask via email or telephone. The only bad experience I had was a used frame I bought through eBay that was in much worse condition than described. After I complained, the owner refunded my money and told me to keep the frame; I returned the frame anyway as I didn't feel right keeping it.
Last I lookedB2
Aug 22, 2002 6:40 AM
there were no fees associated with non-business accounts where electronic transfers are used. Non-business accounts get charged a fee for credit card transactions only.

I just sold a bike for $2K and the guy paid via PayPal with a credit card. The fee was $60. Other transactions I've done that were electronic transfer had no fee.

Maybe they're doing the electronic transfer deal differently and charging a fee for that type of transaction now?

Bryan