Paypal

[Thomme]

What kind of fees are there with Paypal? I thought that I'd have to pay a fee just to start my account, but I haven't been prompted to, yet. I am also confused about the fees for transfers, what are they like? I thought I read it as 29% the price plus 1 dollar... what is it really? I can't find a straight answer on the website. Thanks.

[doc_newstead]

PayPal keeps all the fees for the poor sods who receive money. If you only spend on PayPal, you'll be fine. But if you want payment, I'd stick with cheque/bank transfer.

[FeeFyeFoeFum]

With paypal, it doesn't cost anything to actually open or have an account.

 

Nor does it cost you anything to send money to someone else with a paypal account (as payment to them usually).

 

Only if you receive money into your paypal account will it cost you anything. I seem to remember that its a small fee: a standard small charge levied on every payment received plus a small percentage of the total amount.

 

Cant remember the exact amounts, but I'm pretty sure thats how it works.

 

Hope this helps some

[doc_newstead]

Anyone else fancy repeating what I said?

[FeeFyeFoeFum]

Hey, whats up Doc?

 

Sorry, was in the middle of typing me reply when yours hit the board.

 

Certainly didnt mean to cramp ur style.

 

[Thomme]

Oh, that's what I heard. I guess I assumed it went both ways. So, if I sell stuff on EBAY, how do ya'll suggest I get paid.

[doc_newstead]

Hehe. I was just playing there FFF

 

Cheque or PO are my preferred methods That's me though. Some like bank transfers for big purchases (£200+ say?). Best method is always cash in hand though

 

See that you're US. If you do have Postal Orders, you might call them something different. I dunno see

[richie_j]

when you start an account, they'll take 2 denominations equaling £1. These two figures make up your enterance code as such. They then give it back into your account,

Online banking means it can be done in a day or so.

[doc_newstead]

I thought they only took money if you confirmed your address? Saying that, they've changed their T's & C's so many times since I signed up, it makes my head spin.

[FeeFyeFoeFum]

No worries Doc - me too! Grin.

 

I sell a fair amount of stuff on ebay and mostly receive the payment thru paypal.

 

It really depends on how much your going to be receiving into your paypal account or wether you get people to send cheques/postal orders, bankers drafts, etc. Lots of small amounts going into the paypal account would be fairly pointless (as well as expensive for ya) as you would pay the standard fee on every one.

 

To be honest you dont really notice the paypal fees too much, weighed against the hassle of waiting for the cheque to be posted, time to get to ya, time to take it to the bank, time for it to clear, etc. Having the money right there, straight away at the click of a button is very convenient.

 

Oh, and if you want to withdraw money from your paypal account, to transfer to a bank account say, there are no fees if you transfer at least £50. Below that they do charge you.

 

There are also several types of account: one lets ya send money only, the other send and receive. They might charge ya or at least have to 'confirm' your address before you can open a 'full' account. But as Doc so rightly says, they have changed things a fair few times, so things may have changed.