PayPal Help...

Hello all, I have a question about PayPal. So I have been using my regular account to buy flashlight from people etc. I don't do much receiving money in it, so this is not something I have yet had to worry about. But now I am running the Wild Mini-Mag group buy and am worried about the $500 limit to receiving funds. It says you can upgrade your account to lift the limit... But then I have to pay fees on incoming transactions...right? But my real question is, does this mean I have to pay a fee on all of my outgoing transactions, or whoever is receiving the money has to pay a fee? Is there anyway to get around the limit without upgrading? Thanks in advance.


MINI

Paypal is free to the buyer, ie, the buyer only pays what he's purchasing, and it's up to the seller to absorb Paypal's fees. This means you are charged a small fee whenever you recieve payment. AFAIK, a simple way around it is to have two accounts, one for personal and one for business.

Hi Mini!

If you upgrade to Premier or Business Account, ALL your incoming cash will be 'taxed' a fee, regardless if it's CC or cash. But you will gain the capability of receiving CC payments.

Outgoing transactions are not charged. The recipient only needs to pay a fee if he himself has a Premier/Business Account.

I believe you can keep your Personal Account and sign up for the "Expanded Use Program", which lifts the limit. Basically u still keep your Personal Account but it has no limits. You will not gain the ability to recv CC payments.

Check out more details in the help on "Expanded Use". Usually how it works is you sign up a CC to your account, then paypal bills it and send a code on your CC statement. After u recv ur cc statement, u log back onto paypal and enter that code and your account is 'expanded' (ie no more limits) .

Hope that helps!

Thanks carrot. Man do I hate PayPal.

Mini-Moder said:

Thanks carrot. Man do I hate PayPal.

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I hate paypal too its already 2 weeks since I registered and I still cant sent payment. Missed out quite a few great deals in B/S/T

I have heard that PP will flag accounts that have money withdrawn right after it is deposited.

I plan to sell some stuff on eBay, and I created an account, at a separate bank, just for that purpose.

My plan is to withdraw cash when the account goes above 500 dollars.

Is that something that will get my PP account flagged?

Raven said:

I have heard that PP will flag accounts that have money withdrawn right after it is deposited.

I plan to sell some stuff on eBay, and I created an account, at a separate bank, just for that purpose.

My plan is to withdraw cash when the account goes above 500 dollars.

Is that something that will get my PP account flagged?

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I don't know what you mean by 'flagged,' but you withdraw money from your paypal account anytime you wish, and transfer it to your bank account. The only problem with the free 'personal' account is that you can only withdraw $500/month from it, and you can't receive credit card funded paypal payments.

Once you are 'expanded', there should be no limits for transactions or withdrawals.

Whats the catch of getting a "Priemer" acoount, monthly charges???

PoliceScannerMan said:

Whats the catch of getting a "Priemer" acoount, monthly charges???

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Not monthly, but something like 2.9% + .30 US per transaction when you receive a payment.

I was considering setting up a second e-mail address and paypal account for CC like several sellers here have done. A question for anyone who has actually done this: Do I also have to set up a seperate bank account or can I link both to the same account?

DonShock said:

I was considering setting up a second e-mail address and paypal account for CC like several sellers here have done. A question for anyone who has actually done this: Do I also have to set up a seperate bank account or can I link both to the same account?

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I have not done this, but I am pretty sure you need to use different credit card and bank accounts for each paypal account. But if you offer paypal in an ebay auction as a payment method, you will need to use the premier account. Your only savings would be when someone is sending you funds from a bank or paypal account.

Remember though, that paypal will know that you are the actual owner of both accounts. If your premier account ever gets zinged by a buyer who did a credit card chargeback, or a "not significantly as described" complaint, paypal will remove the funds from the premier account, and if there is not enough money available, they will take the balance from your personal account, provided it has funds available. They have been known to typically tie up accounts for 6 months, while "investigating" buyer complaints. Remember, paypal is not a bank. There is no regulation or rules, except theirs. No FDIC insurance. They are in business first to make a profit, and the more money they can tie up, the more profit they make. Do not keep high balances in these accounts if you want to be sure your money is actually going to be there when you want to use it.

LMU

Its only dangerous to keep large amount in your account when selling on ebay, right?

Mini-Moder said:

Its only dangerous to keep large amount in your account when selling on ebay, right?

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Yeah. Or buying. If someone phishes your password and cleans out the account, what are you going to do about it besides cry? Read my last post. Paypal does not answer to any banking laws or regulations. I know of no good reason to keep *any* money in a paypal account unless you are in the process of spending it. Unless you don't need it, I guess.