Do you understand how paypal works?

Do you understand how paypal works?

I don't. I sold something in B/S/T about 10 days ago. I have paid with paypal many times, but have never received money with paypal.
My paypal account shows the money received, and I got the email, but my savings account hasn't had the deposit yet, and it was sent 9 days ago.

Can someone who knows the ins & outs of paypal, shed some light on this for me? (I couldn't resist that one.)

Thanks in advance.

You have to tell paypal to do something with the money, otherwise it will just sit in your account forever, same as it would with a bank. Log into your account and click on the "withdraw" tab...there will be lots of choices for moving your money.

The money will stay in your Paypal account untill you go to withdraw and transfer it somewhere. /ubbthreads/images/graemlins/smile.gif

Um, O.K., I feel like a dufus.
Thanks, I did it.

I'll be happy to receive the money so it doesn't "go bad" in your account. I'll even pay you for it! /ubbthreads/images/graemlins/smile.gif

Yeah, hit the "transfer money" tab, and choose where and how to send it to yourself.

You can also go into your Paypal account and turn "Auto Sweep" on; that automatically withdrawls any money you have in the Paypal account into your bank account. Auto Sweep runs once a day, with no intervention or prompting on your part.

Regardless of whether you use Auto Sweep or manually transfer the funds, figure at least two or three business days for the money to actually show up in your bank account.

Thanks Craig. That's handy -- I needed the info too.

Well, I withdrew my money from PayPal and put it in my bank. And I realized that it's all there. I didn't expect that.

I recently have had money sent to me by folks who have bought lights from me. I thought that PayPal took a cut of these transfers -- something like 3% or more. When does PayPal take its cut?

I see a cut in every x-fer from CC or from a cash account. I think some accounts don't get this fee?

"Upgraded" accounts that can be paid by charge card need to pay the fee.

Other accounts, like mine, are not charged a fee if the transfer is funded by a bank account linked to PayPal.

For that reason I will only accept PayPal transfers funded by a bank account. I receive so little money that I don't want to go commercial.

Alright! That's great. Thanks.

If you accept a credit card transaction. JUST ONE. you will be upgraded and 3% and a fixed fee is applied to all transactions whether a cc or not.
If you get in this bind. Paypal will allow you to downgrade your account. They will only downgrade your account ONCE tho /ubbthreads/images/graemlins/smile.gif
I also do not take cc. I made the mistake once. Tho I should make a separate account for cc's.
I didn't know about the sweep. I'll have to find that. /ubbthreads/images/graemlins/smile.gif
Tom

Tom,

Does that mean that if someone sends funds by credit card, that I can refuse to accept? I don't want to get caught in the 3%+ merry-go-round.

Paul

Yes, You can refuse the transaction. When you get the notification of transaction it will be titled you have received a payment "by credit card". You then have the choice to accept or deny the payment from the email.
The transaction is refunded and there are no transaction fees.
This can be a touchy subject for some buyers. When you refuse the payment YOU have no method of notifying the purchaser of why you are refusing payment. I always went back to the email and sent them a note on why.
Most folk don't have a clue that paypal charges $.
I know that I didn't /ubbthreads/images/graemlins/smile.gif /ubbthreads/images/graemlins/smile.gif
Tom

Tom,

Okay, when I sell something on CPF I'll include in the write-up a "no credit card" statement. And if I have to refuse, I'll also send a PM. I think I'm set now. Thanks.

Paul

[ QUOTE ]
TOB9595 said:
If you accept a credit card transaction. JUST ONE. you will be upgraded and 3% and a fixed fee is applied to all transactions whether a cc or not.
If you get in this bind. Paypal will allow you to downgrade your account. They will only downgrade your account ONCE tho /ubbthreads/images/graemlins/smile.gif

[/ QUOTE ]

Does anyone happen to know how to downgrade? I don't think I ever have accepted a cc transaction but I still have a 3% fee on everything I accept. Also, is there a way to block cc transactions altogether? Thanks for the help.

-Mike

I rember there also being a monthly limit on transactions for 'personal' (free) accounts. Personally, I think it's worth the charge to get the better features. (CC payments, scheduled payments, the PayPal Debit card, etc)

xrunner, I just looked at my paypal and IF I remember.
From my account go to enhance account then follow the clues.
I may have emailed paypal requesting how to do this and they emailed back the location. Tho I probably had to wade thru that, even /ubbthreads/images/graemlins/smile.gif
Anyone find the sweep that Craig talked about? This automatically requests that the funds get transferred to your bank.
Tom