Kawasaki Concours Forum
Mish mash => Open Forum => Topic started by: VirginiaJim on September 04, 2011, 07:41:28 AM
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I'm going to start using Paypal a bit more in the future and was wondering how it worked with receiving payments. I currently use it to send payments. It's not tied to my bank account but is tied towards one of my credit cards. I am not 'verified'. I have been leery of tying my bank account to it for security purposes. At least with a credit card I have some protection. I just want to sell a few things in my garage and possibly ebay.
Thanks,
Jim
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Receiving payments is just as easy as sending them. Paypal will take out their 2.5 or 3% and you get the rest. Then once it is in your paypal account you can choose how to transfer that money to your bank. Usually it will take 2-3 business days for it to be deposited. For transactions on here you can request that the buyer pay you by means of "gift" and you won't incur any fees. But there has to a decent level of trust since that purchase wouldn't be covered by paypal in the event of a disagreement between the buyer and seller. Hope this helps.
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^^^^what he said, just as easy receiving as it is paying. Money mysteriously appears in your PP account, email notifies you, and its missing a few percent for PP fees so they can keep their lights on and make shareholders happy (http://i80.photobucket.com/albums/j180/stevewfl/bigthumb.gif)
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Are you guys linking to a bank account or to a credit card?
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I have my account linked to my checking and it has worked great.
Not sure how accepting payments would work with a credit card.
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I would like to have paypal but worry about my checking account getting jacked. I was thinking of opening a separate bank account and just keep a small amount in there for paypal transactions.
Just a thought.
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I don't think you can accomplish what you really need by just linking a credit card, as in order to recieve payments they will only go into your p/p acct. you won't be able to transfer them anywhere's, so they will sit there, they can't be dumped to your credit card.
You really need to become verified, and toss the $.03 to them to upgrade to a higher level seller account status, which does require linking a checking account to it. As a feature then, you use that account to back your purchases/transactions, and not the credit card.
P/Pal is VERY secure, if not TOO secure. I have been a seller status account for years, and never had issue. It's almost impossible to hack them, your bank is easier to hack, and as a fact I have had 5 different bank credit cards replaced by my bank in advance of a "hit", simply because THEY were compromised, and generated a generic "you may have been" mailing, which forced a new card, and account number on me.....that sucked, as I then had to re-establish about a dozen automatic payment accounts each time, very inconvenient for THIER poor security measures.
so, in a nutshell, I trust P/P, and can say I never worry about them.....my bank on the other hand.....needs better countermeasures. ::)
it's all splained on the p/p site as to what is needed for each level of status, and as noted, if you are aprehensive, simply open a designated checking account with $50 in it solely to link to p/p.
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Hey Jim,
How about we set your sales to my checking account and my purchasing to your checking account, deal?? ;D
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I don thin so, Lucy... But thanks for the offer.
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I don't think you can accomplish what you really need by just linking a credit card, as in order to recieve payments they will only go into your p/p acct. you won't be able to transfer them anywhere's, so they will sit there, they can't be dumped to your credit card.
You really need to become verified, and toss the $.03 to them to upgrade to a higher level seller account status, which does require linking a checking account to it. As a feature then, you use that account to back your purchases/transactions, and not the credit card.
P/Pal is VERY secure, if not TOO secure. I have been a seller status account for years, and never had issue. It's almost impossible to hack them, your bank is easier to hack, and as a fact I have had 5 different bank credit cards replaced by my bank in advance of a "hit", simply because THEY were compromised, and generated a generic "you may have been" mailing, which forced a new card, and account number on me.....that sucked, as I then had to re-establish about a dozen automatic payment accounts each time, very inconvenient for THIER poor security measures.
so, in a nutshell, I trust P/P, and can say I never worry about them.....my bank on the other hand.....needs better countermeasures. ::)
it's all splained on the p/p site as to what is needed for each level of status, and as noted, if you are aprehensive, simply open a designated checking account with $50 in it solely to link to p/p.
Thanks, Rich. That helps.
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Slight hijack, sorry.
Rich,
Don't blame your bank, it's Visa/MasterCard telling your bank that someone else may have had your card information stolen. I work in IT for a bank on its card system and we get lists of cards that the networks believe were stolen. We've had lists from a couple hundred to tens of thousands. We then, as a proactive measure, re-issue those cards. Believe me, it's not a load of fun for us either. But, we're also avoiding all the grief we'd get from our customers and the bad publicity if the cards are used fraudulantly and it's found out that we knew there was a possible problem. CYA. And, if you think that's bad, we are in the process of changing our cards, ALL our cards, from Visa to MasterCard, so we're going to impact all 1.5 million cards in our portfolio. EVERYBODY has to activate new cards and change the cards on their auto pay accounts. The folks who just got new Visa cards, due to their old cards expiring, will get new MasterCards next month, so they have to go through this process twice. Plus, we're turning off the old cards on Nov. 30, right in the middle of the busiest time of the year for card transactions. Be glad you're not one of our customers. I've got a feeiling we're going to lose our ranking as Money Magazine's Best Bank in the Midwest. ;D
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Thanks, Rich. That helps.
Jim,
Have have to say that MOB has hit the nail on the head quite well here; I've been using PP for quite a few years and well over 600 transactions with absolutely ZERO issues. Mine is linked to both checking and a credit card for ease of getting business done.
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Jim,
Have have to say that MOB has hit the nail on the head quite well here; I've been using PP for quite a few years and well over 600 transactions with absolutely ZERO issues. Mine is linked to both checking and a credit card for ease of getting business done.
Well, I think I'll start another checking account just for Paypal. How do you link both credit card and bank account? I thought it was one or the other.
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Well, I think I'll start another checking account just for Paypal. How do you link both credit card and bank account? I thought it was one or the other.
You can link a credit card as a backup funding source, so your "check" doesn't bounce.
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I've been linked to checking for years, no issues.
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You can link a credit card as a backup funding source, so your "check" doesn't bounce.
Yep.... Also should I need to make a purchase that I don't have the cash for I can select that the payment be drawn straight from the credit card.
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Good idea. Thanks all!
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Slight hijack, sorry.
Rich,
Don't blame your bank, it's Visa/MasterCard telling your bank that someone else may have had your card information stolen. I work in IT for a bank on its card system and we get lists of cards that the networks believe were stolen. ......... we are in the process of changing our cards, ALL our cards, from Visa to MasterCard, so we're going to impact all 1.5 million cards in our portfolio. EVERYBODY has to activate new cards and change the cards on their auto pay accounts. The folks who just got new Visa cards, due to their old cards expiring, will get new MasterCards next month, so they have to go through this process twice. Plus, we're turning off the old cards on Nov. 30, right in the middle of the busiest time of the year for card transactions. Be glad you're not one of our customers. ........ ;D
I hear ya Bill, and that is precisly what occurred with my bank/system....they pulled it last year switching from visa to MC, at the last minute before the holiday season....bummed me out because they did a "pre-emptive issue" the month before....hopefully with the last switch I can assume at least another few months without a hiccup.... 8)
Understand it had nothing to do with a credit card, it was my debit card that they fuggled up, which was even worse, as it meesed with my checking and ATM usage, very inconvenient when I was trying to fill up with gas on the road...... :-[
Well, I think I'll start another checking account just for Paypal. How do you link both credit card and bank account? I thought it was one or the other.
you really need to go to the p/p website, and read the different levels and requirements, as I didn't deal with credit cards, and used a debit card instead, it was easy, it is linked to checking.... you have to tailor it to what account you want as main, and backup, not hard at all. They make you pay a "check" issue of like $0.03 just to attach the account thru the system and link the account, it isn't a fee, but rather to establish a transaction to tie the account.
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Well, it won't be until later this week but I'm going to create an account for my Paypal transactions. That way if it does go south, it won't be catestrophic. I have some stuff I need to get rid of (C10 and Voyager) and that seems to be the more ubiquitous means of payment these days. Possibly might tie to ebay as well. I appreciate the help.
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.... Possibly might tie to ebay as well. I appreciate the help.
that part is automatic.....the e-bay part... ;D