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Archive 2012 · Understanding how PayPal works

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p.1 #1 · p.1 #1 · Understanding how PayPal works

I have started to setup a Paypal account and would like to get a better understanding of how this works for most people using this site to sell. It was not clear to me reading the info on the Paypal website. I use this site to sell cameras whenver I upgrade and I realize most buyers would rather go through Paypal.
1. Do most people setup their Paypal account linking to their personal credit card?

2. If add my peronal credit card to my Paypall account I assume the process would work like this:
buyer goes to my paypal account, uses their credit card and a balance that payment is shown on my paypal account. I sent off camera to buyer. Later on I can transfer the paypal balance to my credit card.

Thanks for any feedback on this,

Nov 18, 2012 at 04:44 PM
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p.1 #2 · p.1 #2 · Understanding how PayPal works

Jim, I'll give you my understanding but someone else may chime in with more details. If you use a credit card to set up your PP account, any funds that come in will stay separate from your funding source and you will be able to either use these funds for future purchases or request a check from Paypal (for a fee). One exception to this would be if you use a PP credit card. Then any money that comes in will go towards your PP CC balance first and any remaining funds will just be held in your PP acct for future use or again, you can request a check. Another option (not advised unless you set this up strictly for PP) would be to tie a checking or savings acct to PP and then funds (when cleared) can be transferred into this acct. There are risks with Paypal but as long as you steer clear of PP gift when transferring funds, you are somewhat protected.

Nov 18, 2012 at 05:27 PM

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p.1 #3 · p.1 #3 · Understanding how PayPal works

Hi Jim,

I have been using Paypal for over 10 years. I have a saving account tied to my account, it's just used for Paypal only! I also have a low credit line credit card linked to my Paypal account, it is only used for small purchases and it's also security for Paypal and Buyers. It proves who you are and that you are not trying to scam people by setting up a fake account. I have been burned/scammed by 2 people in the past. I bought a camera body for $3200 and a lens for $1900 Paypal was able to stop or retract the funds in both cases. If you are skeptical of Paypal I would say setup a Paypal only savings account to deposit your money in and then withdrawal it once it is transferred from your Paypal account to your savings account. On the credit card I would just use a card that has low limits or one you don't use, if you don't have any of those then use a credit card till your transaction is complete in its process and then call your credit card company and tell them it was lost or stolen and they will issue you a new one with a new account number for free. Good luck

Nov 18, 2012 at 06:49 PM

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p.1 #4 · p.1 #4 · Understanding how PayPal works

I would never tie it to a personal account. Put a good credit card on your PayPal account incase things go bad and paypal can't do anything in the case of a dispute.

Nov 19, 2012 at 02:59 AM
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p.1 #5 · p.1 #5 · Understanding how PayPal works

I think all your answers are on the PayPal pages.

Nov 20, 2012 at 12:31 AM
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p.1 #6 · p.1 #6 · Understanding how PayPal works

I have my account attached to a bank account and verified with a credit card which is also used if the Paypal account is short of money the amount needed for the purchase is taken from the card. You can get a debit card to remove money from your Paypal account or have it transfered to a bank account for free. I think they can issue a check but they charge for that.

For those who think taking the cash out of your bank account to prevent a chargeback will work need to read the agreements. Paypal does not care if you have funds available when they issue a refund. They will come after you for the money later. That just adds collection fees to what you already owe. Paypal has saved me in the past from a scam transaction. Fully refunded be around $1800.00 and I can almost guarantee that seller took the money and ran before Paypal could get it. Well worth the small fees charged for that extra protection.

Jan 07, 2013 at 05:55 PM

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