Paypal

[shotgunshooter]

I'm new to most online money stuff. I try to stay away from computers and such but it is impoosible these days. My question is do I have to put money in my PayPal account or can I use my account to purchase items and then the money be drawn from my bank? Are there any advantages to one way? Are there any fees involved? I don't mean to spend like a DA but I have no clue what I'm doing.

[Omega]

I'm new to most online money stuff. I try to stay away from computers and such but it is impoosible these days. My question is do I have to put money in my PayPal account or can I use my account to purchase items and then the money be drawn from my bank? Are there any advantages to one way? Are there any fees involved? I don't mean to spend like a DA but I have no clue what I'm doing.

I have mine linked to my checking account. When I buy w/PayPal it just takes it right out. If someone pays to your account it can stay there to use later or get them to put it into your bank account. If you buy from a business, the fees will be on them, if private sale one or the other pays the fee depending on the agreement. Sending to friends or family is no fee.

[btq96r]

You can also add a credit card to a PayPal account for payments.  I use it for all my purchases, but you have to manually select it for each purchase, only a bank can be the default payment mode.

[runco]

Or you can have paypal credit (no cc).  There are some good deals, i.e. spend $100 on ebay, get 6 mos to pay no interest.  Most of my Christmas items came due this past pay cycle.  Great service, just pay in full. 

 

I have used paypal a very long time, maybe 10+ years.  Not one issue whatsoever.  Have maybe 500+ transactions on ebay (mostly buying, probably 10% as a seller).

Edited July 14, 2015 by Runco

[Dolomite_supafly]

I have been using PayPal since 1999 and I have never had an issue that did not get resolved in my favor, even with gun related items. PayPal and Ebay are one in the same now so all you have to do is look at what is being sold on Ebay to see what PayPal will allow it to be used to buy. You can buy "assault weapon" parts, magazines and all kinds of other things guns related. Last year Ebay, and PayPay, loosened restrictions on gun related parts.

 

As far as funding there are a couple of ways to do it as others have said. Personally I have a separate bank account liked to PayPal and I keep enough in it to cover purchases. This limits how much someone could steal if they did get into your PayPal account. But even if someone did PayPal would reimburse you if it was a fraudulent transaction.

 

The only thing I do not like to use PayPal for is getting paid for big purchases because the fees are so high. If you sell a big ticket item on Ebay they take 10% then PayPal takes their 3% plus some other small fees. But for smaller items it is worth it for the convenience.

[dralarms]

I have been using PayPal since 1999 and I have never had an issue that did not get resolved in my favor, even with gun related items. PayPal and Ebay are one in the same now so all you have to do is look at what is being sold on Ebay to see what PayPal will allow it to be used to buy. You can buy "assault weapon" parts, magazines and all kinds of other things guns related. Last year Ebay, and PayPay, loosened restrictions on gun related parts.
 
As far as funding there are a couple of ways to do it as others have said. Personally I have a separate bank account liked to PayPal and I keep enough in it to cover purchases. This limits how much someone could steal if they did get into your PayPal account. But even if someone did PayPal would reimburse you if it was a fraudulent transaction.
 
The only thing I do not like to use PayPal for is getting paid for big purchases because the fees are so high. If you sell a big ticket item on Ebay they take 10% then PayPal takes their 3% plus some other small fees. But for smaller items it is worth it for the convenience.

You know they are separating, right?

[79troublehead]

I use a separate debit card just for paypal.

[Oh Shoot]

.... then PayPal takes their 3% plus some other small fees....

 

Each transaction is 2.9% + .30 to be exact. Only additional fees are for an international transaction or to get a check cut.
 

.... PayPal and Ebay are one in the same now ..

You know they are separating, right?

Yup. Short PayPal notice:

https://www.paypal.com/webapps/mpp/paypal-ebay-update

Detailed story from Cnet:

http://www.cnet.com/news/ebay-to-split-paypal-into-separate-company-in-2015/

- OS

[kieefer]

I've had PP for a long time and was skeptical at first and as unsure as you are but it's pretty simple.

 

I hate credit so mine is linked to a checking backed up with a credit card. I pay out through my checking or my balance in PP from where someone else paid me.

You can avoid fees by doing a gift transfer but be aware, the securities offered by PP are not supported using a gift. Just make sure you trust buyer, as in a fellow gun owner or motorcyclist.  ;) 

 

I also have a separate email that I use for PP, not necessary but I like having it.

 

I also use to buy and sell on eBay and did have a few problems with a sellers, PP recovered my money and it was painless, time consuming but painless.

 

 

 

.

Edited July 15, 2015 by kieefer

[Sidewinder]

I do not use PayPal at all. In the early years, there was a scammer with a website that looked like PP. I almost got scammed, until I got in touch with the legitimate PP and shut down my account. The scammer... or a scammer, is still out there, and contacts me from time to time, either pretending I have money coming to me... only if I enter my data, or that I owe money... again needing verification of my financial data.

I only do business with sellers that will accept a U.S. Postal Service Money Order. Any fraud with a USPSMO is a "federal" offense and I will not do business to a P.O.Box number.I've had good transactions, so far. Just my 2 cents worth. We can't be too careful.

[Oh Shoot]

I do not use PayPal at all. In the early years, there was a scammer with a website that looked like PP. I almost got scammed, until I got in touch with the legitimate PP and shut down my account. The scammer... or a scammer, is still out there, and contacts me from time to time, either pretending I have money coming to me... only if I enter my data, or that I owe money... again needing verification of my financial data.

I only do business with sellers that will accept a U.S. Postal Service Money Order. Any fraud with a USPSMO is a "federal" offense and I will not do business to a P.O.Box number.I've had good transactions, so far. Just my 2 cents worth. We can't be too careful.

 

I fail to see how a spoof site is in any way a reflection on PayPal itself, any more than it is to any other financial institution that has an online presence.

 

Like saying you won't use your local bank because its online banking can be spoofed.

 

- OS

[GlockSpock]

I fail to see how a spoof site is in any way a reflection on PayPal itself, any more than it is to any other financial institution that has an online presence.

Like saying you won't use your local bank because its online banking can be spoofed.

- OS

Also, my research shows you are supposed to typically avoid dealing with money orders.


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[Omega]

Also, my research shows you are supposed to typically avoid dealing with money orders.


Sent from my iPhone using Tapatalk

Though I never really looked into it, I have heard that having to deal with a missing money order is a PITA. Unfortunately some of the guys selling items I want will only take a money order, luckily I have had good luck so far. I typically would rather use PayPal(if not FTF), a much easier and quicker transaction for both parties.

[Spots]

I'm paypal all the way. A couple years back I took a couple knife orders. One gentleman paid with a MO and one with a check, both mailed. I never received them in the mail, and ended up in a time crunch trying to get their items mailed and sent after being paypaled the money, and I have no idea how long it took the one customer to get his MO money back. I'll use PayPal everytime I get the chance.

Sent from the backwoods

[Dolomite_supafly]

I have been burned more using money orders than using PayPal. Plenty of times I have sent money orders and the seller said they never received it. And because you have to wait and pay to get an investigation going it is often cheaper just to send it again with a signature required. And I like to receive PayPal money versus money orders. I will NEVER accept a personal check again for anything, don't care if it is a $1 item because once I deposit the check it becomes my problem if it bounces and am done dealing with that headache.

[xsubsailor]

 I have no hesitation using PayPal but I do have it tied to a separate bank account with just enough to make purchases plus a little extra.

[rmiddle]

You can also add a credit card to a PayPal account for payments.  I use it for all my purchases, but you have to manually select it for each purchase, only a bank can be the default payment mode.

 

Incorrect if you get a PayPal CC it can be set as your default and not require your bank account.

 

Thanks

Robert

[btq96r]

Incorrect if you get a PayPal CC it can be set as your default and not require your bank account.

 

Thanks

Robert

 

I'm sure the APR makes it an attractive option...compared to a loan shark. 

[vontar]

My paypal is linked to a small checking account completely separate form my others.

 

I only have about 300 dollars in that account, in a sense I am putting a maximum risk if I get hacked and can't prove it.

[runco]

I too have a separate account linked to paypal, and it has no over draft protection which is important.   BTW that paypal 6 mos no interest credit is dangerous, and addicting. 

[rmiddle]

You can also add a credit card to a PayPal account for payments.  I use it for all my purchases, but you have to manually select it for each purchase, only a bank can be the default payment mode.

 

Unless you get a PayPal credit card then you can still have an authorized account without a bank account.  For me it was worth getting the Pay Pal credit card just so I didn't have to have my bank account linked to my PayPal account I have pulled money out of my Checking out more then once by accented. 

[rmiddle]

I'm sure the APR makes it an attractive option...compared to a loan shark. 

The card has no yearly charges.  It is a 19.99 APR and that is not great I have many way below that but then again I have never paid any interest on the account.  I really don't like having my Checking Account linked in any way to my Paypal account.  If you pay the card off every month then the high interest rate is a none issue.

 

PS.  I have seen higher interest rates then 19.99 so it isn't the worse I have ever seen.

 

Thanks

Robert

[TrickyNicky]

The card has no yearly charges.  It is a 19.99 APR and that is not great I have many way below that but then again I have never paid any interest on the account.  I really don't like having my Checking Account linked in any way to my Paypal account.  If you pay the card off every month then the high interest rate is a none issue.

 

PS.  I have seen higher interest rates then 19.99 so it isn't the worse I have ever seen.

 

Thanks

Robert

 

 

Agree. I used to have credit cards from guitar center and another big music store and the interest was ridiculous, I want to say 25% or more lol. The ONLY saving grace to the cards was that there was no minimum payment required so long as the balance was paid in full within 12 months. I was able to make that work for me several times to get items I wouldn't have been able to drop cash for at the time. I just made sure I wasn't getting in over my head and payed the cards off before buying anything else fun and had no issue. With my credit limit at the time I couldn't get into too much trouble anyway. 

[Ron_TN]

Incorrect if you get a PayPal CC it can be set as your default and not require your bank account.

 

Thanks

Robert

True but it must be the Paypal card.....It wont defauilt to my chase card.