Paypal?
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- steadyvibe
Has anyone ever done work and been paid through Paypal?
I am wondering which account i should sign up for and how it works.
Thanks!
- ldww0
i have one client who insists on paying thru paypal. she just sends it to my normal email addreess, i do not have a pay account or anything.
- steadyvibe0
What do you mean normal email address? Do you have a personal paypal account and does it take a percentage of the price?
- ldww0
yea they take a small %, nothing major. if it gets her to pay quciker i do not mind giving paypal a couple bucks. i then just have them transfer it to my bank account.
- steadyvibe0
Oh cool, so how does it get transfered to your bank account?
- ldww0
you give them your routing number and bank account number (on the bottom of your cheque). then they make two small deposits in your account and once you see them (about 3 days) you go on and tell them how much the transfers are for, to confirm its your accoubnt.
- radar0
yeah, I always give it as a payment option, especially since it's immediate.
- mpfree0
there's no difference in being paid through PayPal. It's all money
- Jaline0
I think they charge you less if you use a personal account instead of a business account. It's been good to me so far.
- flavorful0
Quick Question ...
How long does it usually take to make a transaction?
It seems like it takes me like 4 to 5 days to have it clear.
Is this too long?
I thought it'd be close to real time.
- ldww0
no, that sounds about right.
thats how they make money, they keep your money in their account for a day or two and they collect the interest off the top of it.
- ricstultz0
I get paid thru paypal quite regularly, the only problem is that you can only transfer $500 to your checking account each month....
- flavorful0
Thanks ldww never knew that, as well ric.
That kind of blows with the limited transfers into your account.
Okay the kind of part is wrong, it does in fact blow.
- ornj0
Be careful with paypal. Paypal is not a bank. Your money does not have the same insurance protection as it would in a real bank. you're money is at their will. Also with any automated system there are problems. Paypal withdrew $700 from my bank acount every couple of days finally overdrafting my checking account by $1400. When I called them to figure out what they were doing and why they told me there was nothing they could do as my money was in the system and they couldn't free it up for 5-7 business days, which translated into 2 weeks. Since my account was overdrawn I went to my bank to tell them what was happening and they ended up putting a hold on my account so Paypal could not withdraw any more money. From there they had me sign a form granting them permission to persue Paypal and the bank deposited money in my account to hold me for a while. Citizen's Bank had the money back in my account within 2 business days.
Moral of the story. Make sure paypal doesn't withdraw from your account directly and do not keep much of a balance in your paypal account.
- joyride0
I've set up another checking account for online transactions. I have that account linked to paypal and move money from my real account into the online checking account then into paypal. I don't trust paypal 1 bit.
- flavorful0
Very intriguing...
I should probably open up another bank account.