PayPal

[Jonny671]

How does it work?

I've only ever used it for sending money/paying for things but now I've got a few things for sale someone wants to pay me through PayPal..

If they send the money to me, does it go into my bank account or does it just go to a paypal account which isn't really helpful.

Many thanks!

[maser_spyder]

Goes to your paypal account.

You can then either 'download' it to your bank account, or spend it with other sellers.

Withdrawals over £50 are free.

Receiving payments can seem expensive, but it's a lot quicker and easier than cheques.

Don't sell new mobile phones, laptops, etc. they're rife for paypal fraud.

If you sell a bit (I think it's over £2500 in one year), they'll ask you to confirm your status/identity, and will block withdrawals until it's done. Only takes a few days. Another PITA, but it's FSA and money laudering regs, not paypal rules in this instance.

HTH.

[adam85]

You will have to transfer it from your PayPal account into your bank account from previous experience!

[Jonny671]

Ah right okay! Many thanks.

Its just some springs and dampers

[Arese]

Jonny671 said:

Ah right okay! Many thanks.

Its just some springs and dampers

I think you'll end up paying 3% in fees, so maybe add that onto the price of the springs/dampers. Or get the buyer to pay by bank transfer.