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Topic: HELP! Paypal Merchant Account, Confused!  (Read 1140 times)
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a_heart_apart
« on: August 11, 2005 10:12:23 AM »

Hello ladies,

I just hooked up with an Etsy account and am completely stoked to start selling my wares, however I realize that having a paypal account to accept payment is an important thing to have if I want sell. I also know that I need a premier account in order to be able to receive payments, which includes some kind of processing fee. The question is, do any of you ladies have one? How has it worked out for you, and how do they charge this fee to your account?

Thanks for any help you can give....
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dimhalo
« Reply #1 on: August 11, 2005 07:05:53 PM »

   Hello! I've had a premier account for about a year now, so I'll try to answer some of your questions... First of all, you do not need a premier account in order to accept payments. You can accept instant bank transfers and echecks with a personal account. However, you will need a premier accout to accept credit or debit card payments.

   When you receive any sort of payment with your premier account, you will be charged a fee (https://www.paypal.com/cgi-bin/webscr?cmd=_display-receiving-fees-outside&countries=). The fee is taken directly from the money that was sent to you. For example, today I received a payment for $14.45. The fee for the transaction was $0.72. Paypal took out the fees before putting the money in my account, so my balance is $13.73. Fees are a bit higher to accept money from other countires, but for the most part, the fee is between $.50 and $1.50.

   I used to sell on Ebay with my personal account. Even though I would always mention in the auctions that I couldn't accept credit cards, people would always try to pay with them. It was a pain to always have to deny payments, arrange for a different method of payment, etc. I had a few people back out of transactions because of it, and I'm sure I lost many other customers simply because I couldn't take credit cards. Since I upgraded to premier, my sales have multiplied tremendously (though I'm sure that isn't *entirely* due to accepting credit cards). I most definitely think that it is worth the small fee!

Hope this helped, let me know if you have any other questions!
« Last Edit: August 12, 2005 06:31:56 AM by dimhalo » THIS ROCKS   Logged

a_heart_apart
« Reply #2 on: August 12, 2005 08:25:54 AM »

EXACTLY what I wanted to know and hear. Thank you so much for the help! <3 One last thing, how does paypal direct the money to you? Through your credit card or by direct deposit?
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dimhalo
« Reply #3 on: August 12, 2005 02:36:06 PM »

When you receive money, it will go into your Paypal account. You can then transfer your Paypal funds to a checking or savings account, it usually takes 2-3 days to clear at my bank. You can also request a check from Paypal, I believe that takes about 10 days to reach you. They have the option of a Paypal debit card, which supposedly lets you spend directly from your Paypal account (I've been thinking of applying for one of these, but I'm not sure yet).
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alison
« Reply #4 on: August 12, 2005 02:45:23 PM »

When you receive money, it will go into your Paypal account. You can then transfer your Paypal funds to a checking or savings account, it usually takes 2-3 days to clear at my bank. You can also request a check from Paypal, I believe that takes about 10 days to reach you. They have the option of a Paypal debit card, which supposedly lets you spend directly from your Paypal account (I've been thinking of applying for one of these, but I'm not sure yet).

i have the debit card and i LOVE it!  you can use it at an ATM to take out money, at stores as a debit card, or as a credit card (and you get bonuses for using it that way)

money is instantly available, and it is so much easier than waiting for transfers...
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« Reply #5 on: August 12, 2005 08:05:28 PM »

I 2nd on the debit card - I use mine all the time!  No waiting for money to transfer or any of that nonsense!  I love it!!!
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dimhalo
« Reply #6 on: August 12, 2005 08:51:55 PM »

Is applying for the debit card like appying for a credit card? I have to transfer money to myself about a dozen times a week, so an ATM card would be splendid. However, as I am without a credit history, I'm pretty sure I'll get turned down if they do a credit check.
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« Reply #7 on: August 12, 2005 09:02:42 PM »

nah, i think it's like a debit card, so anyone with an account can get one, and as long as you have cash in your account, you can use it.
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dimhalo
« Reply #8 on: August 12, 2005 09:08:52 PM »

nah, i think it's like a debit card, so anyone with an account can get one, and as long as you have cash in your account, you can use it.

Awesome, thanks!
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alison
« Reply #9 on: August 12, 2005 09:34:45 PM »

Is applying for the debit card like appying for a credit card? I have to transfer money to myself about a dozen times a week, so an ATM card would be splendid. However, as I am without a credit history, I'm pretty sure I'll get turned down if they do a credit check.
they don't do a credit check, since it is just a debit card, but i am pretty sure you can only get it if you have a credit card (that was part of the verification when i got mine)
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