Has anyone used paypal as a seller? One of my companys customers is requiring that they pay us via Paypal only. I set up a business account but can not for the life of me figure out how the customer knows what to give paypal so we get the money. Also from what I am reading, once we receive the money it sits in a paypal account and we can only request a transfer to our bank account of up to $500.00 PER MONTH. Does any one know about how this works??
I had done a little research because I do quite a bit of selling on ebay and wanted to transfer more than $500 a month. I will not repeat what the first response was, but I agree with those comments. I believe I was on my paypal account when I looked into increasing the account. I probably didn't do it because of the fees.
i believe the $500/month ceiling can be lifted by adding a credit card or social security number to the account (i forget if either will work or just one or the other... or if both are needed). whatever email address it was setup under is where the customer needs to pay. there is a handy feature on the menus called request money, and with that you can send the customer a money request or invoice to her email address.
be aware that with a premiere or business account you will have fees taken out of any payments, even if they pay from a bank account or money sitting in their paypal account (though you would with a merchant account to take credit cards directly as well). no fees for a personal account, but you cannot accept credit cards through a personal account and it is also against paypal's policies to use a personal account for business (they will fine you if they discover you have been).
i believe all of this information is spelled out in their policies and can probably be found searching in their help section. it's a bunch to figure out at first but once it is setup and you have a little experience with it, it's pretty easy to get paid, transfer money, pay someone, etc.
hope that helps a little!
GO to PayPal's website and apply for the debit card. I applied for a PayPal card that works like a debit card, super simple. If someone pays you using PayPal, you set it up using your email address and then you can access the account (if you have the debit card it's really easy!) This way you can get your money quickly. Until I got the PayPal (Mastercard), I had to wait to transfer electronically from the PayPal account to my checking account with takes like 4-5 days and that's an eternity especially if you need the cash right now. Still working out bugs on how to navigate with some of the other protocols but it seems to be working better. Good Luck
I have used paypal before. They offer some type of "buyer" protection on transactions which is probably why he wants to use it. - HOWEVER, be careful because once you receive the funds from him, I believe he has a right to 'dispute' the funds paid and you could possibly have the money tied up pending a resolution. It's a double edged sword.
I never knew they placed a limit on the funds transferred. I have a Paypal account and it has a credit/debit card - I think it was a $3,000.00 per day maximum - but not absolutely sure.
I am sure your Account Information will have it all disclosed in there- so just be sure to read it all before securing this transaction!! - Good Luck!
