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 Post subject: How does PayPal work?
PostPosted: Wed Jan 19, 2011 12:08 am 
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Hey guys, I looked through the database and didn't see a topic like this, and I have a question, so I figured I'd post it here.

My question is, how does PayPal work? More specifically, if I sell an item to someone, how do I receive the money?

I know when I purchase things from other people, they ask me to pay through PayPal to their e-mail, which is no problem. Does this mean that if I am given money by someone else to my email account, it accumulates on my PayPal account?

As of right now, I have a credit card linked to the account. However, I eventually want to take it off. If I keep receiving money, will it keep adding up on my PayPal account, where I could use it to buy other things?

Sorry for all the questions, I just need some help. Thanks!

Chris

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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 12:11 am 
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I believe the money that they pay you is transfered to your bank account. So in order to get payed you have to have your bank account linked to your paypal? I'm not 100% sure on this though.

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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 12:27 am 
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It goes into your paypal account. You can have your paypal account linked to your bank account. You can then transfer money between your bank and paypal, both directions. So when you get money in, it will sit in your paypal account, until you decide to do something with it, like transfer it to your bank account.

I believe there are other ways to deal with the money as well, but this is how I use my paypal. I just use paypal as an intermediary.


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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 7:52 am 
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Just think of it like an online bank account. Beware though that money you receive can be taken back (temporarily or permanently) if someone launches a dispute against you. So best not to immediately withdraw or use funds you receive. Having said that it's best not to keep large sums in PayPal since I don't think they have the same protection as a bank account. If PayPal went bust it is likely you would lose everything.

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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 9:26 am 
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When you receive a payment, that money stays in your paypal balance. (Remember, some amount would already be deducted from your payment as paypal fee.). Like this, all payment you receive will accumulate in the paypal balance. You can use your paypal balance to pay for something. You can also ask the money from paypal. They can send you a check by mail or transfer to your bank account electronically. I think there is no charge for transferring to a bank account. Hope it helps.


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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 11:03 am 
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Thanks for all the replies, I understand the gist of it now. I understand that a fee is taken each time you pay/send, but let's say for example I have $100 in my PayPal account. If I do not use this money for a while, will they begin to charge me and reduce my balance a little at a time? Or can it sit indefinitely and never grow/shrink in value? Thanks for all the help.

Chris

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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 11:07 am 
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cjgerik wrote:
Thanks for all the replies, I understand the gist of it now. I understand that a fee is taken each time you pay/send, but let's say for example I have $100 in my PayPal account. If I do not use this money for a while, will they begin to charge me and reduce my balance a little at a time? Or can it sit indefinitely and never grow/shrink in value? Thanks for all the help.

Chris

They take a fee from the transactions. I'm almost certain that the total in your account will not change. :D

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 Post subject: Re: How does PayPal work?
PostPosted: Wed Jan 19, 2011 1:52 pm 
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I would advise anyone uncertain about PayPal to read these- https://www.paypal.com/uk/cgi-bin/websc ... help&nav=5

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