Question for PayPal users

[MDS]

I have a few things I'd like to try to sell and Ebay is probably the best venue for it but it looks like Ebay is now requiring new sellers to offer PayPal. The PayPal site appears to be one of those sites where you sign up and then they tell you the terms and conditions (at least I couldn't find the answer to my question).

So, if you sign up for a PayPal account do you have to link it to a checking account? There was an answer in the FAQ about requesting a check from PayPal but no mention if a linked checking account is required. I'd rather not link any of my accounts to PayPal. I just want to accept PayPal payments and I'm fine with waiting for a check to get the funds out.

 

[10010011]

I have had a Pay Pal account for years. You only have to give them a checking account if you want to be "verified".

Why should I get Verified?

Verification gives you :

* Higher spending power - There's no limit to the amount of money you can send once you are Verified.
* Increased security - Verification helps increase the security of the PayPal network because more members have confirmed their identity.
* More buyer and seller confidence - Buyers and sellers value your Verified status - it shows you have successfully passed PayPal's identification checks.

But you do have to give them something, either a credit card or checking account.

 

[Tomorrow]

I have a few things I'd like to try to sell and Ebay is probably the best venue for it but it looks like Ebay is now requiring new sellers to offer PayPal. The PayPal site appears to be one of those sites where you sign up and then they tell you the terms and conditions (at least I couldn't find the answer to my question).

So, if you sign up for a PayPal account do you have to link it to a checking account? There was an answer in the FAQ about requesting a check from PayPal but no mention if a linked checking account is required. I'd rather not link any of my accounts to PayPal. I just want to accept PayPal payments and I'm fine with waiting for a check to get the funds out.

You can link it to a credit card. (Paypal and Ebay are only concerned about collecting their fees.) Unless they've changed policies, you can request a check or credit to the credit card account for amount paid/due to you (less fees).

 

[MDS]

OK, so I can sign up for a PayPal account and give a credit card number and have any payments from bidders credited to that card as well as pay Ebay seller fees? I'd use my Discover because if anything happened I'd have no problem cancelling that card - those idiots sign you up for things even when you explicitly say no.

I've been a registered EBay user since about 2001 but I buy infrequently and usually only music for which I can pay via Money Order but I now have several sets of expensive speed skates (and I only need two) so I'd like to try to sell on Ebay and hopefullly get half of what they cost. I'm just leery of linking my main checking account because I am lax and let my paychecks pile up in the checking account before I decide where to move the money.

 

[10010011]

OK, so I can sign up for a PayPal account and give a credit card number and have any payments from bidders credited to that card as well as pay Ebay seller fees? I'd use my Discover because if anything happened I'd have no problem cancelling that card - those idiots sign you up for things even when you explicitly say no.

No, any payments you receive will stay in the Pay Pal account until you tell them to transfer it to your checking account, mail you a check, or make a purchase with that Pay Pal account.

I do not recommend keeping a large balance in Pay Pal, they do not pay interest and there are horror stories of accounts being locked, money being taken back over disputes between buyers and sellers...

 

[EJ1]

No, any payments you receive will stay in the Pay Pal account until you tell them to transfer it to your checking account, mail you a check, or make a purchase with that Pay Pal account.

I do not recommend keeping a large balance in Pay Pal, they do not pay interest and there are horror stories of accounts being locked, money being taken back over disputes between buyers and sellers...

Good advice. Claims are thrown around so often, I'd be wary of leaving any money in the Paypal account. As soon as you're notified that you've received money, withdraw it.

 

[adk highlander]

but I now have several sets of expensive speed skates

Speed skating in Texas? Must be a short season.

 

[Shadow_Ferret]

My wife's paypal is linked to our checking account. I cannot link to that account because PayPal tells me it is already being used.

Yes! By my wife! Hello! Ever hear of JOINT accounts?

Anyway, mine has been linked to my debit card for years.

 

[The Dukester]

I was and still am leary of monetary transactions by iternet. I try to only use my Discover card for the very same reasons you stated. I have it linked to my PayPal account. I also set up another checking account just for Ebay and other internet type purchases. I only keep enough money in there to cover small purchases through PP. I don't want my main checking account tied up or linked to PP for the above reasons. I have let as much as $5-600 accumilate in my PP account before withdrawing it, however.

So far, I have not had any problems with PP. I HAVE had a couple of problems with purchases off FleaBay, however. Not much luck in getting them (make that ANY luck) to do anything about it, either. It's a shame one can get ripped off by a seller and they can still leave negative feedback for you. Whatever

 

[dragan]

I'm OK with the now

Early on, I had all sorts of issues with PayPal and evidently a lot of other people. They cleaned up their act after loosing the class-action suit.