So treat your Paypal account as if you would any other bank account. Do not overdraw, keep some money in the account and/or have activity (send/receive money).
Paypal offers debt cards for your account. It works just like a bank debt card. Wait until you have had your Paypal account for a few months before you request a debt card (unless you have good credit).
Paypal also offers Paypal Buyers Credit. It is not like a traditional credit card. You do not get a plastic card but a paper card because it is for only purchases online. And, you can only use it when Paypal is accepted by the merchant.
If you have used your Paypal account to pay for anything lately you have seen the "Paypal Buyer's Credit" option at checkout. When you use Buyer's Credit the amount of the purchase it deposited into your Paypal account then taken by the merchant (you can see all this in your account activity section).
Opening an account is free. PayPal makes its money by charging fees to merchants and individuals on larger amounts of money being transferred (fees start at transfers over $20).
For personal use the fees are not bad. You do not feel ripped off when you see how much a fee was on you transaction. I have never been charged more then $5.00
*no charge to transfer funds from your bank account to your PayPal account.
- If you have a Personal account, you have the option to accept credit card payments, and you'll pay a small fee if you choose to accept a credit card payment.
- If you have a Premier or Business account, you'll pay a small fee to receive payments.
If you sell products (or services) online, I recommend signing up so you can accept Paypal. You are probably losing potential customers by not having Paypal as a payment option. Just knowing a merchant accepts Paypal makes buyers feel better (safer). I have "not bought" from an online store just because they did not take Paypal (even though I was not going to use my Paypal account to pay).
Of course, all that goes out the window if you are a shady merchant and plan on scamming people, then you would be better off only accepting checks/moneyorders/cash. LOL
About Us (from paypal.com)
PayPal is the safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances, without sharing financial information.
PayPal has quickly become a global leader in online payment solutions with more than 164 million accounts worldwide. Available in 190 markets and 17 currencies around the world, PayPal enables global ecommerce by making payments possible across different locations, currencies, and languages.
PayPal has received more than 20 awards for excellence from the internet industry and the business community -most recently the 2006 Webby Award for Best Financial Services Site and the 2006 Webby People's Voice Award for Best Financial Services Site.
Located in San Jose, California, PayPal was founded in 1998 and was acquired by eBay in 2002.
Have you had any issues with Paypal? Let SuckyStuff readers know!
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