Thought I would post a couple tips for those of you who are using paypal to receive payments for purchases.
First things first, if you have a "regular" paypal account, make it a business account. Yes, you will incur fees associated with receiving money, however there is a good pro to this.
Business accounts get a Debit card from Paypal. A real live plastic card that you can use at ANY atm to withdraw money from your paypal account. You will incur a fee, but it gives you INSTANT access to your money.
With that in mind.. when receiving money that is a substantial amount from anyone.. make sure you attempt to do one or all of the following before even considering shipping your item. This will make it secure and safe for you and should prevent any problems after.
1 - If you have business account and a paypal debit card - WITHDRAWL as much of the money as you can. I beleive the withdrawl max per day is 300/400 dollars. Continue until all money has been withdrawn. Then and only then, SHIP your item.
2 - If you do NOT have a business account or prefer NOT to incur ATM fees, IMMEDIATELY transfer the money to your Checking/Savings account that you have setup through paypal. Don't have one? Your a fool. This usually takes about 3-4 days. However, once you have initiated a paypal transfer to your account, nobody can touch the money. Not even you, until the tranfer is complete. Paypal MIGHT be able to halt the transfer, but I have yet to see this happen for any reason. Then and only then after the transfer is COMPLETE - ship your item.
As you can see, there are 2 ways to protect yourself and the money you just made. Telling the buyer there is a waiting period will keep him informed and you safe. If the buyer insists you need to ship immediately and will not allow a waiting period - find a new buyer. Most all honest buyers would be willing to add an extra few days to the process to make everyone feel safer and happier about the purchase, I know I would.
For those that prefer to leave your money in your paypal account, what can I offer you as far as protection tips? Nothing, only prayer. You should not keep a large balance in your paypal account - PERIOD. 100 bux or less is what should be maintained if you require it. For your safety and protection. You should ALWAYS move large amounts of money to your own privately held account at your bank. If you do not, chargebacks can and will occur and once initiated, you will have no control or say in the matter without fighting and even so, you will probably loose.
For those that did not know, I hope this helps. For those that did well, it's a refresher
Good luck and happy selling/trading!
First things first, if you have a "regular" paypal account, make it a business account. Yes, you will incur fees associated with receiving money, however there is a good pro to this.
Business accounts get a Debit card from Paypal. A real live plastic card that you can use at ANY atm to withdraw money from your paypal account. You will incur a fee, but it gives you INSTANT access to your money.
With that in mind.. when receiving money that is a substantial amount from anyone.. make sure you attempt to do one or all of the following before even considering shipping your item. This will make it secure and safe for you and should prevent any problems after.
1 - If you have business account and a paypal debit card - WITHDRAWL as much of the money as you can. I beleive the withdrawl max per day is 300/400 dollars. Continue until all money has been withdrawn. Then and only then, SHIP your item.
2 - If you do NOT have a business account or prefer NOT to incur ATM fees, IMMEDIATELY transfer the money to your Checking/Savings account that you have setup through paypal. Don't have one? Your a fool. This usually takes about 3-4 days. However, once you have initiated a paypal transfer to your account, nobody can touch the money. Not even you, until the tranfer is complete. Paypal MIGHT be able to halt the transfer, but I have yet to see this happen for any reason. Then and only then after the transfer is COMPLETE - ship your item.
As you can see, there are 2 ways to protect yourself and the money you just made. Telling the buyer there is a waiting period will keep him informed and you safe. If the buyer insists you need to ship immediately and will not allow a waiting period - find a new buyer. Most all honest buyers would be willing to add an extra few days to the process to make everyone feel safer and happier about the purchase, I know I would.
For those that prefer to leave your money in your paypal account, what can I offer you as far as protection tips? Nothing, only prayer. You should not keep a large balance in your paypal account - PERIOD. 100 bux or less is what should be maintained if you require it. For your safety and protection. You should ALWAYS move large amounts of money to your own privately held account at your bank. If you do not, chargebacks can and will occur and once initiated, you will have no control or say in the matter without fighting and even so, you will probably loose.
For those that did not know, I hope this helps. For those that did well, it's a refresher
Good luck and happy selling/trading!
