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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 Continue until all money has been withdrawn.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!

Thank you for the good tips, I'll keep these in mind if I ever start selling.

Welcome. I am happy if just one person gets the info It has helped me alot.

There is a loophole in the statement. There is NO protection for sellers and there is nothing you can do about it. Let me explain. Even if the money had been transfered to your bank account and you ship it. You will still incur chargebacks on your account. However, paypal will not take the chargebacks directly out of your account but leave you with a (-) balance. If within 90 days, your account is not at 0 or positive, you will incur bad credit ratings. Paypal is the worse of the worse. Sellers have no protection regardless of what they state on their website. They have huge loopholes that can get you. The only real protection you have is to make sure you sell to a reputable buyer with confirm identity.

That is true. However, I have not seen that. Doesn't mean it does not exist. I am sure it does. However the tips above are meant to protect your money. Taking care of charge backs and falst credit reporting is easier than to try and get lost money.

100% true. Search around the boards, u can find stories of this occuring...

Thanks good tips, I made sure to transfer a large sum of money before shipping an item. I am thinking paypal isn't the safe too they and ebay want you to think it is for a seller anyway.

I am a buyer. I'm not really keen on selling anything because I have too many friends and family that want the stuff I have. (which means I usually end up giving it away). Regardless I am not very familiar with the whole sellers aspect of the paypal business. However, as a buyer I do know that I was told by paypal that I am only allowed 3 refunds per year.

My first ever refund was on some bootleg software that never worked. I was told it was original and well ...I paid a lot of money so I wanted to get that money back.

Second case was for an X-box 360 that never arrived. That too was a lot of money so I called it back.

After the second refund I was given a message that I am allowed only three refunds per year. Is there any way a seller can ask paypal for the number of disputes a person has?

ONLY SHIP TO CONFIRMED ADDRESSES, number one rule of paypal. I got scammed by a seller 4 weeks ago for $1215. Paypal did nothing, I would never use them again. Paypal wouldnt even give me the sellers mailing address.

Yes there is no protection. I was scammed out of $600 and was told that I was not covered. This statement is false:

"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."

I did that and the person that sent the funds used an account that was fraudulent. Paypal froze the funds and then pulled them out of my checking account and basically said, F**k you, you didn't follow all the rules to the T. So I can safely say that Paypal can kiss me where the sun don't shine. I wish you all the best of luck with them and all your future purchases and sales. Take care.

I was able to get a debit card without have to switch to business. Good tims

Good tips but one is wrong. Paypal does have the ability to get into your checking account. I did this to a person who scammed me. I was purchasing a high ticket item that costed $1350. She mailed me a broken piece. I notified paypal and they said they will investigate. I didnt believe them so i used my background in law enforcement (criminology which i dont work in anymore but still have contacts) and was able to get a full background check on the girl. I called paypal and went straight to the supervisor and told her my info and the sellers and asked to her handle it before i file criminal proceedings. Anyway to make a long story short, the supervisor went into her bank account and took the money out. I received everything including shipping fees. But out of courtesy to the seller i did ship back her broken item.

So bottom line. I never sell on ebay but believe me this experience really brought home why i dont sell.

Good tips. The burning question is: Is there any way of selling/buying on Ebay without being burned?

Yeah, that bank account thing is tricky on the premeire account.

You agree in the small print on the 1,679 scrolls clicking agreement from (you did scroll and read it all right?) that they can do an electronic transfer back out of your checking account?

I know of three folks where this was like huge.

One sold gun parts which paypal frowns upon. They took the last 3 months of transfers to his checking account.

One I know of was hit with two fraud charges at once and paypal went bac a full six months of transfers and pulled them out of his account and held it in that six month limbo till we investigate.

Then paypal nickels and dimes you to death on what they require to get the money back.

They give you the bad news in bits and pieces so they continually reject you claim to release the money till you give up or your six months is up and they keep your money.

Then there was that policy change a year or two ago where you agree to have ebay fine you for doing stuff they do not agree with. Like a few folks I know who do firearms trading, including parts. And in that community there is alot of concern if you use paypal.

I do not personally know of anyone fined for using it to buy firearms or tobacco or such but there have been a few threads I have read where someone claimed such.

Paypal is hell of convinient but they have become hell of greedy since being bought by selfish ebay.

I would go with the pulling the cash out method. Let ebay....oops paypal try to get the money from you. You are then in position to negotiate and to counter offer to settle at a smaller amount. Some have claimed of doing this on threads though again I do not personally know of anyone who has done this.

Paypal has become huge with a huge charge for money handling. I do think the government does need to step in and regulate paypal as they are many a time stealing peoples money.

Sorry for my rant but I hate greedy people stealing the small amount of money the working Joe saves up.

As for paypal going back into my checking account, not possible.

I have 4 checking accounts.

1 private
1 paypal
1 main
1 for transfers.

Paypal money gets transfered to the paypal checking account. After that it is then transfered into the hidden account. Paypal can try and dip all they want. Nothing will be there