Re: bum buyer
How does one accept paypal money? How much does it cost?
Mike
Paypal works by "aligning" a current credit card (or credit card AND a checking account as back-up) to the paypal system.
When you go onto (say) Ebay and buy something, if you want to use Paypal then you select Paypal as your payment option and the site automatically transfers you to the Paypal site. Then you log into Paypal (assuming you're not "linked" which I don't care to do to protect against hacking.)
You then pay for your article using Paypal - but the money comes directly from your credit card or bank account.
People can send you Paypal money similarly. They send using your Email of record at Paypal as the "destination." But instead of going to your Email, it's simply transferred in Paypal from their account to yours. On receipt you then run a positive Paypal balance. You can, by selecting the bank account, transfer money "back" into your bank account from your Paypal account.
There sometimes are charges for receipt of money to your Paypal account. It was (or used to be) possible to avoid those charges by the tranferer naming the money as "gift" and thereby avoid charge for the receiver. I haven't had occasion to do this since last year and Paypal is continually "refining" their policies and charges.
I have found Paypal to be a particularly handy item when buying on Ebay. Almost TOO easy actually. But record keeping is good, VERY good. And there are Paypal avenues of making claim against non-delivery of items (I had to push on a vendor once through Paypal for a seller non-delivery - seller finally capitulated when Paypal pointed out the advantage he would lose in selling without Paypal.) And for many (not all) items sold on Ebay Paypal guarantees satisfaction "or money back."
Here is Paypal's own words on "cash out."
Log in to your PayPal account, enter the amount you want to withdraw, and select the bank account to receive the money. We securely transfer the amount from your PayPal balance into your bank account at no cost to you. It usually takes 3-4 business days for the money to appear in your bank account
I can't say I've ever had a bad experience with Paypal. I wish my personal bank was as well run.
Joe K