11-07-2010, 11:48 AM
PayPal is an online payment service. It allows instant and check (cheque) transfers for a fee.
The requirement for opening a PayPal account is to have a bank account. For younger BSTers, a parent's PayPal account may be used with the parent's permission. Another option for anyone 13 or older and in the United States is PayPal's Student Account option.
Payment Methods
PayPal has two payment methods.
The common payment method is the instant transfer, which transfers money from the buyer to the seller immediately.
The other payment is eCheck, which is similar to a paper check (cheque), only electronic. It may take one or two weeks to clear (depending on the buyer's country) before the seller receives the payment. Because of this delay, a seller may either decline accepting an eCheck payment, or may hold sending the package until the payment has cleared.
The advantage to the eCheck method is that PayPal's fees will not exceed US$5.00, but this fee won't be reached until the payment amount is over US$160.00. The disadvantage to eChecks is the delay before the seller receives the payment.
Payment Types
When making a payment though PayPal, there are two sets of payment types.
The Purchase, Goods payment type should be used for items bought through Dolly Market. This payment type grants the buyer has protections through PayPal for getting their money back if the seller does not ship the item.
Personal payments, such as the Gift type are intended for money owed for non-purchase reasons. Because there should be no goods involved, PayPal provides no protection for getting ones money back.
Fees
A purchase payment includes fees, which PayPal uses to keeps its service running. These are due to be paid by the seller:
If a seller requests the buyer pay the fees, this is against the PayPal user agreement. The buyer should decline, and may point out to the seller PayPal's user agreement.
If a seller requests a gift payment, it is to avoid paying PayPal's fees. Buyers should avoid this method of payment due to the lack of buyer protection. If a seller requests or requires a gift payment, the buyer should decline, and may point out to the seller PayPal's user agreement.
If a seller insists on a Gift payment, and the buyer and seller decide they are unable to make a deal, the buyer may leave neutral feedback about the Gift requirement, so other users will be informed before starting a deal with the seller.
The requirement for opening a PayPal account is to have a bank account. For younger BSTers, a parent's PayPal account may be used with the parent's permission. Another option for anyone 13 or older and in the United States is PayPal's Student Account option.
Payment Methods
PayPal has two payment methods.
The common payment method is the instant transfer, which transfers money from the buyer to the seller immediately.
The other payment is eCheck, which is similar to a paper check (cheque), only electronic. It may take one or two weeks to clear (depending on the buyer's country) before the seller receives the payment. Because of this delay, a seller may either decline accepting an eCheck payment, or may hold sending the package until the payment has cleared.
The advantage to the eCheck method is that PayPal's fees will not exceed US$5.00, but this fee won't be reached until the payment amount is over US$160.00. The disadvantage to eChecks is the delay before the seller receives the payment.
Payment Types
When making a payment though PayPal, there are two sets of payment types.
The Purchase, Goods payment type should be used for items bought through Dolly Market. This payment type grants the buyer has protections through PayPal for getting their money back if the seller does not ship the item.
Personal payments, such as the Gift type are intended for money owed for non-purchase reasons. Because there should be no goods involved, PayPal provides no protection for getting ones money back.
Fees
A purchase payment includes fees, which PayPal uses to keeps its service running. These are due to be paid by the seller:
PayPal User Agreement, Section 8.1 Fees Overview Wrote:For Purchase Payments, the recipient of the payment will always pay the fee.
If a seller requests the buyer pay the fees, this is against the PayPal user agreement. The buyer should decline, and may point out to the seller PayPal's user agreement.
If a seller requests a gift payment, it is to avoid paying PayPal's fees. Buyers should avoid this method of payment due to the lack of buyer protection. If a seller requests or requires a gift payment, the buyer should decline, and may point out to the seller PayPal's user agreement.
PayPal's User Agreement, Section 4.1 Wrote:If you are selling goods or services, you may not ask the buyer to send you a Personal Payment for the purchase. If you do so, PayPal may remove your ability to accept Personal Payments.
If a seller insists on a Gift payment, and the buyer and seller decide they are unable to make a deal, the buyer may leave neutral feedback about the Gift requirement, so other users will be informed before starting a deal with the seller.
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