Some points no one has mentioned.
To accept paypal you have to give them access to your bank account. Then
anything you buy they do an ETF bankdraft and only if that does not go through
do they charge it to your credit card. In other words they use your credit card
for a back up. Not great if you don't want to use funds in your bank for the
purchase. In my particular case this makes no difference because I actually do
not have a credit card but a visa check card instead which, of course, drafts
my checking account, however I have heard some complaints from folks who
thought they were making the purchase on time. There may actually be someway
around this but as I said it makes no difference in my own case.
When you want to get funds from your paypal account you log on to paypal and do
a transfer to your bank. I use BOA and the transfer goes through in a matter of
hours, definately the money has always been available the next business day. I
have heard people at other banks horror stories where it takes a week or ten
days to show up in their account.
There is also a paypal debit card you can get and just draw directly from your paypal account.
I believe you can also get a paypal credit card, and then they charge the card in
preference to your bank account when you make a purchase, I wonder why <grin>?
BTW, some folks use their paypal account as kind of a hidden bank account.
Since paypal is not licensed as a bank they are (or at least were) exempt from
some of the banking laws. They do not (or did not--things change) report to the
IRS either.
graywolf
http://www.graywolfphoto.com
"Idiot Proof" <==> "Expert Proof"
-----------------------------------
Shel Belinkoff wrote:
Hi,
I'm thinking about starting to take PayPal for auction payments, but I
cannot find out from the PayPal site how I get my money. Perhaps someone
can explain the process of how the money in my PayPal account would get
into my hands. What info do I have to give PayPal? What are the options
of getting the $$? How long does it take?
Off list is fine ... on list is OK, too.
Shel
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