(Topic ID: 234856)

Using paypal

By mtp78

5 years ago


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    #8 5 years ago

    Just go old school. Take a personal check. Once the check clears the bank then ship.

    A cleared personal check is not going to blow back on you.

    Or go with a bank wire.

    PayPal can come in after you have shipped and bite you by pulling funds from your account.

    You can’t trust cashiers checks.

    But a personal check if final. A bank wire is final. No one can come in and make a clawback.

    #18 5 years ago
    Quoted from pinmaniac:

    A personal check can take up to 3 weeks to fully clear. A stop payment can also be done on a personal check. A personal check can be forged just as easily as a cashiers check. I would take a cashiers check before a personal check but would prefer a bank wire or cash over either.

    3 weeks to clear a check in this day and age? It used to be there was a thing called the "float" that business made use of frequently. You might haver got a 10-day float as your bank would mail transactions to a bank on the other side of the country. In our electronic age, once your money is in the banks' systems it can in another bank in the blink of an eye.

    You can walk a personal check into your bank and have your bank call the bank the check is written against to confirm that there are enough funds for the check to clear. If your bank says the check will not clear, then you have an issue with your buyer. If your bank confirms the check will clear then make the deposit.

    It is not much different if the buyer lives in the same town as you. You can walk into his bank and cash the check and walk out with the cash--if the check will clear. If it won't clear at the counter then you have issue with your buyer.

    Stop payments work only if the check has not already cleared.

    If it is a forged check, a call from your bank will put light on it. And you have issue with your buyer.

    Maybe your bank can call about a cashier's check to verify, but I don't think so.

    2 years later
    #46 3 years ago

    I'll third that.

    1 year later
    #51 2 years ago
    Quoted from Sunsfan23:

    After using PayPal reliably over the past year they just shut down my account permanently without giving any reason!

    No one here can help you.

    Call PayPal as a guest. Here is the number: 1-888-221-1161

    https://www.paypal.com/us/smarthelp/contact-us

    Looks like someone answers the phone 7 days/week. 6am-6pm Pacific time. Same time zone you are in.

    Before you poo poo me, I have talked on the phone with PP several years ago. So it is possible.

    #55 2 years ago
    Quoted from sbmania:

    No big loss anyway. PayPal sucks! Pretty crappy of them to hold your balance for half a year as well!

    I disagree. I would not sell a big ticket item, such as a pinball machine, but for various and sundry items, for smaller items like the apron cards I just bought, PayPal is the way to go.

    Before PP came around, getting paid for selling items on Ebay was a royal PIA. When I was selling on Ebay I had to accept checks and money orders c and wait for the check to clear the bank the bank before I could ship.

    The old way to buy : Drag out the checkbook, write the check, stuff the check in and envelope, lick the stamp, carry the envelope to the mailbox.

    The new way to buy: Go to PayPal, input the seller's account number, enter the amount to pay, hit the go button. Done.

    #56 2 years ago
    Quoted from Sunsfan23:

    After using PayPal reliably over the past year they just shut down my account permanently without giving any reason!

    Paypal says: " We have noticed activity in your account that's inconsistent with our User Agreement..."

    Have you used your PayPal account recently?

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    #57 2 years ago
    Quoted from Sunsfan23:

    After using PayPal reliably over the past year they just shut down my account permanently without giving any reason!

    Quoted from Sunsfan23:

    I’ve already talk to two different people and neither one can tell me the reason. Supposedly I’m getting email to explain that it seems pretty extreme on their end to just lifetime ban somebody without a reason up front or warning.

    Quoted from sbmania:

    PayPal sucks! Pretty crappy of them to hold your balance for half a year as well!

    Where does he say that PP is holding his balance for a half a year? I'm not seeing it anywhere !

    #62 2 years ago
    Quoted from YeOldPinPlayer:

    PayPal sucks because you have no recourse when they try to screw you.
    I transferred money from PayPal balance, the recipient withdrew it. Days later PayPal reversed the balance transfer and attempted to find the transfer using a credit card and bank account. Both failed because I don’t allow PayPal access to those.
    This has been explained multiple times to PayPal. Their money still sits in my account and they are on the fifth different collections agency now, trying to collect money that they already have in their system.
    This is the line about holding Sunsfan23 ’s money for six months. [quoted image]

    I stand corrected.

    #63 2 years ago
    Quoted from Pdxmonkey:

    Cashapp works way better and the fees are much lower.

    Does Cashapp work if the other party does not have Cashapp?

    #68 2 years ago
    Quoted from Sunsfan23:

    I will send using friends and family as to avoid incurring fees.

    That is the equivalent to when Ebay sellers starting listing the product as $100.00 with a $5,000.00 shipping fee ( a used car). Thanks to these yahoos, Ebay started adding in shipping fees as part of the auction and now WE ALL get to pay a percentage on the shipping fees.

    PP will let you do small amounts back and forth. But when you start going for the big bucks, PP wants its cut, as you have discovered. I can't blame PayPal.

    #69 2 years ago
    Quoted from Lermods:

    Keep in mind that rules have changed and transactions over $600 are now reported to the IRS so using PayPal to receive funds for pins may be taxable.

    That is an excellent point. I bought my pins for fun; Not too be hassled with as a business. I keep terrible records on my cost basis.

    Years ago, my best friend opened a Corvette shop, buying, selling, trading. Before he opened shop, he already owned '77 Corvette Roadster. He paid $6,000.00 for it. After he opened shop, he sold the '77 for the 6K he had in it; He just transferred into the business and sold it through the business. Oops.

    He did no paperwork for having it be bought by the shop so his $6,000.00 sale was all income---on paper. And that is what the IRS nailed him for. Penalties and interest out the wazoo. On what was zero profit.

    Yeah. Cash is best.

    #71 2 years ago
    Quoted from arcademojo:

    Actually it not just transactions over $600. It's also if you accumulate a total of $600 for the year. So you could sell 6 $100 items in the year and they will report it to the IRS too.

    Something about the number 6. My state used to let you sell 6 cars a year out of your yard. To sell #7 you had to apply for a dealer’s license, have insurance, a sign, and a telephone.

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