Using Paypal - part 1

For buying and selling of toys online, you’ll need a form of payment method.  A very popular online payment today is via Paypal.  I was introduced by a local pony collector to using Paypal around 10 years ago, when it was first started. 

Before Paypal came about, toy collectors mostly mailed out bank drafts, money orders or even cash to online sellers.  Back in those days, not everyone could pay for online goods and services by credit card.  I had been through all these ‘primitive snail mail’ payment methods in my early days of acquiring toys from overseas.

Paypal’s service “allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances, without sharing financial information.”  Instead of using account numbers or revealing credit card information to sellers, you use a valid email address as your “ID” to make payment to and from.

There are 3 main types of  Paypal accounts you can have.  They are the Personal, Premier and Business Accounts.  Most people start off with the Personal or Premier Accounts.  The main differences between these 2 accounts are in the credit card payments that you can receive and the transaction fees per payment receipt.

The Personal Account allows free unlimited funds transfer Paypal payments receipts but limits the number (just 5) of credit card payments you can receive per year.  After you exceed that limit within a year, you’ll have to upgrade to a Premier Account to continue receiving unlimited credit card payments.  Once you upgrade to a Premier Account, all future payment receipts (including the funds transfer Paypal payments receipts) are subject to transaction fees.

If you run a  business, then the Business Account is more suited to your needs.  There are many other “Merchant Tools” that are available to the Business Account holders to support and manage their businesses more efficiently and conveniently. 

To be continued tomorrow…