How does paypal works and how do i get an account and how do i get it to accept money from other people?

Question

How does paypal works and how do i get an account and how do i get it to accept money from other people?

Answer 1

PayPal basically works as as bank broker moving funds between clients by electronic funds transfer.. PayPal has a secure website (www.paypal.com) where you set up a user ID (usually your e-mail address) and you register a unique password.  You then have to register either a major credit card, such as Visa or MasterCard, or your banki\ggn information.  I use PayPal for purchases made on e-Bay.  When you have made a purchase, PayPal will either wire the money (electronic funds transfer) to the recipient's bank account or credit their credit card.

Cheers

Malcolm

Answer 2

I am not against Paypal, but from security point of view, i wouldn't recommend you to use Paypal as I have at least 7 unhappy cases happened to me in the last one year sale by using Paypal, that I sent items to buyers, but Paypal chargeback the money and also charged me Paypal transaction fee. What it means is that a buyer buys from you with the payment method you will not know (only buyer and paypal knows, like credit card payment), and the buyer can send paypal dispute by just saying that you did not send him item, and paypal will usually ask you to show tracking no. and proof of shipment. I did show them the receipt i shipped, tracking information, and my 3rd party logistic company record, but it sounds like they will just reject to accept it.

Some tricky buyers meant to ask you to use cheapest method to ship like normal air mail, as agreed in teh sale agreement, but Once paypal gets involved, they won't care, they will just ask you to show tracking no. and they sound like they only accept those "most expensive courier service" and american background couriers .....brand names. Even you show them the normal receipt, even we show the registered mail service receipt, they could just refuse them to take it  as evidence. And the happiest one is those tricky buyers, they then took your goods, made you lost money on postage, and Paypal transaction fee ......and what you got is "anger" and lost $> In words, you are the seller, but you would lose money for the sale by using Paypal in such scenarios- lose item, lose money on postage, and lose money to pay PAYPAL TRANSACTION COST!

Paypal has chargeback problem(they didnt show how many! but it is not difficult to find those NOISE..... in forums), their agreement will just make you have no right to claim the loss. as i know paypal once compensated to the claim in  lawsuit . Also, many ebay sellers have made noise and complaint on their unfair judgement.  As long as you use paypal you need to use their what so called recognised shipment mehtods (expensive, couriers, etc) even your buyer asked you to  use normal air mail service. They do provide an image that they have buyer protection, but as seller, it seems no such equivalent protection, or at least you need to really READ their agreement in detail what really in favour of you when dispute was opened by tricky buyers). They did expand a lot by online sale platform like via ebay but experience sellers will usually have this bad experience.  ebay paypal forum once have many good threads to read about this, but don't know why the forum/board was closed in very "out of sudden" speed.

Also, Paypal is not a bank broker, somehow (please click their "FDIC Pass-Through Insurance") you will see this line,

"FDIC pass-through deposit insurance protects you only against the failure of the bank at which PayPal places your funds, and does NOT protect you against PayPal's insolvency."

So you can judge what does it means.

After serveral disputes with Paypal about chargeback serious problems, we have shifted to use moneybookers.com.

Moneybookers.com at least prevent chargeback problem and they are Authorised and regulated by the Financial Services Authority of the United Kingdom (FSA)

From banking fund perspectives, moneybookers.com is more safe to sellers than Paypal. Also, Paypal charge receiver transaction cost and exchange rate is in favour of herself very much. ...I felt like i was being cut-throated when i transferred money to my home currency even i checked the exchange price in other media. Moneybookers.com is better and more reasonable in exchange rate. Also, they charge payer (buyer) transaction cost, but they have flat charges on euro 2 something at most, paypal will not! In the past,  i needed to mark up price for the paypal fee, and now i need not if i use moneybookers.com. Overall speaking,    same item for the same profit margin, my buyer earns more cheaper price/benefit (even they pay the transaction fee to moneybookers.com as  i lowered down the price  but with the same profit margin) by using moneybookers.com. Sometimes, i asked my buyer to pay me via moneybookers.com and i will give him 3% discount for his payment cost, and for those  i have no choice to mention paypal is a choice, but I still earn money and even more. as i hv to mark up my item price with the transaction cost in case my american buyers insisted on paying me via paypal.

moneybookers.com can definitely take over paypal position. At least their services are more variety. you can also use mobile phone to pay as well. I am also helping my friend to integrate the code to their website payment. They strongly request me to change from paypal shopping cart codes to moneybookers code. for their online sale.

i better stop here , you can compare their service and security. Again, I am not for Paypal nor against Paypal, but why not use better choice moneybookers.com!

Answer 3

www.paypal.com gives you very clear instructions on how to set up your new account. It is all straightforward. Just give it a first try!