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PayPal fees

Discussion in 'Off Topic [BG]' started by saxnbass, Dec 7, 2006.


  1. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    In the classifieds section, I keep seeing people mention PayPal fees. Please explain. How do I calculate what the PayPal fee is?
     
  2. Tony G

    Tony G

    Jan 20, 2006
    NY
    Paypal charges the seller about 3% on whatever payment they recieve.
     
  3. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    1) Why the seller?

    2) What do you mean with about? Is it rounded. Also, how is it charged? Does it come out of the transfer automatically or are you billed or what?
     
  4. Steve Clark

    Steve Clark

    Jan 9, 2004
    London ON
    Think of it this way. If a retailer sells items and accepts credit card payment that retailer is charged a % by the financial institution. Cost of doing business. When someone sends me a PayPal payment the 3% comes off the top.
     
  5. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    Alright, so the 3% is automatically deducted from what you recieve? So if I sell something for $100 and do it through pay pal, the buyer sends a payment of $100 and I recieve $97?
     
  6. Ed Goode

    Ed Goode Jersey to Georgia Gold Supporting Member Supporting Member

    Nov 4, 2004
    Acworth, GA
    Endorsing Artist: FBB Bass Works
    Yes, exactly right. You can easily set up an account with PayPal and then money will be transferred to/from your account as needed. Very secure method of on-line payment.
     
  7. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    And once the money is on my PayPal account, is there a way to transfer it to my physical bank account? Or is it stuck in the PayPal account?
     
  8. Jazzin'

    Jazzin' ...Bluesin' and Funkin'

    You get the $100 and then there is an immediate charge of ~$3 to your account. It is the fee. So you are pretty much just getting $97 out of it.
     
  9. yeah you can wire it to your checking account. its real simple. you just have to have one of your checks for the routing and account numbers on the bottom. it takes maybe 3 days to go through.

    one of my buddies keeps all his money in his paypal account cause he gets good interest with his account.
     
  10. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    Is there a fee to have a PayPal account or anything. Sorry, I'm asking all this stuff cause I don't have a PayPal, but am considering getting one.
     
  11. i don't think so. i think the fees just come out of the transactions.
     
  12. SuperDuck

    SuperDuck

    Sep 26, 2000
    Wisconsin
    Yeah, Papal fees aren't so bad on lower priced items. I sold a $650 bass though and got socked for almost $20, though. :meh: Such is life!
     
  13. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    $20 of $650 isn't quite 3% according to my calculations. :/

    So is there a way to know ahead of time what the fee will be?
     
  14. SuperDuck

    SuperDuck

    Sep 26, 2000
    Wisconsin
    Thus the "almost" part. 650 x .03 = 19.5 or, almost 20.
     
  15. Indiana Mike

    Indiana Mike Supporting Member

    Nov 18, 2005
    Evansville
    wait until you try to get your money out of paypal ,that's a whole 'nother racket , enjoy.

    I hate paypal.
     
  16. saxnbass

    saxnbass

    Mar 9, 2006
    Nashville, TN
    Why? What's the problem with getting your money out of paypal?
     
  17. I recently did my first Paypal transaction as a seller, and it was smooth. The buyer's payment was in my account immediately, and it took two business days for the money to transfer to my checking account. YMMV, of course, but I've had no problems.
     
  18. SuperDuck

    SuperDuck

    Sep 26, 2000
    Wisconsin
    FWIW, I've never had a problem. You transfer the money, and it shows up in a few days. You don't get charged for that.

    The only slightly difficult part is setting up a checking account to transfer into. You give them your account and routing number, and they make two small deposits into your account. You then have to tell them how much the deposits were for, as a way to verify that it's your account. It's a little annoying to set it up, but after that it's smooth.
     
  19. SnoMan

    SnoMan Words Words Words

    Jan 27, 2001
    Charleston, WV
    I've never had any problem. What trouble did you encounter?
     

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