Accepting Credit Card Payments on eBay via PayPal
Posted by Tom Craig in eBay
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For most sellers, accepting credit card payments means signing up for PayPal. That’s because it’s a real hassle to set up your own merchant credit card account; setting up a PayPal account to handle your credit card payments is a lot easier.
PayPal (www.paypal.com) is an online payment service, owned by eBay, which lets any auction seller easily accept credit card payments with little or no setup hassle. PayPal works by accepting credit card payments from your customers and then sending you a check or depositing funds directly in your bank account for that amount—minus PayPal’s fee, of course.
The PayPal service accepts payments by American Express, Discover, MasterCard, and Visa—and, although it’s primarily a U.S.based service, it also accepts payments to or from more than 103 countries and regions.
Of course, before you can use PayPal to accept payments, you must sign up for PayPal membership. You do this by going to the PayPal website, clicking the Sign Up link, and then following the onscreen instructions to complete your registration.
You can choose from three different types of PayPal accounts:
- A Personal account is for eBay buyers only, not for sellers. Ignore this option.
- A Premier account is for small business owners and individual sellers. With a Premier account, you can accept both credit card and non–credit card payments for a fee. You sign up for Premier status by checking the appropriate option on the Personal Account Sign Up page.
- A Business account is necessary if you’re receiving a high volume payments. With this type of account, you can do business uncle corporate or group name and use multiple logins. It’s ideal for businesses that need a merchant credit card account—although fee structure is identical 10 that of the Premier account.
For most eBay sellers, the Premier account is the way to go. If your sales volume rises high enough, PayPal automatically switches you to a Business membership.
Collecting PayPal Payments
When a buyer pays for an item via PayPal, those funds are transferred immediately to your PayPal account, and you receive an email notification of the payment. This email includes all the information you need to link it to a specific auction and ship the item to the buyer.
You have to manually withdraw the funds due to you from PayPal; no automatic payment option is available. You can let your funds build up in your PayPal account, or you can choose (at any time) to withdraw all or part of your funds. I recommend clearing your PayPal account at the end of each business day; there’s no reason to let PayPal hold onto your money any longer than necessary.
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