I just sold my Macmini on eBay today. I sold it for $600. Paypal received the payment from the buyer. Paypal told me that I had to upgrade my account to a business account with them so I can receive the funds, because it was over a certain dollar amount. Is this right or did I just get screwed out of money from Paypal?
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Paypal Question
- Thread starter seabass069
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Yes, this is probably right. Paypal offers a free account (the one I have) which allows you to receive only from bank accounts (not from credit cards) and also limits the amount to $500. I have never upgraded because all payments are then charged a certain percentage fee (this does not apply to 'free' account). If you do upgrade the account, you can receive more than $500 at a time and you can also receive credit card payments, but you will be changed a fee.
seabass069 said:
Yes, that is how it works. Paypal takes a percentage, for the credit card processing (and profit). You won't be charged monthly fees or anything, only when you're paid.
Thanks! I figure $18 isn't that bad. At least I don't have to wait for checks or money orders. The problem is though, is my money is sitting at Paypal and now they tell me I have to confirm my bank account. They deposited 2 seperate charges and I have to wait for that to go through, then give them some number. It will be next week before I get those. The buyer will have his product by the time I get paid.
FYI:
If you upgrade the account you are allowed to change it back to a regular account just once.
As for the PayPal deposits, you'll have to confirm each deposit amount which when I did it was a few cents (ex. $0.28 and $0.43 or something like that).
Not sure how PayPal determines the fees, but PayPal deducted $0.84 from a $18.75 purchase... less than 5 percent.
If you upgrade the account you are allowed to change it back to a regular account just once.
As for the PayPal deposits, you'll have to confirm each deposit amount which when I did it was a few cents (ex. $0.28 and $0.43 or something like that).
Not sure how PayPal determines the fees, but PayPal deducted $0.84 from a $18.75 purchase... less than 5 percent.
Paypal will let you have both a personal and a premier account so you can still receive free payments just as long as they're under $500.