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'[OT]:Paypal'
2001\02\06@025819 by David Huisman

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Has anyone here used Paypal ?

If so, what is it like and can you explain how the money gets from the
paypal account on the net to your bank account?

Regards

David Huisman

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2001\02\06@031308 by Ken Robertson

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It's really pretty easy to use and painless.  I'm assuming you're using it
to get a payment...

The person who is sending you money, does so through Paypal's website, which
gets permission for them to charge the user's credit card.  Once they get
get through that, they notify you that you have recieved a payment.  You can
use that money to either pay someone else (basically, same as the sender
did, only they wouldn't need to charge your card), you can also request to
have a check cut for you (in the full amount that was sent to you), or you
can have it eletronically deposited.  You could just leave it there, but
don't see why you would want to.

Think of Paypal as a sort of digital bank.  I don't really know how they
make money, since they don't charge the sender any, and they don't take any
off the payee's total.  Probably a bunch of legal crap, with payoffs from
Ebay and other sites.  It does work though, and is completely safe.  I've
dealt with them plenty, I know people who use them alot, and its all legit.

Ken

{Original Message removed}

2001\02\06@035649 by Andrew Warren

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Ken Robertson <spam_OUTPICLISTTakeThisOuTspamMITVMA.MIT.EDU> wrote:

> they notify you that you have recieved a payment.  You can use that
> money to either pay someone else (basically, same as the sender
> did, only they wouldn't need to charge your card), you can also
> request to have a check cut for you (in the full amount that was
> sent to you), or you can have it eletronically deposited.

   Electronic deposit takes 3 to 4 business days (which works out
   to an average of 4.6 ACTUAL days)... Unless you have a "premier"
   or "business" account, in which case they'll electronically
   transfer the funds into your account within a day.

   Checks take 1 to 2 weeks.

> I don't really know how they make money, since they don't charge
> the sender any, and they don't take any off the payee's total.
> Probably a bunch of legal crap, with payoffs from Ebay and other
> sites.

   No payoffs from Ebay, no "legal crap"; they make money by:

   a) charging their "premier" and "business" account-holders a fee
      for every reeived payment, and

   b) collecting interest on your money while you wait for it to be
      sent to you via check or electronic funds transfer.

   There's nothing sneaky or underhanded about their business
   model; it's the same one that banks have been using forever.

> It does work though .... and its all legit.

   Agreed.

   -Andy


=== Andrew Warren - .....fastfwdKILLspamspam@spam@ix.netcom.com
=== Fast Forward Engineering - San Diego, California
=== http://www.geocities.com/SiliconValley/2499

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2001\02\06@074036 by Bob Ammerman

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I've used it (both sending and receiving). I love it.

Paypal was orginally completely free. That is no longer true.

People that receive more than $X in a period Y ($2000 in 6 months?) have to
pay them a percentage (like a credit card transaction fee).

They make some of their money off the 'float': holding your money in their
account until you use it or ask for it.

Highly reliable and easy to use.

Bob Ammerman
RAm Systems
(contract development of high performance, high function, low-level
software)

{Original Message removed}

2001\02\06@110651 by Dan Michaels

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David Huisman wrote:
>Has anyone here used Paypal ?
>
>If so, what is it like and can you explain how the money gets from the
>paypal account on the net to your bank account?
>


Hello David,

I use PayPal to handle credit card purchases for my small
business. It is extremely simple and reliable, and is highly
recommended by Forbes and other prime movers. I have a business
account where incoming funds are deposited straight into my
business bank account. It took about 2 minutes to set up the
account - and is "much" easier and cheaper to deal with than
other credit card systems I have tried - ie, local bank and
cybercash.com.

PayPal makes $$$$ by charging your business a percentage fee [just
over 2%] on each transaction - just like the usual Visa/MC route.
However, this route is really painless for the business owner
and significantly cheaper than most other credit card handlers.

PayPal recently added support for 25 countries outside of the US.

People can email the $$$$ to your PayPal account, and you can
also setup instant purchase buttons on your site for direct
transactions. These buttons are "extremely" easy to setup too.
Unfortunately, the current setup makes handling shipping costs
for multiple item purchases a tad bit unwieldy. You can get more
info on how I personally handle PayPal by visiting my Order page
- if you take a look at the source code for the page, you'll see
the .HTML code for the purchase buttons:

http://www.oricomtech.com/order.htm

hope this helps,
- Dan Michaels
Oricom Technologies
===================

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2001\02\06@123031 by Mitch Miller

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>    a) charging their "premier" and "business" account-holders a fee
>       for every reeived payment, and

They recently implemented a limit of $100 per month for their free accounts.
To go over $100/mo, you have to sign up for a premeir account, which is a
fee based service.  So ... for some folks, it's no longer a free service
(pratically, speaking).

-- Mitch

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2001\02\06@123039 by Mitch Miller

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Oh yeah ... and it works very well.  I have done several eBay auctions, and
collected money via PayPal.  When they first started, they were giving away
money for every referral you made.  They have discontinued the original
promotion, but still have a modified version in place (it's harder to get
the referral money now).

I've always had them do an electronic deposit to get my money, and yeah, it
takes 3-4 days to process (not sure what takes so long, but it does).  Some
folks don't like it 'cause they ask for bank account information, as I
recall, even if you just want to send a payment.

- Mitch

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2001\02\06@124834 by Dan Michaels

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Mitch Miller wrote:
>Oh yeah ... and it works very well.  I have done several eBay auctions, and
>collected money via PayPal.  When they first started, they were giving away
>money for every referral you made.  They have discontinued the original
>promotion, but still have a modified version in place (it's harder to get
>the referral money now).
>
>I've always had them do an electronic deposit to get my money, and yeah, it
>takes 3-4 days to process (not sure what takes so long, but it does).  Some
>folks don't like it 'cause they ask for bank account information, as I
>recall, even if you just want to send a payment.
>


PayPal keeps changing things [which is a euphemistic way of saying
they keep increasing their fees incrementally as they get more and
more popular], so I tracked down some of the fee comparison info:

http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside

By any standards, they are still pretty cheap and easy, but
personally I hope they don't become so popular that they end
up charging as much as everyone else.

- danM

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2001\02\06@213719 by David Huisman

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Thanks for your comments guys.

I have signed up for the premium account and will soon have that as a pay
option on our web site http://www.orbitcoms.com

It seems they just credit the payment to our credit card.

Regards

David Huisman

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'[OT]:PayPal'
2002\07\11@221407 by Peter Grey
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Thanks to all those who contributed. Like a lot of issues the experiences
varied from one extreme to the other.

It all helped me to get a clearer picture.

Peter

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