How to Get the Most Out of PayPal

PayPal is the world's biggest online payment system, with about 75 percent of all eBay transactions going through it. Many online sellers accept PayPal. It is also used for donations and to send money between friends and family members. There are PayPal credit and debit cards, and PayPal offers the user ability to move money from the main account to a bank account. If you have a PayPal account, and especially if you sell online, it's worth knowing how to get the most out of it.

Difficulty: Easy

Instructions

Things You'll Need:

• PayPal account
• Bank account

How to Get the Most Out of PayPal

1. Tie your bank account to your PayPal account. PayPal allows you to move money from your PayPal account into your bank account for no fee. The downside is that it takes several days for the money to show up in your bank. The upside is that you can use your money in PayPal for paying real bills.

2. Get a PayPal debit card. With a 1 percent cashback on purchases and zero annual fees, the debit card allows you to use the money in your account the minute it gets there. It can be used at all ATMs if you want instant access to your money in cash. For people who like the convenience of an online pay system but are nervous about leaving a balance sitting out there in cyberspace, this is a handy solution.

3. Accept credit cards. If you are in a business that doesn't traditionally accept credit cards, and you would like to offer it as a service to customers, having a PayPal account lets you do exactly that. All PayPal accounts are linked to a credit card, so anyone with an account can pay you with plastic instead of a check or cash.

4. Enroll in the PayPal money market fund. This may be worth it if you maintain a balance in your account. Dividends are paid directly into your PayPal account monthly. Even if it's just a small amount, every little bit counts these days.

5. Use PayPal's merchant services if you are an online seller or have a website. Calculate taxes and shipping costs, print shipping labels and get help with dispute resolution.

6. Make use of the "donate" button if you have a nonprofiit business and a website. PayPal makes it very easy for people to make a donation with just a few clicks of the mouse. There is a small fee for most monies received from private parties, but the ease with which people can donate will easily offset those fees.

[Buckeye207]

on 10/30/2008 Just what I needed to know. Thank you!

[Desula]

on 6/15/2008 Thanks for this information on paypal.com and using it to its fullest.