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Withdrawing Cash from Paypal

  • 21-07-2006 12:52PM
    #1
    Rollo Tamasi
    Registered Users, Registered Users 2 Posts: 3,514 ✭✭✭


    Not 100% sure if this is the correct choice of forum for this but i'm sure the readers here are familar with using Paypal for purchasing so i suppose it's better than posting in the Soccer section! :)

    I'm considering setting up a PayPal A/C to manage my incoming finances for a website that i'm running. The site is due to make a turnover of approx E2,000 leading to the end of this year. Is using PayPal a wise choice for managing this fund. If i was the only person involved in the site then i would just lob the cash into my own personal A/C, however, there are five of us involved. We have monthly expenses and we each need a certain level of access to the funds.

    How easy is it to withdraw/transfer funds from Paypal to your Bank A/C and can that be done using a general A/C or do you need to setup an advanced A/C? The FAQ's on the PayPal site are horrible and full of ****e and don't work :mad:


Comments

  • #2
    tba
    Registered Users, Registered Users 2 Posts: 5,111 ✭✭✭tba


    The advantage of paypal is many people feel secure using it, so I would say go for it. As for the cash transfer that is possible, but you should just set up a joint account in the bank and appoint somebody to transfer the money on a regular basis. (paypal make no chrage on amounts over €100 so that is a good benchmark).

    You need to set up a registered account this is a little thing that works over a credit card statement, even a 3V card would work. In short it is popular because it works, but remember that your customers need a paypal account to buy stuff from you.


  • #3
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    Paypal only introduced the option for Irish users to withdraw money to ther bank accounts not that long ago. There are fees to use the withdrawal but they can be avoided like if €100 or over is withdrawn, no fee, if under €100 then the fee is €1. A Return Fee of €3 is charged by the bank when a withdrawal is attempted using incorrect bank account or delivery information. Please make sure the bank account information and the address information in your PayPal account are correct before making a withdrawal. I'm not sure what type of account you might want but maybe you need a Business account, I'll try and find out more later.


  • #4
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    Rollo Tamasi wrote:
    Not 100% sure if this is the correct choice of forum for this but i'm sure the readers here are familar with using Paypal for purchasing so i suppose it's better than posting in the Soccer section! :)

    I'm considering setting up a PayPal A/C to manage my incoming finances for a website that i'm running. The site is due to make a turnover of approx E2,000 leading to the end of this year. Is using PayPal a wise choice for managing this fund. If i was the only person involved in the site then i would just lob the cash into my own personal A/C, however, there are five of us involved. We have monthly expenses and we each need a certain level of access to the funds.

    How easy is it to withdraw/transfer funds from Paypal to your Bank A/C and can that be done using a general A/C or do you need to setup an advanced A/C? The FAQ's on the PayPal site are horrible and full of ****e and don't work :mad:

    A general bank A/C will work fine. If you are running it properly tho I would withdraw into a bank a/c and work from there otherwise your accounts will be a disaster.

    If someone pays you with a stolen credit card you will only find out 3 months later when they freeze your account and make you pay back the money to them. It happened to me. So if you can live with that, fine (i.e. small payments or from people you know). If not then watch out.


  • #5
    tba
    Registered Users, Registered Users 2 Posts: 5,111 ✭✭✭tba


    surely they can tell if the card is stolen, then there is fraud insurance and time liabilty?


  • #6
    Rollo Tamasi
    Registered Users, Registered Users 2 Posts: 3,514 ✭✭✭Rollo Tamasi


    Thanks for the advise lads. I should have pointed out that we aren't doing any Business 2 Consumer selling, rather we are receiving payments for hosting advertising from other businesses.

    The reason i'm leaning towards PayPal is convience. We pay our hosting monthly and we also have to pay for various software licences. I presume that setting up a Direct Debit in PayPal is no problem?


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  • #7
    professore
    Closed Accounts Posts: 5,857 ✭✭✭professore


    tba wrote:
    surely they can tell if the card is stolen, then there is fraud insurance and time liabilty?

    No, none of the above. That's what a merchant account is for. Have a look at http://www.paypalsucks.com/

    especially this one - this is spot on and happened to me.
    http://paypalsucks.com/PayPalFormerEmployee1.shtml


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