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How does Paypal work?

How does paypal work?

  • I am thinking of purchasing an item on ebay but seller only accepts paypal. If I open up a paypal account, do I have to link it with a credit card? Or could I just link it with a checking account? I'm considering opening a new checking account just for my paypal transactions. I've heard so many horror stories about paypal, and I'm wondering if I have a special bank account with just enough money to cover my purchases plus paypal's cut, could anything go wrong? Also, I guess I could close the account after the transaction goes through. Please advise! Thanks!

  • Answer:

    I have a paypal account that i have only used on two occasions without issue, and my understanding of what they were was simply a 3rd part transaction company that made money by the transaction charges they hit the visa companies for. However, I work in a collection law firm and have sued people for their "paypal accounts" which I do not understand, but to this day have never had someone dispute them. If you were making a purchase thru a reputable site and had another option I would consider the other option, but that is strictly commentary

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i wouldnt use paypal, you are covered for the funds if the seller is fradulent but i find it a hassle and i have known a lot of people that have sold items and there funds have been locked for 180 days and there fees are massive, some sellers dont like it when you use paypal for small items as they get hit with ebay fees then paypal fees, they just loose profit on it. I have learnt this in the past i would never use paypal again.

I use Pay Pal and have never had a problem. Yes, you can link it to your checking and/or savings account. You acn also link it to a credit card but it's not necessary. When you sign up a new checking account on your pay pal account, I think you have to wait a few days for it to go through. Then when you purchase something on Ebay the money is transferred from your account to the other person's Pay Pal account. It's very easy to use, and safe. The only danger would be if the person from Ebay doesn't follow through and send the item.

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