Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
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I opened a separate bank account for stamps and that way all my other financial info is totally separated. They do require an account or a credit card for back up payments - I don't know if they require both?
hope that helps a little bit
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As far as I know, PayPal only requires a credit card. I put a low spending limit on my card — $250 I think — to limit potential losses.
Bob
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Theresa, I believe PayPal will require bank account information if you intend on withdrawing funds from your PayPal account. As far as I know they do not issue cheques to PayPal account users. How else would you get your monies from PayPal? You could use your funds to purchase something on-line if you didn't want the cash from your account.
I have a separate US$ bank account where funds from PayPal get deposited when I withdraw monies from PayPal. I keep the monies from stamp sales and purchases separate from my personal records for accounting purchases and have a low limit business visa attached to my PayPal account.
Liz
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It sounds like getting a separate account is a good idea to minimize security concerns and to protect my main account. I was hoping that the money from sales could be deposited into PayPal and then I could use that money to make purchases for myself, but I don't know if it works that way. Selling stamps is very new to me and I don't want to limit my buyers by not accepting PayPal because it is a popular choice in the stamp world.
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Hi Everyone;
@ kam41566;
I think all these ideas will work, to minimize losses, especially Bob's idea of a credit limiting card.
I use a debit card, attached to my checking account, and minimize my risk by transferring any excess money in my checking, into my savings account. When my Social Security funds are electronically deposited, I make out and mail my rent and all bills, then head off to the grocery store and buy one months supplies. Anything left goes into savings.
My checking account is a small business account without any monthly fees, just have to buy my blank checks. Many banks may offer that type of account in your area, just check and see. That way, with no fees, I don't have to maintain a minimum balance.
I would recommend that you change your eBay and PayPal password about every 4-6 weeks. Make up a dozen or two passwords using both letters and numbers and save into a file. Then randomly choose one to use for the next change. Never type a user name or password, NEVER,NEVER,NEVER. Always cut and paste, then a key-logger can't get your data. A key-logger is a spy-ware that just monitors all keyboard strokes and e-mails them to the thief. They are one of the simplest spy-ware programs to design the code for and are very common.
Use up-to-date virus protection and keep it updated by downloading new fixes, which are usually free to download, with your software subscription.
I've found many great bargains on eBay over the years and I particularly like large lots of stamps 500-1 pound of off paper material. I never buy mounted stamps because there is too much work removing them without damage.
Happy Collecting Everyone
TuskenRaider
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kam41566,
The money you make selling on Ebay does go into a Paypal account and when you purchase on Ebay they use the money you have accumulated in Paypal to pay for your purchases. I have a credit card on file, (I refuse to link my bank account) and if I make a purchase that is more money than I have in my Paypal account then they will make up the difference with my credit card. I try to limit my purchases to the amount of money I have accumulated from sales to keep from having my credit card charged. Hope this helps.
Mel
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Mel - so you never withdraw cash from your PayPal account? Instead you use the funds to purchase other things on-line?
Kam - Yes, you can use your PayPal balance to purchase other things on-line assuming of course that the seller of the items you want accept PayPal.
Liz
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@Bob,
The bigger question is how do you manage to keep you stamp purchases down to $250 
Regards ... Tim
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Liz,
Correct, I only use the funds to purchase other items on Ebay. I withdrew my funds once a couple of years ago, and they charged me, I think, a dollar to send me a check. The amount was not a lot, but I have since learned that I am better off spending the money on stamps, since I sold stamps to obtain the money in the first place. To me, selling on Ebay is a way to obtain the stamps I want, while getting rid of the stamps or stamp related items I don't want or need. Most of the items I sell are not the normal 5 to 10 cent items. I usually only have the time and energy to sell on Ebay one or two times a year and that is after I purchase bulk lots looking for gems. A great number if items from these bulk lots I give away to individuals who express an interest in a particular item.
Mel
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01:31:13pm
I recently reopened a new Paypal account after my account got hacked earlier in the year. Do you have to link a credit card or a bank account to the account if you are not purchasing anything? I am reluctant to put my credit card info back in again until I need it because of security issues.
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re: Question About Paypal
I opened a separate bank account for stamps and that way all my other financial info is totally separated. They do require an account or a credit card for back up payments - I don't know if they require both?
hope that helps a little bit
Login to Like
this post
re: Question About Paypal
As far as I know, PayPal only requires a credit card. I put a low spending limit on my card — $250 I think — to limit potential losses.
Bob
1 Member
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03:10:27pm
re: Question About Paypal
Theresa, I believe PayPal will require bank account information if you intend on withdrawing funds from your PayPal account. As far as I know they do not issue cheques to PayPal account users. How else would you get your monies from PayPal? You could use your funds to purchase something on-line if you didn't want the cash from your account.
I have a separate US$ bank account where funds from PayPal get deposited when I withdraw monies from PayPal. I keep the monies from stamp sales and purchases separate from my personal records for accounting purchases and have a low limit business visa attached to my PayPal account.
Liz
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this post
04:31:55pm
re: Question About Paypal
It sounds like getting a separate account is a good idea to minimize security concerns and to protect my main account. I was hoping that the money from sales could be deposited into PayPal and then I could use that money to make purchases for myself, but I don't know if it works that way. Selling stamps is very new to me and I don't want to limit my buyers by not accepting PayPal because it is a popular choice in the stamp world.
Login to Like
this post
re: Question About Paypal
Hi Everyone;
@ kam41566;
I think all these ideas will work, to minimize losses, especially Bob's idea of a credit limiting card.
I use a debit card, attached to my checking account, and minimize my risk by transferring any excess money in my checking, into my savings account. When my Social Security funds are electronically deposited, I make out and mail my rent and all bills, then head off to the grocery store and buy one months supplies. Anything left goes into savings.
My checking account is a small business account without any monthly fees, just have to buy my blank checks. Many banks may offer that type of account in your area, just check and see. That way, with no fees, I don't have to maintain a minimum balance.
I would recommend that you change your eBay and PayPal password about every 4-6 weeks. Make up a dozen or two passwords using both letters and numbers and save into a file. Then randomly choose one to use for the next change. Never type a user name or password, NEVER,NEVER,NEVER. Always cut and paste, then a key-logger can't get your data. A key-logger is a spy-ware that just monitors all keyboard strokes and e-mails them to the thief. They are one of the simplest spy-ware programs to design the code for and are very common.
Use up-to-date virus protection and keep it updated by downloading new fixes, which are usually free to download, with your software subscription.
I've found many great bargains on eBay over the years and I particularly like large lots of stamps 500-1 pound of off paper material. I never buy mounted stamps because there is too much work removing them without damage.
Happy Collecting Everyone
TuskenRaider
Login to Like
this post
re: Question About Paypal
kam41566,
The money you make selling on Ebay does go into a Paypal account and when you purchase on Ebay they use the money you have accumulated in Paypal to pay for your purchases. I have a credit card on file, (I refuse to link my bank account) and if I make a purchase that is more money than I have in my Paypal account then they will make up the difference with my credit card. I try to limit my purchases to the amount of money I have accumulated from sales to keep from having my credit card charged. Hope this helps.
Mel
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this post
06:58:56pm
re: Question About Paypal
Mel - so you never withdraw cash from your PayPal account? Instead you use the funds to purchase other things on-line?
Kam - Yes, you can use your PayPal balance to purchase other things on-line assuming of course that the seller of the items you want accept PayPal.
Liz
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this post
re: Question About Paypal
@Bob,
The bigger question is how do you manage to keep you stamp purchases down to $250
Regards ... Tim
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this post
re: Question About Paypal
Liz,
Correct, I only use the funds to purchase other items on Ebay. I withdrew my funds once a couple of years ago, and they charged me, I think, a dollar to send me a check. The amount was not a lot, but I have since learned that I am better off spending the money on stamps, since I sold stamps to obtain the money in the first place. To me, selling on Ebay is a way to obtain the stamps I want, while getting rid of the stamps or stamp related items I don't want or need. Most of the items I sell are not the normal 5 to 10 cent items. I usually only have the time and energy to sell on Ebay one or two times a year and that is after I purchase bulk lots looking for gems. A great number if items from these bulk lots I give away to individuals who express an interest in a particular item.
Mel
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