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| *Ostroff, Fair and Company>>>Personal Finance |
How does paying by Pay Pal really work? |
I'm about to make a very important purchase and I don't want to get mislead or in other words screwed. I want to purchase a guitar from Ebay through Pay Pal. I know I have to open an account with my credit card..but I want to know how the Pay Pal process really works. Can any give me a step by step detail answer on how the Pay Pal process works. Like for example, for example purchasing from Ebay, once I hit the Buy It Now button, do what information do I have to enter, how do I know how much to charge to the credit card, how fast the the seller recive the payment, all that important stuff. Any information is appreciated. thanks guys. Here is what you are looking for: Step 1: open a Paypal account using a bank account and a credit card as a back-up acount. Go to paypal.com and follow the instructiuon. You will need to provide some of your personal information along with your financial institution's information (bank account routing and account number and your credit card info). You should mind that you will need to provide an email address which represents your paypal account address for payment transaction in the future and for all the official communication. An official shipping address is also needed ( this is called a confirmed address) The best address to be used is the billing address on your credit card. Sellers on ebay usually require buyers to use such confirmed address on paypal as shipping address to avoid potential fault. Step2: You will recieve a very small deposit from paypal.com thru electronic transfer. An email will also be snet to the email address you provides as a motification. You will need to check the bank account to verify such transaction. Then, you will go back to that email and clieck on the verification button to complete the paypal account setup process. The whole thing will take you a few days. So, you should set up your account before bidding or buying anything from ebay if you plan to pay it thru paypal. Paying ebay items: If you win an auction or use the buy it now button to purchase an item on ebay.com, you may pay it using paypal should the seller accept it as a payment mehtod. ( check paypal logo and payment method on the auction ad). Here is how: 1.Once you click the button. You will be prompted to a page which you can select your payment method. 2.Click on the pay by paypal button and you will be linked to a log-in page of the paypal.com 3.Type your paypal account user name (email address) and your password. Your will be prompted to a invoice-like page which will show the total of what you should pay including shipping. 4.You maybe able to adjust the final amount if you pick different shipping method, type in coupon code or add/subtract insurance on that page. You may also enter your message to the sender in a message box on that page. 5.After you are done with all the adjustment (if you need to), you then press the pay button. Your payment will be sent to the seller (drawn from your bank account or your credit card if your bank acount funding is insufficient). And you will recieve a final confirmation email from paypal.com Someone may make the payment by clicking the pay button on the invoice email sent by the paypal after they won the aution instead of doing it straight on the auction ad page after they won. The process will actually be the same either way. But I recommend you to do it on ebay because there is a potential risk that the email you recieve is a fake one from heckers. To avoid such risk, do it on ebay's ad page by clcikingthe pay button after you win should be the best solution. Hope this helps Sal AFTER YOU PURCHASE THE ITEM THE SELLER WILL SEND YOU AN INVOICE WITH YOUR TOTAL FROM THERE YOU WILL PAY THRU PAYPAL THERE IS A LINK. PAYMENT IS USALLY RECIEVED RIGHT AWAY OR UP TO 2 DAYS. |
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