What kind of Paypal account?
Thread poster: Anna Nielsen

Anna Nielsen  Identity Verified
Spain
Local time: 02:26
Member (2011)
Spanish to Swedish
+ ...
Feb 17, 2012

I'm about to open a Paypal account. What kind of account do you use? Why?
Thank you in advance.
/Anna.


 

Tom in London
United Kingdom
Local time: 01:26
Member (2008)
Italian to English
Not good Feb 17, 2012

Anna Nielsen wrote:

I'm about to open a Paypal account. What kind of account do you use? Why?
Thank you in advance.
/Anna.


I dropped Paypal because

(a) they take a percentage on every transaction. So the bigger the transaction the more they take
(b) they can suddenly block your account for no reason and getting it unblocked is a bureaucratic nightmare.


 

Wouter Vanhees  Identity Verified
Belgium
English to Flemish
+ ...
Paypal eCheque Feb 17, 2012

Hi all,

I (still) use Paypal (premier account by the way). Essentially it's true what Tom in London says. They do take quite a large share on money received (3,4% if I'm not mistaking). However, I sometimes also receive Paypal eCheques from clients. Receiving those only costs me 5 USD in Paypal fees, regardless of the amount received. So in such a case, Paypal is actually really interesting.

I'm not sure how the Paypal eCheque thing works on the sender side though, so if anyone could shed some light on that, I'd be very grateful (sorry to kind of hijack your thread, Anna...)

Kind regards,

Wouter

Tom in London wrote:

(a) they take a percentage on every transaction. So the bigger the transaction the more they take


 

Anna Nielsen  Identity Verified
Spain
Local time: 02:26
Member (2011)
Spanish to Swedish
+ ...
TOPIC STARTER
What are the options? Feb 20, 2012

Thank you both for your comments! Tom, I'm aware of that it can be quite expensive using Paypal, but what other options are there?! I thought for example overseas agencies were not that keen on doing wire transfers, and that if you want to work with them (and not limit yourself to European agencies) more or less had to accept the costs of Paypal. Am I wrong?

 

Samuel Murray  Identity Verified
Netherlands
Local time: 02:26
Member (2006)
English to Afrikaans
+ ...
Start with "personal" account Feb 20, 2012

Anna Nielsen wrote:
I'm about to open a Paypal account. What kind of account do you use? Why?


Start with a "personal" account. If enough money comes into the account, PayPal will temporarily block your access to the account until you have submitted additional information, and then PayPal will automatically upgrade you to the higher type of account if necessary. The existence of the "business" acount does not mean you can't use the "personal" account for business purposes -- the "business" account simply gives you more options.


 

Tom in London
United Kingdom
Local time: 01:26
Member (2008)
Italian to English
Bank transfer Feb 20, 2012

Anna Nielsen wrote:

Thank you both for your comments! Tom, I'm aware of that it can be quite expensive using Paypal, but what other options are there?! I thought for example overseas agencies were not that keen on doing wire transfers, and that if you want to work with them (and not limit yourself to European agencies) more or less had to accept the costs of Paypal. Am I wrong?


I just use ordinary bank transfer. My bank (Natwest) applies their own exchange rate Euro-GBP plus a fixed charge for each transaction (GBP 1.00 if it's less than GBP 100.00, GBP 10.00 if it's more than GBP 100.00).

The Natwest exchange rate is punitive and I lose on every transaction but at least the fixed charge means I can receive GBP thousands and the charge is still 10 quid. Unlike PayPal. And Natwest don't block my account.

I've considered opening a Euro account, to avoid the exchange rates, but there are other complications with that.

But PayPal and (for similar reasons) Moneybookers are off the menu for me.

Mind you - I only usually work within the EU.

[Edited at 2012-02-20 10:55 GMT]


 

hersh
Local time: 04:56
Farsi (Persian) to English
+ ...
how to upgrade? Feb 20, 2012

dear Mr. Murray
you mentioned it will automatically upgrades your account ! i have a paypal account for a yer and its still primmer?
how can i upgrade it
and how can i handle taxes with paypal?
thanks in advance


 

LEXpert  Identity Verified
United States
Local time: 19:26
Member (2008)
Croatian to English
+ ...
Personal vs. business accounts Feb 20, 2012

Samuel Murray wrote:

The existence of the "business" acount does not mean you can't use the "personal" account for business purposes -- the "business" account simply gives you more options.



Correct.
BTW, in the old days, the fee schedule was different; transfers to personal accounts cost less, or nothing, but personal accounts were subject to various restrictions such as not being able to accept credit card funded payments, or only a few of these a month before you would be forced to upgrade. Now these distinctions have largely fallen away, and the fees depend only on how the sender has funded the transaction and where they are located vs. your location.

PayPal works fine for me, particularly for agencies outside the US who send small-to-moderate amounts, or have (or claim to have) difficulty effecting USD bank transfers. I just have to be mindful of the break-even point vs. bank transfer charges. PayPal charges are annoying - but at least they are predictable, and I know exactly what I'll get. With international bank transfers to the US, by the time intermediary and correspondent banks get involved and take out their own mysterious fees, I never know how much I'll really get.


 

Sheila Wilson  Identity Verified
Spain
Local time: 01:26
Member (2007)
English
+ ...
Nobody should be forced to accept PayPal charges Feb 20, 2012

Rudolf Vedo CT wrote:
PayPal works fine for me, particularly for agencies outside the US who send small-to-moderate amounts, or have (or claim to have) difficulty effecting USD bank transfers. I just have to be mindful of the break-even point vs. bank transfer charges. PayPal charges are annoying - but at least they are predictable, and I know exactly what I'll get. With international bank transfers to the US, by the time intermediary and correspondent banks get involved and take out their own mysterious fees, I never know how much I'll really get.


That's precisely why I'm happy to accept PayPal from some clients. In the end, it's my decision (I'm not the type to be bullied, believe meicon_smile.gif) and if I think it's viable then I'll accept it. But not normally from EU clients who can transfer the money to my bank account for free (for me, anyway).

To make it worth my while, I'll do one of three things:
1) incorporate the PayPal charge in my quoted rate
2) add a separate entry on the invoice to cover the charge
3) state in my terms and on the invoice that PayPal payment is free of charges if made within 10 days but attracts a surcharge if payment is received 11-30 days from the invoice date.

I like to go for the third option if it's a client I have faith in, but it could cause problems for bad payers.icon_mad.gif I really like being paid quickly and am even willing to earn less for prompt payment. It isn't just a matter of the money, as with interest rates as low as they are at the moment that money isn't going to be earning anything in my bank account. It's more about that famous "closure" - putting a "paid" stamp on the invoice and filing it, both physically and mentally, so I can get on with other jobs is very important to me.

Sheila


 


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