Quote:
Originally Posted by ruby_soho
So I'm trying to get my Paypal account verified so I can accept money and transfer it to my account. I have my bank information entered, now I'm just waiting for Paypal to make the two deposits, but nothing's gone into my account. Do I have to request it? Also, I just have a personal account. Would I be able to accept credit cards, or just debit payments? Aaand if someone from the US is paying me in CAD funds, do I get charged a fee for the currency conversion? Soo many questions I know, but my friend and I have just started selling stuff online so I'm trying to figure this all out. Any other helpful information you guys have about Paypal would be great. Thanks!
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On personal accounts you can not accept CC's but you can accept virtual debit cards. I tried to accept a CC before on my personal account and I had to upgrade to a Premium.
Here is a list of the what a personal account can do:
- Send Money
- Request Money
- Auctions Tools
- Website Payments
- Money Market
- Virtual Debit Card
- Account Insurance
- Downloadable Log
- Email-based customer service
Here is the list for Premium Features:
- All of the Core Features
- Do business as yourself, under a corporate name, or group name
- Accept unlimited credit card payments
- Payment Receiving Preferences
- Subscriptions
- ATM/Debit Card
- Mass Payments
- Multi-User Access *For Business Accounts
- Advanced Downloadable logs
- 7 day-a-week toll free customer service
Here is a breakdown of how the fee's work:
Personal Account
Open an account: Free
Send Money: Free
Withdrawl funds: Free for bank accounts in the US
Fees for other banks
Add funds: Free
Receive funds: Free
Multiple Currency transactions: Exchange rate includes a 2.5% fee*
Premier/Business Account
Open an account: Free
Send Money: Free
Withdrawl funds: Free for bank accounts in the US
Fees for other banks
Add funds: Free
Receive Funds: 1.9% to 2.9% + $0.30 USD
Multiple Currency Transactions: Exchange rate includes a 2.5% fee*
Here is what they say about currency conversion %fee:
* If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction
All the above info was taken right from the paypal site.
Also you can only downgrade your account once. You have to contact them to downgrade account.
As for the deposit to verify your account it should only take a couple of days for them to do the small deposits into your account. If it's been over a week I would contact Paypal but double check your bank account before calling.
