I want to start selling stuff on ebay and I just want to know if i have start a separate bank/credit account??? I want to know where my money will be when people pay with paypal. Thanks.
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"How Does Paypal Work In Terms Of Monetary Transactions On Ebay?" was posted on Wednesday, July 1st, 2009 at 10:15 pm.
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You don’t need a seperate bank/credit account. On mine, I use my bank account as primary and my debit card as my back up source, although that’s mainly for buying purposes. When someone pays you through paypal, the money sits in your paypal account…..like a checking account. It’s as if someone is making a deposit into your account, but they don’t know your personal bank account info and you don’t know theirs (that’s why it’s safe). Then, you can transfer that money from your paypal account into your actual bank account.
No, you can use your existing bank account. When someone pays you, it goes into your Paypal account and sits until you do something with it. You can either use it to pay other sellers if you want to buy something, request a check, have it deposited into your bank account, or, if you have a Paypal debit, use the funds with the debit card.
Make sure to do your research before selling on ebay. There is a lot to learn before you sell.