Newest Review: ... the menu at the top but the actual transfer is a bit on the slow side. I transferred some money to a friend and it took the best part of... more
I use Paypal for my eBay shop
Member Name: ebonybeauty123
Advantages: Peace of mind and quick and easy transactions
Disadvantages: High Fees
I started using Paypal to buy occassional goods on eBay. I found it annoying to set up as I am very impatient and just wanted to press a couple of buttons and be finished, but it was not so easy. It was time consuming trying to become verified by giving bank account details etc., plus I didnt quite understand what I was doing, as I did not take the time to read everything properly.
I now have an eBay shop and use Paypal on a daily basis. Initially, my payments were being held for 21 days or until I received positive feedback on eBay, as it was a new business. It gives me peace of mind as I do not have to worry about cleared payments or dodgy cards, and it is immediate payment into my account. I also have the Paypal app on my iPhone. Everytime I get paid, a text message appears on my phone which is really helpful.
However, after this, I found it quick and easy to use. The downsides to Paypal are the fees to receive payments, 3.4% + £0.20 per transaction. However if you receive over £1,500 per month, a discount is offered. The fees are as follows:
£1,500.01 GBP - £6,000.00 GBP 2.9% + £0.20 GBP
£6,000.01 GBP - £15,000.00 GBP 2.4% + £0.20 GBP
£15,000.01 GBP - £55,000.00 GBP 1.9% + £0.20 GBP
above £55,000.00 GBP 1.4% + £0.20 GBP
Summary: It is expensive however worth paying for peace of mind.