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Thread: New To Paypal....

  1. #9
    carnivorous plants of the world -- unite! DragonsEye's Avatar
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    Quote Originally Posted by jimscott View Post
    So if I have to pa for plants, using paypal, I can use those funds for it? That's the last time I get involved with paypal for plant trades. Cash works fine. Priority stamps work fine.
    Quote Originally Posted by Whimgrinder View Post
    I often ask people to reimburse me for the cost of mailing gifted plants by sending the $$ to my PayPal account, and I inevitably end up using it to pay for a purchase elsewhere.
    Same here. Reimbursement for postage is the most common reason $ winds up in my PP account. I then use that account to pay for mailing a plant or plants out to the depositor. Occasionally I sell divisions of my orchids or other plants. PP is typically the fastest and most convenient method. Many folks, myself among them, do not like sending cash through the mail. And I do not like taking checks.
    "Blessed are the crackedů.
    For they are the ones who let in the light."



  2. #10
    swords's Avatar
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    Jim, I withdraw to a bank account, takes a couple days depending on who your bank is.

    About 90% of my income is through PayPal now, very easy and generally hassle free. There are few record distributors who actually mail out physical paper checks anymore. PayPal is so much easier, especially if they are paying in some foreign currency and you need US dollars to go in your account. The bank will charge you a good deal for that currency conversion if it were a foreign check or bank transfer.

    One thing you all need to be aware of is sending money as a gift for transactions or "just postage" (to avoid PayPal fees) is illegal and a violation of IRS tax law. If detected it will get both accounts shut down while PayPal does an investigation into both parties to see what is going on.
    Last edited by swords; 07-31-2014 at 02:54 PM.

  3. #11
    Axelrod12's Avatar
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    Quote Originally Posted by swords View Post
    Jim, I withdraw to a bank account, takes a couple days depending on who your bank is.

    About 90% of my income is through PayPal now, very easy and generally hassle free. There are few record distributors who actually mail out physical paper checks anymore. PayPal is so much easier, especially if they are paying in some foreign currency and you need US dollars to go in your account. The bank will charge you a good deal for that currency conversion if it were a foreign check or bank transfer.

    One thing you all need to be aware of is sending money as a gift for transactions or "just postage" (to avoid PayPal fees) is illegal and a violation of IRS tax law. If detected it will get both accounts shut down while PayPal does an investigation into both parties to see what is going on.
    I never knew that was a violation of law. I always thought that it just voids any possibility of a paypal claim if something with the transaction goes wrong. Good to know.

  4. #12
    swords's Avatar
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    Yes, PayPal is required by the IRS to keep an eye on all transactions or they will be in violation of the law. Especially they have to keep an eye on those money sent as "gifts" to friends and family because those are not subject to fees or reporting to the IRS. But if they suspect it's going for a transaction (like someone gets or sends a lot of "gifts") they will begin to get suspicious. The government wants to be sure the gift function is not being used to launder money or hide income that should be taxed.

    Also, if you make 200 transactions a year and $20,000 in income they will report you to the IRS and send you a form 1099K to report your internet sales income on the next years taxes. However, if you start to get a lot of transactions even if you don't get close to the 200 count or $20,000 amount they will get ahold of you and ask for your Social Security Number. If you don't give it to them they will limit or place a hold on your account.
    Last edited by swords; 07-31-2014 at 04:16 PM.

  5. #13
    An orchid fancier with a CP problem chibae's Avatar
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    Heck..I even have a paypal card reader for my phone so I can process credit card transactions on location for sales. I'm definitely not a technophobe even though my day job does not have direct deposit for our pay.
    It's a tough life being a Sarracenia farmer
    My Grow List http://www.terraforums.com/forums/sh...d.php?t=123776

  6. #14
    swords's Avatar
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    My tax man has one of those too. My phone is not smart enough to work with it. Though I rarely ever actually do in person sales. If I start vending at festivals I would need it for sure.

  7. #15
    Tropical Fish Enthusiast jimscott's Avatar
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    Thanks, Warren & Josh! My wife has paypal and uses it for star-making small business. If I have to use paypal again, I'll go through account.

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