Do i need a Paypal account?

wizzkidjam · #1 10-22-2014

Hi

I am about to close a deal with a new customer, the deal is worth around $40,000. I will be doing it on a dropship basis.

My customer has lack of confidence and trust with me which is understandable at this point. The problem i have is that the only payment method he is comfortable with is payment on receipt of goods or by credit card.

Payment in receipt of goods is a defo NO but i am willing to take his CC payment. I have no facility to take CC payments and have no Paypal account as the blocked my account last year. Should i except the payment via Paypal? And if i do would i have access to the funds straight away so i am able to pay my supplier?

Any help or advice would be grate.. Thanks guys.

JamesNorth101 · #2 10-22-2014

Depends how strong your PayPal is. Nothing wrong with taking payment via PP so long as the PP can handle the payments.

No way of knowing if you will have holds on the payment or not. Chances are you will not for an off eBay transaction.

wizzkidjam · #3 10-22-2014

If i do go the Paypal route i will need to buy one off here as at this moment in time i dont have one. Can you recomend a seller? what about a Merchant service provider?

JamesNorth101 · #4 10-22-2014

All the UK Account sellers are carefully vetted and will all be able to provide a great service.

Your not going to be be able to takes £100's a day on a brand new PayPal though.

Lots of online merchant account providers. Google is the place to start for that.

I tend to use Skrill alot myself for large off eBay transactions.

stevebills · #5 10-22-2014

Quote:

Originally Posted by JamesNorth101

All the UK Account sellers are carefully vetted and will all be able to provide a great service.

"I don't agree, and here's why." I had a bad experience and it cost me a bank account and wasted my time and money was held on PayPal

wizzkidjam · #6 10-22-2014

I am planning a non ebay transaction so would you say it would be a good idea to use Paypal? It would be around $40,000 i would be recieving.

stevebills · #7 10-22-2014

A new PayPal account will get the money held unless you use eBay
u will need a Credit card payment or don't bother taking a risk with a new customer

JamesNorth101 · #8 10-22-2014

$40,000 in one go?

Need to look at options other than PayPal for that sort of money.

Dmshark25 · #9 10-22-2014

Definitely do not use PayPal for that amount, especially on a new account, that's instant limitation, there's so many other options

wizzkidjam · #10 10-23-2014

Ok, what about if I bought a verified account that a few members on here are selling? Also I have been looking at some merchant accounts that would enable me to take the credit card payment.

Any other suggestions would be grately appreciated.

JamesNorth101 · #11 10-23-2014

No account avalible on the forum will be able to handle $40,000. It needs to be a very very well ages strong account for that sort of money.

Merchant accounts would be a better way to go, but they will likely have holds on some of the money.

Callidus · #12 10-23-2014

Quote:

Originally Posted by wizzkidjam

Ok, what about if I bought a verified account that a few members on here are selling? Also I have been looking at some merchant accounts that would enable me to take the credit card payment.

Any other suggestions would be grately appreciated.

That is some serious cheddar to be pushing through a PayPal account £40k. As James stated above, an aged account would be needed and even then there may be a limitation.

GreenBean · #13 10-23-2014

You can not make a transaction of that high amount on a paypal account just purchased from anywhere OR just made by yourself.

Your funds will be held. The account has no standing with paypal and is high risk.

All the parties to this are at risk:

You need protection from your seller.

Your seller needs protection from you.

Any company supporting you needs protection.

Have you got all the paperwork to support this high amount of money being paid out?

Consider escrow. Avoid paypal.

GreenBean · #14 10-23-2014

Quote:

Originally Posted by wizzkidjam

I am planning a non ebay transaction so would you say it would be a good idea to use Paypal? It would be around $40,000 i would be recieving.

paypal UK will limit you outright for a foreign currency transaction.

wizzkidjam · #15 10-23-2014

Callidus, it isn't £40k it's $40k but i understand it is a large amount of money. This is why I'm asking for advice on this. Would hate for it to go wrong!

Thanks GB, I will suggest Escrow to my customer and see how it goes.

Callidus · #16 10-24-2014

Quote:

Originally Posted by wizzkidjam

Callidus, it isn't £40k it's $40k but i understand it is a large amount of money. This is why I'm asking for advice on this. Would hate for it to go wrong!

Thanks GB, I will suggest Escrow to my customer and see how it goes.

Makes no odds what denomination it is, it's still far too much to be putting through a new PayPal....and if you do go ahead and do it I can see you back here fairly quicker asking how to remove a 7 stage limitation.
Proceed with caution

sausageishere2008 · #17 10-27-2014

for that i would say bank transfer only fu.k giving that much to a online merchant as you never know whats going to happen as it will be a new account and may see it as fraud

lamos1 · #18 10-27-2014

I don't know if it was mentioned as I did not read all of the comments, but I think you should get one of the SQUARE credit card swipers that you attach to your smartphone and the money electronically goes to your bank account. You don't have to physically have the card, you can just key in the numbers and the customer will get an electronic receipt. I think that is the better way to go. Also try FLINT.COM you could go that route as well.