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Old 02-25-2009
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Default Withdrawing paypal funds With less chance of problems

Hello all, this is my 2nd post so if I am way off base please let me know.

As we all know, paypal hates people withdrawing their money but for some strange reason like when you use it to purchase goods or services.

Considering what *******s they are, I decided NEVER to withdraw my paypal funds but just use it to buy more goods and services.... from MYSELF!

What I do is fire up one of my merchant account's virtual terminal, create a paypal virtual credit card using the paypal plug in, run the virtual credit card through my own merchant account for whatever amount I need to "withdraw".

So in fact, I have never withdrawn money from a particular paypal account

Hope this helps.
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Old 02-25-2009
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I have thought about this but I'm worried if this may turn on any red flags, can I know what is the total amount that you have charged using this way, and how many times? Thanks for your help.
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Old 02-25-2009
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I have done the PP plug in dance about 20 times every single time paying my "supplier" in different amounts to the tune of a few grand

Now, I am completely weaning off PP completely
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Old 02-25-2009
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It is the same..When money LEAVES your account is considered a withdrawl to PayPal regardless.
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Old 02-25-2009
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Quote:
Originally Posted by JamesYaBaoy View Post
It is the same..When money LEAVES your account is considered a withdrawl to PayPal regardless.
i kinda disagree here ... Paypal promotes using their card for shopping etc.. that way if anything goes wrong the money goes right back to them.

You also come under less scrutiny (in my experience at least) when it comes to using that plugin
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Old 02-25-2009
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^^^^ya'll are close to being correct. For sure there are ways to 'use' paypal to your own advantage.Konw the ways. Anyone needs to be aware of what paypal does, what may happen: what's that physics saying for every action there is a reaction. Whatever else, it is YOUR money, never paypal's money. Understand this, act carefully, love paypal

tbf, the thread title is an exaggeration: 'with no problems' is not the paypal way. LOL Should be ''with less chance of problems''
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Last edited by GreenBean; 02-25-2009 at 10:18 PM.
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Old 02-25-2009
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Hehe, PayPal is a tool and if used correctly can be very useful.

I used to do this all the time with no issues. Merchant accounts come in handy.
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Old 02-26-2009
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Yes but don't you end up paying the credit card processing fee from the merchant account?

So wouldn't a 1000 charge cost about 20$?

Guess its the price to pay.
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Old 02-26-2009
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Smart. Too bad wont work for Canucks =(
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Old 02-26-2009
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Yea, but what's 2% to avoid PP headache? I just opened new Merchant with First Data last week, spend 15 min this morning on the phone with rep to guide me through charging process and used it just now to "pay me" with Simon virtual gift account that has been sitting in my PP for some time. Now the money goes back to my account. Nice!
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Old 02-27-2009
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You can write this off come tax time, too.
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Old 02-27-2009
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Lyda, be careful with first data, they seem to not like the pay yourself method
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