PayPal™ is an online payment processing company widely used on the Internet to facilitate sales transactions, including credit card payments.
PayPal is a commonly accepted method of payment with Homeschool Trader sellers. As a seller you might choose to use PayPal to securely process your transaction with a buyer.
As a buyer, generally, you need a PayPal account to pay via PayPal, but you may be able to pay using your card through PayPal without having a PayPal account.
How do I open a PayPal account?
To get started with PayPal, you will need to go to http://www.paypal.com and register. You can sign up for a Personal account or if you think you might be selling a lot you can sign up for a Premier or Business account. Personal accounts are subject to receiving limits every month and cannot accept payments from buyers that are funded by a credit card (in other words, they don’t have a PayPal account). There are only slight differences between Premier and Business PayPal accounts.
Here is a table explaining the differences between Personal, Premier, and Business PayPal accounts:
|Personal Account||Premier Account||Business Account|
|Registration Steps||Collection of personal information||Collection of personal information||Collection of personal and business information|
|Limits on Payment Receiving||Limit varies but is typically $500 per month||No set limit||No set limit|
|Payment Types Accepted||PayPal and bank transfers||PayPal, bank transfers and credit cards||PayPal, bank transfers and credit cards|
How do I invoice my buyer directly?
You’ll need to gather some information for the PayPal invoice.
- buyer’s email address
- quantity of item(s)
- item title or short description
- price of the item
- cost of shipping
Here’s how to create an invoice in PayPal for your transaction:
- Go to PayPal.com and login to your account.
- Click the “Request Money” tab.
- Click “Create Invoice” in the header.
- On this page, you will enter in all the details of the transaction, as noted above. For “Invoice Type,” select “Goods.” Press “Continue” when you’ve got all the info entered. (see the screenshot below)
- Review the Invoice. Make sure everything is accurate, then press “Send Invoice.”
- You can save a template of the invoice you just sent if you think it will be a common transaction.
An email will be sent to your customer with all the details and a link back to PayPal to complete the payment. Remember, never send the item until you have confirmed payment was received.