How does paypal work?
How exactly does paypal work?
I'm selling my phones on eBay and I have a paypal account but I don't have a credit card or bank account on it. When the phone bidding is over how does the person get the money to me and how can I retrieve it on paypal? Please let me know.
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The buyer will give the money to PayPal. They will either already have a pay pal account, or they can simply pay with a credit card or e-check if they don't. Then PayPal verifies the payment and puts the money into your PayPal account. Its guaranteed, so you never have to worry about the credit card being declined or refused or challenged later, that's between the buyer and PayPal.
Then to get the money, it will basically just sit in your PayPal account until you either buy something online using your PayPal account, request a paper check (for which they charge a fee), get a PayPal credit card, which works like a debit against the PayPal balance, or set up your bank account to receive the funds. It's best to set up the bank account because they will transfer the money directly into your account for free, usually within 3 days.