Paypal query

[J&J]

To do the maths backwards, you need the following calculation:

(£975 / (1-0.034)) + 0.20
= (£975 / .966) + 0.20
= £1009.52

If you charge your client this amount it will give you £975.

[KathyG]

Well thanks J&J, I was just about to sit down and work that out!

i've now created my Paypal account, they're going to transfer 2 small sums of money into my bank account to verify that it's mine - this will take up to 5 days. However I can't find out on their site whether money can be transferred to this Paypal account before this happens - does anyone know?

[greenfrog]

I seem to remember that you can accept payments and they're credited to your account but you can't access them until Paypal is happy with you.

I think you'll find they're taking money off you, not paying it in!! And I had just one transaction, 1.50 euros, that was repaid the first time I issued a payment for something.

[KathyG]

I seem to remember that you can accept payments and they're credited to your account but you can't access them until Paypal is happy with you.

Thanks Greenfrog

I think you'll find they're taking money off you, not paying it in!! And I had just one transaction, 1.50 euros, that was repaid the first time I issued a payment for something.

Well it does say "Check your bank for two small deposits in 3-5 days"

[greenfrog]

Well it does say "Check your bank for two small deposits in 3-5 days"

Hmm, I think I prefer the new system!!

[Nightowl]

If you accept damage deposits by Paypal and refund within the 60 day limit, does the guest have to have a paypal account in order to receive the refund back again? Does it get refunded back onto their credit card whether they have a paypal account or not?

I have started experimenting with paypal but I don't want to find that my guests can't receive the refund without a paypal account...

[greenfrog]

Hi Nightowl,

If you refund within 60 days, they don't need an account and there are no charges. If you miss that deadline, they have to open an account in order to receive payment - and they pay charges.

[A-two]

Using example numbers:

Rent is $1,000
Paypal fee is 4%
Divide $1000 by 96% = $1,041.66

That is the number to charge if you want to net $1,000 after 4% fees have been paid on the whole amount.

Simple once you know how.