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Welcome to Wholesale411.com Chat!

neon: Welcome to the first wholesale411.com moderated chat! Our guest tonight is Dave Nielsen from PayPal.
neon: Let me first lay some general guidelines that will help us along here tonight.
neon: First, remember to be patient as the messages have to be thought about, and then typed! If Dave is anything like me, the typing won’t be pretty
neon: Second, all messages by the 4um users will be sent to the moderator (me) for review or clarification. So, not all posts will make it to the chat…Sorry in advance.
neon: Third, we are going to try and stay on topic. Tonight’s session topics will include: PayPal benefits, setting up a merchant account, Shopping Cart , Generating invoices, Shipping tools, Costs & fees.
neon: We will address other topics in subsequent chat sessions.
neon: That’s all I have in advance. Let me have Dave say a few things before we get started. Take it Dave!
PayPal_Dave: Thanks for having me, Neon. I'm looking forward to all of your questions.
neon: Let me start with the first question
neon: What is PayPal?
PayPal_Dave: Its a fast, easy, secure & cost-effective way to accept online payments. PayPal is the #1 online payment service enabling e-commerce for millions of small businesses around the World. Everyday, over 60,000 new members join PayPal.
tmoney: Are we supposed to start asking questions?
neon: Yes
neon: How does PayPal work?
PayPal_Dave: I'm glad you asked that question. Anyone with an email address can accept online payments via PayPal. Your customers can pay you with their favorite credit card (Visa, Mastercard, Amex, Discover) and even use their checking account. Of course they can pay you with their PayPal funds too.
neon: How does one sign up?
PayPal_Dave: Signing up for a PayPal account takes only minutes and its free. From https://www.paypal.com/signup, Choose Business Account, select your country and press continue. Once you fill out the online form, you will be sent a confirmation email with instructions to confirm your email address.
PayPal_Dave: The signup process takes only a few minutes. Once you're done, you will be able to accept online credit card payments immediately.
ArtBroker: What is the advantage of having a Premier account?
neon: Remember, he has to type.
PayPal_Dave: A Premier account is almost the same as a Business account, but is provided for individuals who want to upgrade from their Personal account. One key difference is that a Business account can show a Business Name during checkout while a Personal and Premier account show your email address.
tmoney: He needs a stenographer
PayPal_Dave:
PayPal_Dave: If you are using PayPal for business, I suggest creating a Business account
PayPal_Dave: The fees are the same
neon: Ok, Now that I've signed up, what now?
PayPal_Dave: You can request money from anyone with an email address from the Request Money tab at PayPal.com. But to accept payments on your website, you'll need to add a little HTML to your website. You can use PayPal's Button Factory to do this.
neon: No private messages during the chat please.
PayPal_Dave: To start the Button Factory, log into your PayPal account and click the Merchant Tools tab. Look for the "Accepting Website Payments" section and choose the right button for you. The choices are:
PayPal_Dave: PayPal Shopping Cart Buy Now Buttons Subscriptions and Recurring Payments Donations
PayPal_Dave: Clicking on any of these four links will take you to a PayPal page that will help you create the HTML for your Website Payments button. The 'Buy Now' button is easy to create, so click on that link. Then fill out the 'Item Name' (ex: PayPal Hacks Book) and the 'Price of Item' (ex: 24.95).
PayPal_Dave: Skip everything else and click the 'Create Button Now' button. Now copy your custom HTML code and paste it into a web page on your website.
PayPal_Dave: To creat another button, click 'Create Another Button'. There are many options you can add to your button (click 'Add More Options') and if you want to tweek your button further, click 'No' under Security Settings to be able to edit the HTML yourself. Here's an example:
PayPal_Dave: <form action="https://www.paypal.com/cgi-bin/webscr" method="post"> <input type="hidden" name="cmd" value="_xclick"> <input type="hidden" name="business" value="dave@paypalhacks.com"> <input type="hidden" name="item_name" value="PayPal Hacks"> <input type="hidden" name="amount" value="24.95">
PayPal_Dave: <input type="hidden" name="no_note" value="1"> <input type="hidden" name="currency_code" value="USD"> <input type="image" src="https://www.paypal.com/en_US/i/btn/x-click-but23.gif" border="0" name="submit"> </form>
PayPal_Dave: And you're in business!
thenewyorklink: How is paypal merchant account different from any other merchant account? and is it recognized as a valid merchant account?
thenewyorklink: what is the difference between a premier account and a merchant account?
PayPal_Dave: A PayPal account is not the same as merchant account you'd create through other payment processors ....
PayPal_Dave: A PayPal Business account lets you accept most, if not all, of the credit cards you'd accept via a merchant account ...
PayPal_Dave: plus you can accept payments from users' PayPal balances and from users Bank Accounts (aka eChecks) ...
PayPal_Dave: PayPal sets this all up and makes it available to you through its online website so you don't have to set anything up.
PayPal_Dave: It is not recognized as a valid merchant account by other payment gateways, but more and more ecommerce stores and shopping carts are PayPal-enabled
PayPal_Dave: PayPal does not require that you have a Merchant Account or Payment Gateway.
Rlay is currently away.
Rlay is back again.
PayPal_Dave: Also, PayPal does not pass the customer's credit card information to the business. It keeps that information private, but passes all other payment details to the business via a variety of methods (email, IPN, downloadable logs, etc.)
Gotti: whata re the fees
PayPal_Dave: Their are no setup or monthly fees. The intro fees are 2.9% + $0.30 per transaction.
PayPal_Dave: For those of you doing more than $3000, the fees are 2.5% + $0.30
PayPal_Dave: For those of you doing more than $10,000, the fees are 2.2% + $0.30
PayPal_Dave: For those of you doing more than $100,000 / month, the fees are 1.9% + $0.30 per transaction
neon: I have a lot of questions in Queue, please be patient as Dave has to process and type the answers
andy11: does paypal in any way help me drive traffic to my website or help gain customers?
PayPal_Dave: PayPal Shops is a directory of online businesses that accept PayPal. Busineeses who meet the eligibility requirements may register their website with PayPal Shops.
PayPal_Dave: Many times when a customer finishes a payment, PayPal shows the customer a featured PayPal Shop. Businesses who successfully apply to be a featured shop notice increased traffic.
PayPal_Dave: To enroll in the PayPal Shops directory, visit https://www.paypal.com/APPLYSHOPS
neon: Welcome new users. Please post your questions and they will be sent through as soon as we can.
Gotti: what advantages does Paypal have over its competitors?
tmoney: What are the benefits of Paypal VS traditional Merchant services?
PayPal_Dave: PayPal is great as a sole solution for small businesses who don't want to pay setup and monthly fees. PayPal is also very secure because PayPal doesn't pass on the credit card info to the business. Therefore customers feel safer when using PayPal when buying from a business for the first time.
PayPal_Dave: PayPal's transaction fees are very competitive and PayPal offers protection for sellers who meet Seller Protection Policy.
PayPal_Dave: For larger merchants who want to process credit cards directly, PayPal is an excellent additional payment mark for customers who want to pay with their PayPal account.
PayPal_Dave: Many PayPal users have said they prefer using PayPal when given the option. According to a recent independent study, you can increase conversion rates and decrease shopping cart abandonment by up to 20% by offering additional non-credit-card payment options including PayPal
andy11: is the 1.5% rewards if i use my paypal debit card also for money not coming from ebay transactions?
PayPal_Dave: Anyone can use the debit card, but to get the PayPal Preferred Rewards you must be an eBay Seller. I believe it is 'for money not coming from ebay transactions'
PayPal_Dave: I believe itis 'from money not coming from eBay transactions' and eBay transactions
giftshack: With the new check law will the echecks clear any faster?
PayPal_Dave: I don't know, but I believe the answer is 'No'. At least for now. Let's cross our fingers.
gr8deals78: I read that by accepting Pay Pal's credit line you can get more business. Do all Pay Pal vendors automaticly accept this or is something I need to sign up for?
PayPal_Dave: With, PayPal Buyer Credit, you do increase the number of customers who can buy from you. It is not automatic, you need to apply for it at PayPal.com I believe there is a link at the bottom of every page.
PayPal_Dave: http://www.paypal.com/cgi-bin/webscr?cmd=_bc-signup
PayPal_Dave: http://www.paypal.com/buyercredit
giftshack: What is the cost to be a featured shop?
PayPal_Dave: Currently tere is no cost to become a featured shop. An application form is now available for all Shopkeepers who wish to have their website become a Featured Shop. Of course, we cannot feature everyone, so its best to apply earlier than later.
giftshack: Are the business account and personal/premier accounts charged the same?
PayPal_Dave: Business and Premier accounts are charged the same. See fees listed above. There is no charge for a personal account, but a Personal account cannot accept credit cards.
tmoney: Does Paypal work Internationally?
PayPal_Dave: Yes, we accept payments from about 45 countries and accept payments in 5 currencies.
PayPal_Dave: By default any PayPal business can accept international payments
chunter257 is currently away.
chunter257 is back again.
gr8deals78: Those links you gave were for buyers to sign up for the buyer credit. My question was do I need to sign up to accept the credit as a seller.
PayPal_Dave: Good catch. Yes, you need to signup on eBay to accept the credit as a seller. I believe it will appear as an option if you qualify. Here's a link for more info: http://pages.ebay.com/help/sell/ppbuyercredit.html
neon: For questions that may not be able to be answered immediately, Dave will answer via posts in the forum.
giftshack: How does the buyer financing work?
PayPal_Dave: See previous answer. Here's another link to answer your question: http://www.ebay.com/offercredit
thenewyorklink: being that the paypal website is secured , why should i pay monet to have ssl on my website?
PayPal_Dave: You really don't need SSL on your website to accept payments via PayPal. You will need to host a file at an SSL location if you want to put your own banner at the top of the checkout pages on PayPal. Its not necessary, but your users may not see your banner if you don't host it on SSL
andy11: why do paypal not offer an offline type of account to enable us to take credit cards over the phone?
PayPal_Dave: Good question. Our service works best when used online. But we are considering a solution such as you requested and hope to have something for you in the middle of next year. I'm sorry I can't talk about this further.
Gotti: when u get a big order, say 500 dollars, and the buyer wants to pay in payments, how does paypal deal with this if we are using paypal
PayPal_Dave: For eBay items, you can offer Buyer Credit (see links above) For other purchases, you would have to work out a payment arrangement on your own. You can use Subscriptions and Recurring Payments, but I don't think that will meet your needs because the customer can cancel the remaining payments.
PayPal_Dave: If you do work out an arrangement, you can use the PayPal Payment Request Wizard (for Outlook and Outlook Express) to send a payment request from your own email http://www.paypal.com/outlook
giftshack: Why would we utilize the multi user access to a PayPal account???
PayPal_Dave: With Multi-User Access you can add users with limited access to the account. For example, you may want customer service reps to be able to view transactions and process refunds, but not pay money out of your PayPal account or withdraw money
tmoney: Is Paypal partnered with any shipping companies for better rates?
PayPal_Dave: There is no rate discount, but you can print out shipping labels directly from your PayPal account and PayPal makes it easier to track your shipments.
ak: Are the monies received instantly and notofied instantly?
PayPal_Dave: Credit Card payments, instant Bank Transfers (aka iACH) and PayPal balance payments are recieved instantly. Notification is tracked instantly and sent via email.
PayPal_Dave: You can also setup your website to recieve Instant Payment Notifications (IPN) to automate your processes.
giftshack: What is the IPN?
PayPal_Dave: IPN requires some programming knowledge, but can help you automate processes like sending an email to your customers from your own email address or making areas of your website available to your customers in real time. Or automatically making digital files available to your customers in real time
PayPal_Dave: For more info about IPN see http://www.paypal.com/ipn You might also be interested in Payment Data Transfer http://www.paypal.com/pdt
giftshack: How do we setup out website for IPN?
PayPal_Dave: see above
andy11: what ia the differents between aka iACH bank transfer and a reguler e-check? is there any fees different?
PayPal_Dave: With regular e-check (i.e. customer pays from their checking account) the payment takes about 3 business days to complete. This is out of PayPal's control. With iACH, PayPal makes the funds available immediately but only if the customer and business qualify.
PayPal_Dave: iACH equals instant e-check
Gotti: is there fees to a IPN and PDT
PayPal_Dave: No it is free of charge for unlimited IPNs and PDTs. Tho you may need a programmer to set it up.
neon: I know a lot of your questions were not passed through. We apologize…We unbelievably ran out of time. Other questions will be followed up in the forum after the chat.
neon: Thanks everyone who participated tonight. I hope some of you will take away some information that you will find useful.
PayPal_Dave: Thanks everybody for all of your astute questions. Its been a real pleasure talking with you.
neon: Remember to get a copy of Dave’s book titled “PayPal Hacks”. You can get it at http://www.paypalhacks.com
neon: We will also be posting a transcript of this chat in the forum so you can read it at a later date. We will also announce the book winners in a few days.
PayPal_Dave: Thanks Neon
neon: Thanks again to all, good night!