ACCEPTING PAYPAL AS PAYMENT....

On a car sale. Friend who's selling a car, buyer wants to pay via Paypal, but is concerned about "buyer's remorse" and having the $ taken back.

Would you sell a car this way? Pluses and minuses appreciated.

I thought that they limit the amount that you can take out per day. Do you want to wait each day to get another installment?

I think using their credit card to pay via PP.

Open a new checking account. Transfer PP money into new account. Transfer from new account to existing account. Deliver car,

If they're doing any amount of PP transactions - ebay, online selling, etc, - I would recommend a dedicated account with not much kept in it for that anyway. PP has no problem taking your money from a linked account if they think they have a good reason.

Seller should insist on a wire transfer to an account that is dedicated for that purpose. As soon as the payment reaches the account, the seller should transfer the money to a different account.

I wouldn't trust paypal with anything like that.

Nope, Nope and NOPE
deposit maybe. But full payment, NO

Remember PP charges a fee to the seller so you need to factor that into the price if you go that way which I sure wouldn't.

Wire transfer is the safest way to go.

$250 Yes
$2,500 Maybe
$25,000 No! The seller will pay 2.9% so $275.

I have a Chase account just for my PayPal. I keep $250 there so I can buy most things off Ebay. But a few times I've sold something and got $1500 or so, I went that day and drew all but $250 out. This Chase account is not tied to any of my other banks/credit unions. So kind of 'Sandbox'.

He may be using pay-pal credit which can be higher amount.

Payments via PP may not "clear" on your account right away. Always need to be sure of that when selling/shipping via PP payments. You only know if it's "cleared" when you can withdraw/spend or transfer it. Otherwise it's spending

And unless its sent as friends and family method . the sender can claim fraud and Paypal will want the money back

That's what the seller's worried about

Make em use pay pal friends and family or cash. A used car is sold As-Is with no warranty by you so no need to spend %3 of your money giving them a "warranty" through pay pal. The way I look at it is I only set up my pal pal for the buyers convenience, if I feel some reason to give them a gaurantee of some sort it will not be through PP, if they are not OK with all that then they are a shaky buyer and you don't want to sell to them anyhow.