If you want to be serious with the business of reselling sneakers online, there is no way you can do without using PayPal. And when using PayPal, one of the important things to always keep with you is a record of your profits and expenses. One of the things that PayPal will always do is to send you a tax form which you will need to use to account for the income on your taxes as long as you are making over 20,000 dollars in sales and you carry out at least 200 transactions.
There are ways by which you can protect yourself when it comes to PayPal, and I will make sure that I explain it in detail in this article. To make it simple to understand, I will break it down into two; selling and buying. One of the scariest things that PayPal can do is that they can decide to freeze your account at any time and nobody wants that. Because once your account is frozen, you can't do anything with the money that you have in the account until they lift the ban.
You will not be able to transfer to anybody, and you will not be able to send anything that is frozen until they lift the ban and sometimes this ban can take weeks or months before they lift it. You really don't want to fall a victim of this, because it can be very frustrating and discouraging.
So what I can advise you to do is to change your PayPal personal account into a business account. This is the first step in making sure that you are more protected because making large transactions on your business account is more acceptable than using a personal account. Let me break it down, if you are using a personal account, and you didn't receive or send any money for up to a month, and then suddenly you start making transactions of $5000 moving in and out every week, PayPal can decide to block your account from making further transactions and they won't even warn you. But if you are using a business account, you are more respected, and there are some other advantages.
With a business account, you will have a better user interface with more features that include how you can manage your money, and you can connect your account to other services like Shopify and Squarespace. You can also request a personal PayPal debit card that you can use to withdraw your money by transferring the money into a local bank account.
Another advantage of a business account is that you can rest assured that your account won't be frozen for moving a lot of money and also not forgetting the customer service aspect, there is a difference in the way they treat their business account holders compared to personal account holders. I've been able to easily sort out my issues with my business account, but I can't say the same for personal accounts that I've used before.
Tips on Using PayPal to Buy.
Tips on Using PayPal For Buying
When it comes to buying on PayPal, you can never be too careful. Whether you are buying through eBay or using an invoice or any other form, you can be sure that you are on the good side. Most of the payment services are quite lenient with the buyer and stricter with the seller. If you are buying using PayPal, there are a few tips that you need to know.
- One of the important things that you need to know is that it is not advisable to gift payment with your PayPal balance. Peradventure something happen to your items, and you are not able to receive them, PayPal will not be able to help you. The best option is to make your payment using a credit card because with a credit card you can still file a chargeback with your CC company.
- Ensure that you go over the users tag more than once to be certain that it is legal, you can search for the name on Google, or you can look it up on Reddit or search for it on social media platforms like Twitter. Be certain that they have a clean history and they are not scammers.
- You can also post the pictures on every social media platform that you know especially Twitter or Reddit. Make sure that you double-check everything.
- When you are ready to send payment, you can either use the option via goods, or you can use the invoice.
- Make sure you double-check the invoice; you should look out for the size of the item, the condition, and the type, to ensure that you are not paying for something else. If you find anything suspicious, feel free to message the seller and ask them to write a new one.
- Be certain that you have an address that is verified.
- Basically, just be smart, use your common sense, if you see anything suspicious or you feel the deal is too cheap, do not go for it. Trust your instincts; the buyer is always right most of the time, so be comfortable and make sure you are the one calling the shots.
Tips on Using PayPal to Sell
This is the part that you need to really pay attention because you can easily be caught in the middle of a serious issue. I'm not trying to scare you, but you will probably receive a chargeback or a dispute filed against you after you have successfully completed a sale. It can be that serious, so you really need to be careful to protect yourself as much as possible.
There are times when you would have forgotten about a transaction that you made, it can be more than a month, and then you will receive the message, so you don't know even the exact transaction. There are methods that you can use to protect yourself from situations like this, although it is quite difficult to tell you that these methods will always work, but it's the best you can do. You can only try your best to protect yourself and hope for the best. Below are some tips that you should always adhere to when using your PayPal to make a sale.
- If a buyer decides to file a dispute against you, it can only be for some reasons, one of the reasons is that maybe the item was not delivered, or the item that was delivered does not fit the description that was stated by the seller or maybe the item is not the original one.
- One of the things that you always need to do is to take a clear picture of the item and ensure that it is tagged.
- Make sure that the item is legit by checking it out.
- Ensure that you add signature information, tracking and make a video when you are packing the item. Make sure that the video is clear.
- Make sure that you state the exact condition of the item and if there is any fault, make sure that it is shown in the picture and it is stated in the description including stains on the item if available.
- If you are going to use an invoice to receive your payment, make sure that you are not receiving another invoice of the same item from another interested buyer.
- It's also crucial to point out that if you choose to use a gifted payment sent directly to your email, it makes you vulnerable because you will lose your seller protection benefits in case of an issue.
- Make sure that your PayPal invoice is well detailed; include all the relevant details that will make the process as smooth as possible. Details like the price, the item being sold, return conditions, the date it is going to be shipped, the original place of purchase should all be added.
- Ensure that you have the receipts of everything that is connected to the item including the USPS drop off, the purchase, shipping label that was bought. All relevant papers that you can provide to PayPal if there is a dispute between you and the seller.
- Because you receive an email of payment does not automatically mean that the money is in your PayPal account, make sure that you check your balance to be certain that it has been updated with the new payment. If you can't see the payment, then you probably got a fake email, and the next thing is to report the email.
