Payments deposited in Paypal??

[Former_Member]

I would love it if our payments could be deposited in our paypal account somehow. I use my paypal account as a business account so that I can keep track of sales and expenses using my debit card. With the direct checkout, funds will go into my personal checking, then I'll need to transfer it from there to Paypal. This could take 4-5 days in addition to the time it takes for Etsy to transfer it to me.

Is it worth the hassle?? I just enabled it a couple days ago and I've already gotten three payments through it. No way to say whether the customers would've used Paypal if they had no other option.....

Hmmm... Advice?? Tips??

[Former_Member]

Everyone approaches bookkeeping differently, but I would think your request would appeal to many sellers. I believe there is another DC Team and they might be the ones to contact to get your idea into the hands of admin.

[Former_Member]

I had the same dilemma and decided to open a business checking account for that purpose. I pay myself a set amount weekly and didn't want to mess up the system... so far so good! :)

[ErstwhileStyle]

same here.

[ScrappinCop]

I would love this option also for the exact same reason. I use my Paypal debit card for all business expenses and it's a pain to transfer from DC to my personal checking to Paypal, not to mention it could take over a week by the time all the funds are available.

[Former_Member]

But then you'd have to pay fees to Paypal to accept the money. Making it a third set of fees to pay for one transaction.
Paypal aren't likely to process money for free being deposited from a competition payment processor.

[OriginalsbyLauren]

I have a seperate checking account for my business, it is a free personal checking account with a debit card, you might look into that.

I don't like to keep too much money in my paypal account since so many people have posted in the forums that they have had their's frozen.

Plus, not being a bank, I am not sure how protected my money is.

[Former_Member]

My only advise to all of the paypal lovers is this: Don't put or keep any money in your account that you can't afford to have tied up for 6 months. Hopefully it will never happen to you, but I know enough people that have had it happen. Do a google search for paypal problems and you will see exactly what I am talking about.

Immagine going on a trip with your pp debit card and half way through, finding out your account has been frozen. A bank will not do this to you, but pp can and will, leaving your helpless and potentially in a bad spot.

[Former_Member]

With all new programs there are flaws - bugs and a maze of fine ptint to navigate before we become accustomed to it. I agree with most of the complaints read so far. However I have never understood why ANYONE would ever consider Paypal in the first place if other options are available. Paypal operates the same way all "big banking does" eventually leaving us "small fry" in a lurch. The horror stories we have read over the years about Bank America, Citi, others and now Barclays should convince us to run to the nearest small bank and start over.

I've lived in a small community for over 50 years. Cape Ann comprises two two towns (city) When I first arrived there many small reliable home town banks. Most were sucked up, sold, or merged with the likes of TD Bank North etc. Each time I'd Run. Today there are only three left -each are solid and secure.
I too am forced to use Paypal, however, only as a funnel. Nothing sits any longer than necessary. Sometimes less than 15 minutes.- in and out!!!

Bottom line, Why be a number when its possible to be a living - breathing human being appreciated by a small local bank. Etsys DC is fairly new for all of us so I believe we have to give it a fair period of time to work thing out.

[BrumbysYarns]

I would love love love to put my money in paypal.

[Former_Member]

I think to put your money in paypal, you should use paypal as your payment source.

This sounds like a huge hassle.

[CopperLeafStudios]

I wouldn't recommend this... Paypal isn't a bank account, and it doesn't have the same financial protections a bank would provide. Like Lauren said, it's best to just get a business bank account with a debit card.

The other factor is 1099 reporting. You would then potentially end up with a 1099 from DC, and a 1099 from Paypal. So you would have to explain to the IRS how they double counted part of your income, and you'd have to keep meticulous records of what originally came from where.

[Former_Member]

I had the same thought as the OP, and then a "wait a minute..." moment - good points by everyone who recommended against it... there were a couple I had not thought of. Too bad, as it makes the whole thing seems easier. But I agree, a separate (free) business account with debit card is the way to go.

[CCNdesigns]

I signed up at a local bank in my area and got a free checking account with a debit card for my small business. I've really enjoyed it so. My DC payments go into it once a week and I tend to leave my Paypal money in the account for supplies I purchase here on Etsy or for shipping charges.

I wouldn't keep more money in Paypal than I'm prepared to lose access to just in case. I do have it set up so that if I need to I can use funds from my checking to cover Paypal transactions. This has worked well for me so far. It does take a little longer at times to get my money from DC but it's trained me not to spend every dime I have coming in. :)

[sewbigkeepsake]

I appreciate having direct check out as I really believe there are people who do not want to go the route of using PayPal.

Another option for paying and I can live with the inconvience of a delay.

Like reading the posts as other view points keep me thinking.