If you’ve ever shopped online or bought something from Facebook, you know PayPal is your best friend. If you don’t have PayPal, you can get $10 free for signing up for PayPal. (Find more details on that in the Free $10 PayPal section below.)
In a nutshell, PayPal is a free way to send and receive money. Think of it as a bank account, but no one knows your account number.
- You can safely store your bank account info (to transfer funds to your checking), gift cards, and credit cards. When you go to check out at a retailer, you won’t have to dig for your debit card. If the retailer takes PayPal, just log into your PayPal account and select the payment method you want to use. Easy peasy.
- If a friend owes you money, just give them your email address (tied to your PayPal) and they can send you the funds in 30 seconds or less. You can transfer the funds in your bank account or let just keep them in your wallet. Works just as easy if you need to send a friend money.
- There’s a QR code that you can easily pull up in the PayPal app so people can scan it with their phone. You can send money or get paid within seconds.
A lot of people prefer Venmo. I know. There’s a social ticker showing who’s giving who money and for what. And it’s free.
PayPal is free too, and it can offer you buyer protection. Buy a table on Facebook Marketplace that turns out to be in terrible condition? Not at all how the seller described? You can file a PayPal claim.
- — It’s free to send money via PayPal – whether it’s to a friend, stranger, or retailer.
- — It’s free to receive money from PayPal from friends and family. (Use the Friends and Family option in PayPal.)
- — You pay fees (3.49%) only if you’re a merchant when a buyer sends you money on PayPal. So if someone buys $100 in used Lululemon leggings from you, you would pocket $96.51 after fees.
Why Would I Want to Pay the PayPal Fees Instead of Venmo?
When a buyer makes a purchase using PayPal, they are protected. Say you buy an Alice and Ames dress from an online Facebook group, but the seller gets your money and never sends it. Or say they claim the dress is free of stains from a smoke-free home, but it shows up reeking of cigarette smoke and full of stains.
You have recourse. You would file a claim with PayPal and get your money back. PayPal is extremely buyer friendly.
Benefits to the Seller
The buyer may be more apt to make a purchase from you. Say you are selling on Facebook Marketplace or in a buy trade group. The buyer can pay now to hold the item, but they can’t pick it up for a few days. This gives them assurance you won’t take their money and run. And you know that the buyer isn’t a flake. They’ve sent the money, so they’re interested in the item and they will come to get it.
Required for Many BST Groups
In some buy sell trade groups (BST groups) on Facebook, you can only send or receive payment via PayPal. This is to protect buyers and prevent scam.
PayPal Prevents Fake Seller Fraud
In groups where PayPal is required, some sellers will DM their messages in private and say hey would you mind Venmo-ing me the money. They’ll claim they are locked out of PayPal, or that they don’t have PayPal, or that they don’t want to pay the fees.
As a buyer, this probably seems reasonable to you. They are a fellow group member and you can see their profile and picture. But then the item never gets sent and you’re out of money.
Another common scam is for fake sellers to reply to ISO (In Search Of) posts on Facebook. A fake seller will reply to you via DM and say they have that item. They will likely include a photo they find on Google. And then request you pay them via Venmo.
How Do I Get $10 in Free PayPal?
Earn $10 when you sign up for PayPal through this referral link and you spend at least $5. That means you’re coming out ahead by $5. (I will also get $10 when you sign up and spend at least $5 as it’s their referral program.)
If you have a PayPal account yourself, you can invite your friends through your referral link. It’s the same set-up: invite your friend and you both get $10 free after they spend $5 through PayPal.
I buy and sell a lot of baby and children’s clothing, toys, and home items on Marketplace and in BST groups. I see so many sellers and buyers who tell me they don’t have PayPal. (Either they don’t know what that is, or they tell me “I just have Venmo.”)
I have Venmo too and it’s great for a lot of situations. (Sending family to friends and family when I owe them money and I don’t have cash.) But PayPal is also free and it just offers more security. If I pay in advance for an item I can’t pick up for a while, or if an item is damaged, I know I can get my money back.
Also if you shop online, it’s convenient to select PayPal at checkout instead of having to enter all your credit card details.
I’ve tried to convince more friends and family to use PayPal. Maybe an article – with screen grabs and a free $10 cash – will sway them. Get your $10 free!