How to Use PayPal with WoodSourceBC
Accepting Payments by PayPal
Starting in April of 2013, WoodSourceBC supports the option of receiving payment through PayPal for your For Sale product listings.
PayPal is an online payment system that functions much like a bank. You can open an account with them for free, which is associated with one of your email addresses. Anyone can then direct payment to you using the PayPal system. They might choose to pay you with money they have stored in their own PayPal account. Or they might pay you using a credit card whose payment is funnelled through PayPal. Either way, you will be charged a fee by PayPal for that transaction. The fee is typically 2.9% of the transaction amount plus a nominal flat fee (which is currently 30 cents per transaction). Note that PayPal fees may change in future.
When someone has sent a payment to you through PayPal, you will receive an email from PayPal saying that you've received money. You can then log in to your PayPal account and you will see the money from the transaction (less the PayPal fees) in the account.
In fact, someone can direct a PayPal payment to you even before you have opened a PayPal account. In that case, they direct the payment to an email address of yours and you receive an email at that address saying that someone is trying to send you money at that address. If this happens, you'll need to do one of two things to accept your payment:
- create a PayPal account that is associated with that email address, or
- if you have a PayPal account associated with a different email address, contact the person making the payment and ask them to cancel the first payment and direct the new payment to your other email address
Preparing to Create a PayPal Account
Although these instructions look quite long, they can be completed in 15 minutes or less.
Choose an Email Address
The first thing to do is choose which of your email addresses you will associate with your PayPal account. This is an important decision. Here's why.
Your PayPal account is associated with an email address. When someone wants to direct money to you, they direct it to that address. When you receive payment, you get notification by email at that address. If you want to change anything about your account, PayPal may wish to confirm your request by sending emails to that address. So, if you lose access to the email address your PayPal account is connected to, you could lose access to your PayPal account and the money in it. This could end up requiring you to jump through various hoops to prove to PayPal you are the owner of that account.
So choose an email address you expect to have control of for a long time. Choosing one that is associated with the ISP at your home may not be a good choice if you plan to move house or change ISP in the near future.
Choose a Password
Remember that PayPal is like an online bank. So your password should be secure because anyone who can get into that account can spend your money. Avoid passwords such as "password", "secret" with a single number added, or those that use your name, business name, or a family member's name.
A great way to create a password is to think of a phrase and turn the initials or words into a password. To incorporate the number, you might choose to change any letter o's into zeroes and letter L's into ones.
For example, if you ran a pet store, you might think of the phrase "I sell cat food" and then change it to Ise11catfood (where the two L's are changed to 1's). Then it is easy for you to remember, but hard for people to guess.
How to Create a PayPal Account
You'll need to choose a Premier or Business account in order to accept payments.
Update your WoodSourceBC Profile
Once you've created your PayPal account, log in to your WoodSourceBC account, click My Account and then Edit my Account Profile. Scroll down to the section titled "Online Payment Options" and enter the email address associated with your PayPal account. Then scroll to the bottom of the page and click Save my Changes.
To accept online payment for a particular listing, just create the listing as usual. When WoodSourceBC sees that you are selling a product, and that you have a PayPal account, it will display an option just below the product price in the "About the Product" section: "I will accept online payment for this item". Choose "Yes" if you wish to accept online payment. (Note that online payment is currently only supported for product listings, not equipment, services or transportation.)