satelliteoflovegm Posted July 30, 2006 Share Posted July 30, 2006 I was thinking about using paypal for league payments in and out. I know about the gambling issue for them. Aside from that any pros or cons to look out for. I saw some posts about small fees some others had none. Any advice, I'd be greatful. Quote Link to comment Share on other sites More sharing options...
Chargerz Posted July 30, 2006 Share Posted July 30, 2006 I stopped using paypal last year when they required my social security number. I'm not giving that to anyone on the internet. Quote Link to comment Share on other sites More sharing options...
piratesownninjas Posted July 30, 2006 Share Posted July 30, 2006 I stopped using paypal last year when they required my social security number. I'm not giving that to anyone on the internet. I've never been asked to give my social security number... I've had nothing but good experiances with pay pal. You can set it up so anyone can view it, and its easily accesable. I think its a good idea. Quote Link to comment Share on other sites More sharing options...
Randall Posted July 30, 2006 Share Posted July 30, 2006 I stopped using paypal last year when they required my social security number. I'm not giving that to anyone on the internet. They never asked for mine. Was it an idetity issue or a scam not really from paypal. I have had them where zI got emails from paypal@yahoo.com and it wasn't really from them. Just a scam. They do charge for payments however. Quote Link to comment Share on other sites More sharing options...
rbmcdonald Posted July 30, 2006 Share Posted July 30, 2006 I was thinking about using paypal for league payments in and out. I know about the gambling issue for them. Aside from that any pros or cons to look out for. I saw some posts about small fees some others had none. Any advice, I'd be greatful. I gave my SS# to P@yPal, because I opened a MM account with P@yPal (pays 5%). I keep my Fantasy Football / Mad Money there. As a side note I also have my cash savings in a "direct banking" institute. Several financial institutes have "direct banks" (no brick and mortar stores), that pay very high Money Market rates 5% (no minimums or very low minimum, FDIC insured). Capital One and MetLife are 2 that come to mind. This is a great place to keep cash, as long as you can wait a week to access (although some do offer an ATM card I believe). P@yPal rule: “You may not use P@yPal to send or receive payments for any form of gambling activities, including but not limited to payment for wagers, gambling debts or gambling winnings”. The easiest solution to this is when you send out your P@yPal information to people tell them not to reference “fantasy football”, “football pools” or whatever. I have never heard of anyone having a problem with fantasy football or a football pool, however, you would be exempting yourself from any help from P@yPal, if a transaction goes bad. Fees: Sending money is always free. Receiving money is free for a personal account, and costs 2.9% + $.30 for a premier account. The only real difference between a personal and premier account (as it relates to FF) is that a personal account can not receive payments funded with a credit card. The issue here is it takes 2 or 3 days to send money from your bank account to your P@yPal account (this does not affect me because I leave my money in P@yPal earning 5%). For people that do not maintain money in a P@yPal account, it will take several days, if they are not using a credit card. There is a $500 a month receiving limit on personal accounts, but that only applies to E-Bay sells, other online auctions or website sells. I always mark my payments as Quasi-cash, to avoid this issue. Bottom line is that if managed correctly and with a little care, you should be able to handle all of your FF payments with out any fees. If you do use a premier account, then the formula to calculate how much to send, so that the correct amount is left over is: (X + .30) / .971 Where X = the amount you want left over. I.E. if your league fee is $50 and you are sending to a premier account, you have to send $51.80, because P@yPal will take $1.80 in fees. Quote Link to comment Share on other sites More sharing options...
satelliteoflovegm Posted July 30, 2006 Author Share Posted July 30, 2006 I gave my SS# to P@yPal, because I opened a MM account with P@yPal (pays 5%). I keep my Fantasy Football / Mad Money there. As a side note I also have my cash savings in a "direct banking" institute. Several financial institutes have "direct banks" (no brick and mortar stores), that pay very high Money Market rates 5% (no minimums or very low minimum, FDIC insured). Capital One and MetLife are 2 that come to mind. This is a great place to keep cash, as long as you can wait a week to access (although some do offer an ATM card I believe). P@yPal rule: “You may not use P@yPal to send or receive payments for any form of gambling activities, including but not limited to payment for wagers, gambling debts or gambling winnings”. The easiest solution to this is when you send out your P@yPal information to people tell them not to reference “fantasy football”, “football pools” or whatever. I have never heard of anyone having a problem with fantasy football or a football pool, however, you would be exempting yourself from any help from P@yPal, if a transaction goes bad. Fees: Sending money is always free. Receiving money is free for a personal account, and costs 2.9% + $.30 for a premier account. The only real difference between a personal and premier account (as it relates to FF) is that a personal account can not receive payments funded with a credit card. The issue here is it takes 2 or 3 days to send money from your bank account to your P@yPal account (this does not affect me because I leave my money in P@yPal earning 5%). For people that do not maintain money in a P@yPal account, it will take several days, if they are not using a credit card. There is a $500 a month receiving limit on personal accounts, but that only applies to E-Bay sells, other online auctions or website sells. I always mark my payments as Quasi-cash, to avoid this issue. Bottom line is that if managed correctly and with a little care, you should be able to handle all of your FF payments with out any fees. If you do use a premier account, then the formula to calculate how much to send, so that the correct amount is left over is: (X + .30) / .971 Where X = the amount you want left over. I.E. if your league fee is $50 and you are sending to a premier account, you have to send $51.80, because P@yPal will take $1.80 in fees. Great reply thanks...two questions. How does someone send me 3 bucks for a football pool every week without using a credit card, thereby avoiding the fee? The examples you give, how long is the treansaction take aprox for each. ( I understand the gambling clause) or if I opened a moneymarket account with them with say $100 or whatever their min. it would earn %5. I could then recieve the $3 payments from atm, credit, etc...however the people choose to pay and avoid the fees. Thanks again. Quote Link to comment Share on other sites More sharing options...
Big John Posted July 30, 2006 Share Posted July 30, 2006 Great reply thanks...two questions. How does someone send me 3 bucks for a football pool every week without using a credit card, thereby avoiding the fee? The examples you give, how long is the treansaction take aprox for each. ( I understand the gambling clause) or if I opened a moneymarket account with them with say $100 or whatever their min. it would earn %5. I could then recieve the $3 payments from atm, credit, etc...however the people choose to pay and avoid the fees. Thanks again. For the fees, you can either setup an account that takes credit cards (premier) or not (standard). If you use the premier account, all money sent to you has paypal fees, whether the sender uses a credit card or not. Establishing a money market account is a separate process and has no impact on paypal fees. For either account, the sender has to go into paypal to send you the money and they can choose which way they want to pay (except that paypal won't accept a credit card to a standard account) The only delay is if the sender uses the e-check option, in which paypal takes 3-4 days to clear; all others are instant payments. Quote Link to comment Share on other sites More sharing options...
modus Posted July 31, 2006 Share Posted July 31, 2006 I know google offers a service now. I've never tried it. Quote Link to comment Share on other sites More sharing options...
satelliteoflovegm Posted July 31, 2006 Author Share Posted July 31, 2006 thanks, i'll check it out. Quote Link to comment Share on other sites More sharing options...
rbmcdonald Posted July 31, 2006 Share Posted July 31, 2006 Great reply thanks...two questions. How does someone send me 3 bucks for a football pool every week without using a credit card, thereby avoiding the fee? The examples you give, how long is the treansaction take aprox for each. ( I understand the gambling clause) You can carry a balance in PayPal without opening a MM account, but it does not earn interest. So participants could put $20 or $30 bucks in there account with an E-check (which takes 2 or 3 days). Then the money would be there to make weekly payments of $2 or $3. Once the money is in the account, transfering to another paypay account is instant. Quote Link to comment Share on other sites More sharing options...
paulzale Posted July 31, 2006 Share Posted July 31, 2006 I have a premier account and like the credit card option it provides. We have done this in a league this year and it worked out well. In fact I paid for this year and next since some trades involved future picks. Most people shoud have a paypal account as it seems everyone nowadays useds ebay! PS Thanks for the formula. Quote Link to comment Share on other sites More sharing options...
CarryTheRock Posted July 31, 2006 Share Posted July 31, 2006 Kind of off subject but I'm surpised MFL doesn't have a Paypal option. Maybe that is because of the gambling thing buti have paid for oter leagues using it. They are really just providing the service, not gambling. Quote Link to comment Share on other sites More sharing options...
Big Country Posted July 31, 2006 Share Posted July 31, 2006 Here is a thread I was involved in at myfantasyleague's support board last year that discussed this. To quote from it: The PayPal's Acceptable Use Policy prohibits the use of PayPal to sendor receive payments for any form of gambling activities, including but not limited to payment for wagers, gambling debts or gambling winnings, whether conducted online, in person or through any other means of communication. This includes all casino games, sports books and sports betting, horse and greyhound racing, person-to-person betting, and certain games of skill. The complete Acceptable Use Policy addressing Gambling can be found at the following URL: http://www.paypal.com/cgi-bin/webscr?cmd=p...ide&ed=gambling If you wish to run a Fantasy Football League, which we consider a Game of Skill and you would like to use PayPal as a payment method, then you must provide a disclaimer at the time of signing up for your service listing the states that are ineligible to participate via your website and provide some method to block those users from signing up. Quote Link to comment Share on other sites More sharing options...
CarryTheRock Posted July 31, 2006 Share Posted July 31, 2006 Well, that explains it...lol. Thanks. I should take the pay pal link off my site,huh? Quote Link to comment Share on other sites More sharing options...
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