Jump to content
[[Template core/front/custom/_customHeader is throwing an error. This theme may be out of date. Run the support tool in the AdminCP to restore the default theme.]]

Using paypal


Recommended Posts

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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 send

or 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.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information