Paypal invoices? help?

[marcodude04]

soo ill keep it short, I`m selling something through Paypal and i have no idea how to send an invoice nor how it works and if it has tax for me using the serivce of paypal and if the money transfer is instant ?can someone help?

[Aitch]

In your account there should be a tab or something for requesting payment or creating an invoice. You'll get dinged for using the service, 3% I believe. When the buyer pays it goes to your account instantly, but then transferring it to your bank account can take up to 5 days.

[marcodude04]

So if I put a 3% tax on the transaction the buyer would pay for it?

[Aitch]

Yup

[aris]

So if I put a 3% tax on the transaction the buyer would pay for it?

Normally you would put the price you and the buyer agreed. That 3% is Paypal fees and not tax.

[Aitch]

Normally you would put the price you and the buyer agreed. That 3% is Paypal fees and not tax.

Yes this too. If the price is already agreed and the payment method was agreed as Paypal, don't tack on 3% now. The buyer will be expecting you to eat that cost if you didn't specify anything about it earlier.

[marcodude04]

Yes this too. If the price is already agreed and the payment method was agreed as Paypal, don't tack on 3% now. The buyer will be expecting you to eat that cost if you didn't specify anything about it earlier.

Yeah I know , but he said he'd cover the paypal fee,

[Aitch]

Yeah I know , but he said he'd cover the paypal fee,

From their site (https://www.paypal.com/ca/webapps/mpp/paypal-fees), fee is 2.9% + $0.30. So add that to your total.