It's an interesting feeling when you win your first eBay auction: a mixture of happiness and perhaps a little fear. After all, there seems to be so much to do before you can actually get your item. What do you do next?

The simple answer is that you send payment to the seller, as quickly as possible. The quicker you pay, the more your seller will like you and the sooner your item will arrive. But how you pay will impact the process.

PayPal.

PayPal is one of the most popular options for paying on eBay, for sure. eBay owns PayPal and has done very well to integrate it into eBay. It allows instant electronic payment online. Money goes instantly from your PayPal account to the seller's PayPal account.

eBay offer incentives for using PayPal, and almost all sellers now accept it. The "instant" nature of PayPal is very attractive to sellers and using it means the buyer can have your item packed and sent and leave you positive feedback within a few hours of the auction ending. Also, you will be covered by PayPal's own insurances and guarantees when paying by PayPal.

Cashiers Checks and Money Orders.

This is the old-fashioned way of paying and will lead to a long wait time for your item. You need to send the check or money order and then the seller has to take it to the bank, and only then does your item get sent. The only reasons to use this payment method is if either you or the seller does not have the ability to handle electronic payments or if either one of you distrusts them.

When you pay this way, make sure to print the eBay order receipt confirmation that is emailed to you and put it in the envelope with your payment. Underline key information, like your mailing address and the item number. Finally, remember to be patient and keep in contact with the seller, as it really can take a while before everything falls into place and your item turns up.

Money Transfers and Bank Deposits.

Some sellers may ask you to pay them using a wire service or to simply transfer the payment directly to a bank account. I say stay away from these sellers. Fortunately this doesn't happen very often, but you have to be careful. These payment methods are hard to trace and you're unlikely to get your money back if something goes wrong. Oh, and paying in cash is an even worse idea.