Lesson to learn: as @DrDiettrich said, always ensure that products have adequate documentation & support for you to use them before parting with any money!
The required amount of documentation decreases with experience. I'd connect a volt meter or scope to the output and connect the input to + or - PSU and find out what happens w/out an object in the beam.
I managed to figure it out and it now works. This is the code:
const int SensorPin_Transmitter = 2;//Connect the green wire to digital pin 2
const int SensorPin_Receiver = 3;//Connect the blue wire to digital pin 3
const int LedDisp = 13;
void setup()
{
Serial.begin(9600);
Serial.println("Start!");
pinMode(SensorPin_Transmitter,INPUT_PULLUP);
pinMode(SensorPin_Receiver,INPUT);
pinMode(LedDisp,OUTPUT);
digitalWrite(LedDisp,LOW);
}
void loop()
{
if(digitalRead(SensorPin_Receiver) == LOW) digitalWrite(LedDisp,HIGH);
else digitalWrite(LedDisp,LOW);
Serial.print("Status:");
delay(50);
}