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If you are not in a hurry for the money, ask your buyers to pay by Echeck through paypal instead of the instant money transfer. An echeck takes anywhere from 4-8 buisness days depending on the amount, and the fee is signifigantly less. An example… A paypal payment for $380 charges a $15.12 fee. An Echeck for $1000 charges a $5 fee. It may be a flat $5 rate for the echeck, Im not sure. If the amount you will be getting is large, it may be worth it to wait. Just letting you know. I hate paypal gouges. I bet Windstone could save a fortune doing this…
mimitrek wrote:Is “instant money transfer” different than paying by credit card?
I think its the same. Echeck is an actual transfer from your bank as opposed to paypal paying and waiting for the money.
If the buyer chose her bank account as the funding source (instead of her credit card), would Paypal charge the same fees as if she had paid by E-check?
Speaking of that, is E-check different from just debiting money from the bank account?
mimitrek wrote:If the buyer chose her bank account as the funding source (instead of her credit card), would Paypal charge the same fees as if she had paid by E-check?
Speaking of that, is E-check different from just debiting money from the bank account?
Good question. I was wondering that also.
skigod377 wrote:mimitrek wrote:Is “instant money transfer” different than paying by credit card?
I think its the same. Echeck is an actual transfer from your bank as opposed to paypal paying and waiting for the money.
Hm… I’m pretty sure it’s different. When I pay, it gives me 3 options:
*Instant Money Transfer (which is connected to my bank account & I can see it pending that same day on my bank page)
*eCheck (I’ve never used, but is from your acct with a few day’s delay)
*Credit CardAnybody know how much in fees is connected to each method? I would guess it’s by percentage, but that’s logical so probably isn’t right 😛 I never thought about fees until recently, so now I feel bad about potential fees I put on people just cuz I was lazy 😕
Hmm…it looks like instant money transfer and E-check are pretty much the same. From what Ski said, the fees are different.
But I wonder why? It looks like the money is coming out of the bank account in both cases.
mimitrek wrote:Hmm…it looks like instant money transfer and E-check are pretty much the same. From what Ski said, the fees are different.
But I wonder why? It looks like the money is coming out of the bank account in both cases.
I think it has to do with processing times. With an instant transfer, the money is taken out quickly. With an e-check it takes days and days… I’m betting something about having an instant transfer costs Paypal more from the banking system than the slower e-check. That’s just a theory though.
Just as you can do instant transactions with some banks, but they charge a small service fee, vs. a normal transaction which may take a few days but is free. Just a thought!
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My art: featherdust.comOk, I am not an expert and this is mainly to benefit the seller, not the buyer. There are less fees taken out with an Echeck. With a paypal payment, paypal pays the seller right away and charges a percentage. Its basically a loan till the money clears from your acct. With the echeck, you are waiting till the money actually gets to you before you can spend it, so it costs less. I guess I was not too clear. The CC is not an option w/Echeck… it comes from your bank acct.
mimitrek wrote:Thanks Nam & Ski…that clarifies things…
You’re welcome 🙂 I just thought some sellers who sell high-priced items would llike to know. I hate losing all that money to paypal and this is a little better, if you can afford to wait a few days.
skigod377 wrote:mimitrek wrote:Thanks Nam & Ski…that clarifies things…
You’re welcome 🙂 I just thought some sellers who sell high-priced items would llike to know. I hate losing all that money to paypal and this is a little better, if you can afford to wait a few days.
I’d rather get the money right away for my stuff. I can write the fees off on my taxes as credit card fees, so I sort of get it back anyway.
Here is a break down of the paypal fees for a business member.
Receive payments funded by PayPal Balance, PayPal Instant Transfer or PayPal eCheck:
1.9% to 2.9% + $0.30 USDReceive payments funded by Credit Card, Debit Card or Buyer Credit:
1.9% to 2.9% + $0.30 USDSo basiclly the e-check has a fee of around 1.9% and an instant transfer (funds in your paypal account) is about 2.9% This is the reason that I’m not doing online lay-a-ways right now. The fees are too high & I don’t want to have to charge the buyer these fees.
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