Paypal transaction fees killing me!

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DumDum

DumDum

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May 5, 2008
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Hey,
I don't know what section this should go into so I posted it here..
Well, I'm paying about $800-1000 on transaction fees each month to Paypal.
Using a Business account, is there a way to minimize the fees?
I also pay 5-6% on the currency conversion fees to paypal. Paypal really sucks but I can't use an alternative since it is the most widely used payment system so replacing the payment gateway is out of question. Is there some way I could reduce this?
Cheers!
 


$800-1000 transaction fees per month? Not to sound like a dick but are you fucking serious? How much volume do you transact per month with them? Also, paypal charges 3.5% FCY conversion charges to India. I'm wondering why your account is so special to them.
 
FatalError said:
$800-1000 transaction fees per month? Not to sound like a dick but are you fucking serious? How much volume do you transact per month with them? Also, paypal charges 3.5% FCY conversion charges to India. I'm wondering why your account is so special to them.
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Well, when the INR value was Rs.52.5 per dollar, I was getting about Rs.49.8 per dollar on a bank transfer. You can calculate how much I pay.
Also, the $800-1000 doesn't include the 5-6% I lose on a bank transfer, that's purely the transaction fees. Hence, you can figure out how much richer I would've been if Paypal wasn't gay.
Any way to get around this?
 
Ok did some work for you:
Todays rate:
1 USD = 46.82 INR

Paypal is offering 1 USD = 45.63 INR.

Just ~2% difference. The MAX difference I have seen till date is 3.5%.
Also, getting a bank transfer from paypal is free if you're withdrawing more than 150$.

I still don't get it. You pay 5-6% FCY charges and 5-6% bank transfer charges.

For me I just pay FCY charges - which you can see is just 2% today.
 
FatalError said:
Ok did some work for you:
Todays rate:
1 USD = 46.82 INR

Paypal is offering 1 USD = 45.63 INR.

Just ~2% difference. The MAX difference I have seen till date is 3.5%.
Also, getting a bank transfer from paypal is free if you're withdrawing more than 150$.

I still don't get it. You pay 5-6% FCY charges and 5-6% bank transfer charges.

For me I just pay FCY charges - which you can see is just 2% today.
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It's 2% today, but wasn't when the INR price was 52!
It sucks :(
This % difference keeps varying from time to time depending upon how stable the price of the dollar is!
 
Try PayPal MassPay feature to receive BIG payments and what is gone is gone.

and according to XE.com 1 USD = 47.41 INR at the time of this post.
 
Red_Virus said:
Try PayPal MassPay feature to receive BIG payments and what is gone is gone.

and according to XE.com 1 USD = 47.41 INR at the time of this post.
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I don't receive payments via SEO clients all the time. 90% of the payments are recurring for a service provided through a website, I don't know my clients personally. Asking them to pay me via the Mass Pay feature would just be too unprofessional.
 
In that case nothing can be done, we all have to live with the transaction fees.

DumDum said:
I don't receive payments via SEO clients all the time. 90% of the payments are recurring for a service provided through a website, I don't know my clients personally. Asking them to pay me via the Mass Pay feature would just be too unprofessional.
Click to expand...
 
Make a standard account. Have 2 payment options on your site or w/e, one for PayPal credit card payments, one for PayPal balance-funded. It helped me a lot, and even though you wouldn't think that many people have that much in balance, I've received $500+ balance-funded payments.
 
Shoot straight from the hip, post a price for using paypal, and then post a price for using another payment method. I'd bet you'd be surprised how many people would use a different payment system to save some cash.
 
I am a big hater of Paypal. There security is so weak I could get into someones account easily by just knowing a few things about them and I found out how to do this while resetting my own password on an account that has one of those security random generated number keys as well. I would stay away from paypal and go with Google Checkout. I have had a lot better service and savings with checkout than any other. If you are doing mid five figures monthly there may be better options if you are willling to make a small investment with credit card processing companies.
 
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