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Old 08-02-2005, 11:28 AM   #1
terrie
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Default New PayPal credit card service

The current issue of PC Graphics Report has an article on a new credit card service at PayPal .

Here's the blurb from the PayPal webpage:

>>Accept all major credit cards, debit cards, bank transfers, and PayPal payments hassle-free. Website Payments Standard is:
  • Easy. It’s simple to set up on your website – in just minutes.
  • Secure. Our industry-leading fraud-prevention systems help you do business safely.
  • Complete. You don’t need a separate merchant account or gateway. Your customers don’t need a PayPal account. <<
Note the last sentence...


According to PC Graphics Report, the monthly fee for this service is $20 and that will be waived for the rest of 2005 for anyone who sets up an account now...

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Old 08-04-2005, 01:19 PM   #2
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Right, but what is the percentage cut they take ... which is where the real cost lies.

Don McCahill
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Old 08-05-2005, 10:50 AM   #3
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Don't have a clue...

Ahhh...just took another look at the page I mentioned before and found that there is a box on the right hand portion of the screen with a link and this text: "1.9% to 2.9% + $0.30 USD"

That doesn't seem too bad but I don't know much about merchant accounts.

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Old 08-05-2005, 01:18 PM   #4
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I use it on my web site for classified ads. Setup is easy; they ask you a few questions and then give you some code to plug into your HTML. You can change the price locally, btw, and their web site will pick it up from your page, so you aren't locked into the price you give them at setup.

It works really well, but there's another catch. If you transfer payments from your PayPal account to your bank account they charge you (AUD1.00 for me) unless the total is over AUD150.00 (for me). Over $150.00, the transfer is free. Dunno what the amounts are for other currencies.

Credit card merchant accounts are around AUD70 a month here, I believe, so for small sales, the PayPal method is cost-effective.

At the moment, I only have it set up to sell single items. But they support a huge number of different shopping carts if you want to sell multiple items.

   
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Old 08-08-2005, 12:25 PM   #5
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>>annc: It works really well, but there's another catch. If you transfer payments from your PayPal account to your bank account they charge you (AUD1.00 for me) unless the total is over AUD150.00 (for me). Over $150.00, the transfer is free. Dunno what the amounts are for other currencies.

I periodically look at using paypal for cc stuff but I always get confused and have not yet made the leap.

How do you then get the money someone has paid you via cc if you don't transfer it to your bank account?

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Old 08-08-2005, 12:36 PM   #6
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Quote:
Originally Posted by terrie
How do you then get the money someone has paid you via cc if you don't transfer it to your bank account?
It sits in your PayPal account until you transfer it to your bank account.

You need to remember that PayPal these days is very closely linked to eBay. So a lot of people rarely move the money in or out of their PayPal account, but use it to pay for stuff they buy on eBay, as well as collecting money for things they sell on eBay. So they only move money out when the balance is fairly high.

   
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Old 08-08-2005, 12:39 PM   #7
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>>annc: It sits in your PayPal account until you transfer it to your bank account.

Ok...but they charge you for that "service"--if the amount is under A$150???

With the ebay stuff..that makes sense...

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Old 08-08-2005, 01:29 PM   #8
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Quote:
Originally Posted by terrie
Ok...but they charge you for that "service"--if the amount is under A$150???
Yes - AUD1.00 per transfer. Over AUD150, the transfer is free. Dunno what the fee is for USD accounts.

   
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Old 08-08-2005, 01:53 PM   #9
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Quote:
Originally Posted by terrie
...but they charge you for that "service"--if the amount is under A$150???
In this sort of deal PayPal is simply a bank, and banks always charge for everything all the time (and a little extra when they can figure out how to get away with it). <g>

   
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Old 08-08-2005, 02:17 PM   #10
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Quote:
Originally Posted by ktinkel
In this sort of deal PayPal is simply a bank, and banks always charge for everything all the time (and a little extra when they can figure out how to get away with it). <g>
Of course. They currently have my measly little classified ads income to fling around on the short term money market, thus making some income from it. While I can't, unless I want to pay them for the privilege. When it becomes wildly successful, of course, i will be moving amounts well over AUD150 every day. <ggg>

Actually, those classifieds are doing quite well, for such a new service. The AUD12,000 horse float has sold, and one of the horse owners had a serious enquiry within hours of posting the ad.

   
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