paying by visa
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paying by visa
Re: paying by visa
If it's done there like it is here, a transaction fee is charged to the dealer. It could be more than what the amount of the sale is.
Re: paying by visa
When I had a merchants account, and I don't think this part has changed much over the years, the transaction fee was 2%+10 cents on all charges under 500 dollars. 500 to 5000 dollars was 1%+10 cents. 0%+10 cents over 5000 dollars.
Then their was the monthly base fee of 25 dollars for Visa & MasterCard, plus another 25 dollars to take electronic checks.
There was an IRS reporting fee, which since I was under 50,000 dollars per year in charges, I had to pay. It was only like 4 bucks if I recall.
Later, when I wanted a rarely used merchants account, I found a provider who had no monthly fee, but they did charge 5%+1.50 per transaction. There was an annual membership fee of 35 dollars, which included all hidden fees, including the IRS reporting fee. I did not get a monthly statement, everything was handled on-line, and after the first 35 dollars was paid, they held the first charge or two in escrow to cover the next year. Refunded when I closed the account.
PayPal has a pretty good deal for occasional users. No annual fee, but you do pay 2.9%+30 cents for each charge, which is most reasonable. However, if you take a lot of super small payments, under ten bucks I think it is, then the better deal is their 5%+5 cent rate. Yeah, 5% is higher than 2.9%, but a nickel instead of thirty cents per transaction makes up for the small charges. If you are selling a lot of items at 99 cents per transaction, they only take a dime instead of 33 cents per transaction.
Then their was the monthly base fee of 25 dollars for Visa & MasterCard, plus another 25 dollars to take electronic checks.
There was an IRS reporting fee, which since I was under 50,000 dollars per year in charges, I had to pay. It was only like 4 bucks if I recall.
Later, when I wanted a rarely used merchants account, I found a provider who had no monthly fee, but they did charge 5%+1.50 per transaction. There was an annual membership fee of 35 dollars, which included all hidden fees, including the IRS reporting fee. I did not get a monthly statement, everything was handled on-line, and after the first 35 dollars was paid, they held the first charge or two in escrow to cover the next year. Refunded when I closed the account.
PayPal has a pretty good deal for occasional users. No annual fee, but you do pay 2.9%+30 cents for each charge, which is most reasonable. However, if you take a lot of super small payments, under ten bucks I think it is, then the better deal is their 5%+5 cent rate. Yeah, 5% is higher than 2.9%, but a nickel instead of thirty cents per transaction makes up for the small charges. If you are selling a lot of items at 99 cents per transaction, they only take a dime instead of 33 cents per transaction.
Re: paying by visa
Re: paying by visa
I have not verified this yet, but I understand PayPal has reduced its minimum charge to 1 cent for online purchases.
But I think this is only for paid merchant accounts who pay a fixed fee without the other add-on charges.
The notice came from one of my publishers, who said they will pay all royalties monthly, now that the minimum payment was reduced to 1 cent by PayPal. Unfortunately, if I have PayPal deposit this into my bank account, I am still charged the fee, so don't know if this is good or not, hi hi...
But I think this is only for paid merchant accounts who pay a fixed fee without the other add-on charges.
The notice came from one of my publishers, who said they will pay all royalties monthly, now that the minimum payment was reduced to 1 cent by PayPal. Unfortunately, if I have PayPal deposit this into my bank account, I am still charged the fee, so don't know if this is good or not, hi hi...
Re: paying by visa
I believe you can still have them mail you a check instead of a direct deposit. The transaction fee may still apply. I don't know to be honest.Gary wrote:if I have PayPal deposit this into my bank account, I am still charged the fee, so don't know if this is good or not
Re: paying by visa
It wasn't PayPal, it was my bank who charges a fee for electronic transfers.
I can't find out anything from them until Monday. But I did talk to someone at PayPal, and they said although my publisher will pay my royalties as they are earned, this has nothing to do with when I decide to transfer money out of my PayPal account. If I was on an auto transfer, it would have a fixed dollar amount before a transfer of a specific amount is made.
But they said I'm not on auto transfer, so nothing will go to my bank until I go into the account to send it.
Next I looked at my account at the publisher, and my royalties do not go to PayPal in the first place, they are direct deposited when my account reaches 100 dollars.
Gotta love these Form Announcements they send out to everyone, regardless of which system of theirs you are using.
Some places, like Amazon, have a waiver with most banks, so no transfer fee is charged to the banks customers by the bank. Perhaps PayPal has this now too. As I said, until I can talk to my account representative at the bank, like Schultz "I know nothing!"
I can't find out anything from them until Monday. But I did talk to someone at PayPal, and they said although my publisher will pay my royalties as they are earned, this has nothing to do with when I decide to transfer money out of my PayPal account. If I was on an auto transfer, it would have a fixed dollar amount before a transfer of a specific amount is made.
But they said I'm not on auto transfer, so nothing will go to my bank until I go into the account to send it.
Next I looked at my account at the publisher, and my royalties do not go to PayPal in the first place, they are direct deposited when my account reaches 100 dollars.
Gotta love these Form Announcements they send out to everyone, regardless of which system of theirs you are using.
Some places, like Amazon, have a waiver with most banks, so no transfer fee is charged to the banks customers by the bank. Perhaps PayPal has this now too. As I said, until I can talk to my account representative at the bank, like Schultz "I know nothing!"
Re: paying by visa
That last donation you made had a transaction fee attached to it by PayPal. I manually transferred it to my bank account with no further fees. Apparently each bank has their own system. An actual wire transfer, however, will have a fee added by the bank.
Re: paying by visa
Well, I talked to both of my publishers who sent e-mails about PayPal, and I'm on direct deposit to my bank and both, which changes nothing on when I get my royalties transferred to my bank, it remains at the amount I established before transfer.
Also talked to the bank, actual wire transfers like I used to get from overseas do have a hefty fee. But electronic transfers are based on the amount of the transfer and from whom. The from whom is the big deal here. Transfers from many major vendors will incur no fees to the customers because the vendor pays a negotiated fee if one is assessed to them. Other electronic transfers can range from 75 cents to 3 dollars, again depending on the source.
I pay no direct deposit fees for Social Security or from Retirement Plans, and most insurance companies.
Now there is no direct deposit fee for Amazon, PayPal, and a list of about 20 other on-line vendors.
Paychecks if direct deposited also have no fee if the business setting up the direct deposit account pays their annual fee.
They offered to send me the applicable flyers, but I said no that's OK, I was only concerned about my royalties deposits.
Also talked to the bank, actual wire transfers like I used to get from overseas do have a hefty fee. But electronic transfers are based on the amount of the transfer and from whom. The from whom is the big deal here. Transfers from many major vendors will incur no fees to the customers because the vendor pays a negotiated fee if one is assessed to them. Other electronic transfers can range from 75 cents to 3 dollars, again depending on the source.
I pay no direct deposit fees for Social Security or from Retirement Plans, and most insurance companies.
Now there is no direct deposit fee for Amazon, PayPal, and a list of about 20 other on-line vendors.
Paychecks if direct deposited also have no fee if the business setting up the direct deposit account pays their annual fee.
They offered to send me the applicable flyers, but I said no that's OK, I was only concerned about my royalties deposits.
Re: paying by visa
We just concluded an out of state real estate transaction the other day. The proceeds were "wire transferred" to our account at no cost to us. This is interesting to me because the bank I deal with here in MO also has a big presence in the state in which the transaction occurred. So, my question was why can't they just transfer the cash from one account to another - it's all in the same bank. Well, no. That can't be done for some ungodly accounting reason so that a formal wire transfer had to be executed. Not only that, but the funds were not available for a 24 hour holding period. Given that title companies and lawyers are involved, nothing can be simple. 