Paypal and transaction costs

[Marik]

Anyway, now that PayPal has extended buyer protection to 180 days, there's no end in sight to post-sale jitters.

Yes, but they also can randomly freeze your funds for the same 180 days--exactly what happened to us. I sent multiple emails, spent over an hour trying to get through on the phone with no luck. Finally, I just gave up--it is not worth my time. Their customer service sucks--we opened credit card processing and have our own advisor, who calls back within quarter an hour if there is any problem or question.

In the meanwhile PayPal makes interest $$$ on our over $5K they froze for half a year. The moment they unfreeze the funds we will just transfer that money and close account.

Best, M

 

[G-Sun]

we opened credit card processing and have our own advisor, who calls back within quarter an hour if there is any problem or question.

Seems much better. What's the cost for you and the buyer?

I expect Visa currency rates to be on the line with Paypals.

 

[G-Sun]

http://www.searchenginejournal.com/top-12-alternatives-paypal/

 

[thermionic]

I find Paypal so objectionable, I feel guilty when paying others with it. Suppliers often appear bemused when I insist on paying via transfer instead of Paypal.

 

[Matt Nolan]

The transaction cost is a bit of a pain but, for small to medium sized turnovers, much cheaper than having a card merchant account. So, for small businesses, it opens up a huge international customer base you couldn't have had before.

I find their currency exchange rates to be better than my bank and about as good as I can get if I shop arround at travel agents / bureau de changes with cash. Also, it lags the currency market by about a day. So you can sit on foreign funds for a while and watch the rates - exchange at a peak. I have a PayPal "business" account, mind you. I don't know if you can hold multiple currencies in a regular account.

I've only suffered one incident with funds being held - neither me receiving payment nor the buyer getting a refund - in 7 years of trading. Maybe I've just been lucky. That was when a Japanese gentleman used his credit card into PayPal using my own UK laptop to buy goods from me at a trade show in the USA. So, I guess it might have looked suspicious.

 

[emrr]

I've only suffered one incident with funds being held - neither me receiving payment nor the buyer getting a refund - in 7 years of trading. Maybe I've just been lucky. That was when a Japanese gentleman used his credit card into PayPal using my own UK laptop to buy goods from me at a trade show in the USA. So, I guess it might have looked suspicious.

Which seems extra silly given that CC processing confirms 'in person' transaction.  Something like Square wins in that case. 

 

[Matt Nolan]

I've only suffered one incident with funds being held - neither me receiving payment nor the buyer getting a refund - in 7 years of trading. Maybe I've just been lucky. That was when a Japanese gentleman used his credit card into PayPal using my own UK laptop to buy goods from me at a trade show in the USA. So, I guess it might have looked suspicious.

Which seems extra silly given that CC processing confirms 'in person' transaction.  Something like Square wins in that case.

Square looks quite good. I'll keep my eye on it. But, for now, I don't have an Apple or Android device, nor do I live in the USA, Canada or Japan.

 

[emrr]

There are a few others like it, can't recall names at the moment. 

 

[G-Sun]

I think, what I miss is an international currency.
Bitcoin is an attempt in that direction.

 

[Andy Peters]

Square looks quite good. I'll keep my eye on it.

Most of my local small-guy shops (the local coffee place and the non-chain burger joint that we like, for example) use Square. It must do right by them.

But, for now, I don't have an Apple or Android device, nor do I live in the USA, Canada or Japan.

I'm a huge fan of Apple Pay. How much of a cut do they take? I don't know. But not having to give up a credit card number is a big plus. I want to see all restaurants use it, because there's a lot of fraud there. Let's see, you just give the card to the server, who disappears with it for a few minutes. Yeah, trustworthy. Please, just bring me the little POS pad and you don't get my card.

 

[emrr]

My wife does art fairs, craft shows, small gallery events, etc and has a Square account.  It's been reliable and problem free. 

 

[Spiritworks]

The Square account requires swiping a credit card through a gizmo attached to a smart phone, doesn't it? Good for in-person, but wouldn't work online.

 

[emrr]

You can use Square remotely I believe. 

 

[JohnRoberts]

Square looks quite good. I'll keep my eye on it.

Most of my local small-guy shops (the local coffee place and the non-chain burger joint that we like, for example) use Square. It must do right by them.

But, for now, I don't have an Apple or Android device, nor do I live in the USA, Canada or Japan.

I'm a huge fan of Apple Pay. How much of a cut do they take? I don't know. But not having to give up a credit card number is a big plus. I want to see all restaurants use it, because there's a lot of fraud there. Let's see, you just give the card to the server, who disappears with it for a few minutes. Yeah, trustworthy. Please, just bring me the little POS pad and you don't get my card.

Apple gets something like a 1.5% slice, but that may come out of the CC company's cut.

Apple has a developers conference today and I think they just announced a version of apple pay that works with square. (I'm not sure of the details). 

Your CC is on file with apple, now that is a rich data base target to hack...

JR

 

[emrr]

If you use iOS apps they have your CC.....

 

[Andy Peters]

If you use iOS apps they have your CC.....

The credit card information stored on the phone is encrypted with the Touch ID as the key. You can't even see the full account number in Passbook. If someone were to steal the phone and attempt to use Apple Pay with it, it won't work.

When you do a transaction with Apple Pay, a one-time card number is created for the transaction, so the actual account number is never in the retailer's system.

-a

 

[Marik]

we opened credit card processing and have our own advisor, who calls back within quarter an hour if there is any problem or question.

Seems much better. What's the cost for you and the buyer?

I expect Visa currency rates to be on the line with Paypals.

We got it through Chase. Costs nothing for the buyer. Don't remember what it costs to us, but the rates are quite a bit better than PayPal for both domestic and International transactions, plus an excellent textbook customer service. They wanted our business (our banking business account is also with them and the branch manager talked to them, first), so they made sure to cut us a good deal. The only catch is we have to meet a certain amount of sales  a month (I think $1000), otherwise they charge a $20 processing fee a month. If you shop around you could probably find somebody without that requirement.

Best, M

 

[emrr]

If you use iOS apps they have your CC.....

I mean apple has your cc in their hackable database.  As John said.