Hi Guys, Its free to do bank transfers from one account to another so why does it cost about 4% to process payments online? Whats the minimal processing costs that can be achieved without paying a fixed amount. I think google checkout offer about 2% which is quality. Cheers, J
That is a possibility but I want it to be professional as well. doesnt look good if i just ask them to transfer the money.
Think about it, how do you think PayPal can make profit... thats just how businesses works. You cant be personal but yet be professional at the same time when it comes to dealing with money.
Bank transfers are not free. Maybe if you do it between people of the same country you will get free charge but if you make overseas you will get a fee of 40$ minimun because it is the SWIFT message and correspondent bank fee. Like you said above, the online payments get 4% because they haven't got withdrawal fees to customers but they paid to the banks. There are payment processors with withdrawal fees but the cost to send payments are 1% like HooPay or Moneybookers 1,9% (merchants) etc. In my experience I prefer 1% to receive payments and have withdrawal fees one time a month instead of 4%-5% like paypal (every time that I receive) and no withdrawal fees one time a month.
Wow, I didn't realize google was as low as 2%. I use a merchant account and pay 2.5% on the overall average. However, since they add other fees like monthly service charge and etc. I just figured out I am paying 3.8%. I also pay by pay pal and and 80% satisfied with them. Basically only have had one big issue with them and I am paying about 4%.
OK... I am little lost as Paypal fees ranges from 1.9% to 2.9% + $0.30 USD. Now, yall are saying your paying 4% or more for Paypal. Why is this? Is it because yall are not in the US or what?
Yeah in the UK its about 3.9% +0.20GBP. Unless you have a large amount of business and then the rates start to go down.