Want to accept payments of $1, best way to go about it?

Would most likely be payment from Credit or Debit..

So fees would eat my dollar down to about 67 cents with paypal or alertpay.




Is there a better way to accept such low payments or should I just raise the price to account for the fees.. so like $1.34 and walk away with $1.00/99cents?


Any and all suggestions welcome.
Thank you!

 

Sorry left out some info.

*** Fee example based on what I can remember the fees are, so just an estimate... may not be actual rate but you get the idea. ***

*** And assume sales equal $1,000+ a month ***

 

I'd recommend you to use a personal paypal account when you accept low payments. For large payments use premier account. According to the paypal rules and regulations you can have one personal and one premier account at the same time.

 

make new account paypal and use personal account for your payment

 

What I had seen is If i withdraw my salary from my client's company only $1 fees is deducted whether I withdraw $10 or $1000 . I had seen this with many PTC websites too . I don't know how they do this might be you can contact paypal tell them your requirements and see if they can give you a economic solution .

Gagan

 

what about payment processor?

 

I am talking about paypal

 

Using a personal paypal account to receive credit card, the fee is even higher than if you have a premier/biz Paypal account. As for Alertpay, a personal starter account (where U dun have to pay any fee), U cannot even receive CC-funded Alertpay funds.
U have no choice but to pay the fees and Paypal fees are higher 3.4-3.9%+$0.30 vs Alertpay's 2.5%+$0.25. So if U use Alertpay, for a $1 payment, U will get net $0.725 or 27.5% - which is very high, but U have no choice.

 

Give payer 2 choices. If they pay using CC, then ask them to pay to your Premier/biz PP ac or personal pro/biz AP ac - but higher as the fee will be added.
If they pay using their PP or AP balance, then no additional fee, they just pay $1, and to pay to your personal PP or personal starter AP ac.

 

Paypal has micropayment options for very low transactions like this. Not sure if your country qualified.

It's really almost impossible to make a sustainable business model for $1 transactions. Best case you end up paying 20 or 30% in processing fees. I've seen a lot of business switch their pricing to use a minimum $5 credit system or something similar. Not sure if you are able to use a system like that, but it would probably be worth looking into.