Paypal ([ic] wells fargo epay)

[Jim Balcom]

On Fri, 11 Jan 2002, JT Justman wrote:

JJ>><<There is also the problem that if you do more than $100 in transactions
JJ>>per month where the customer uses a charge card then you have to go to a
JJ>>business account. Once on the business account you have to pay for each
JJ>>transaction in or out of your account, no matter the source of the funds.
JJ>>This could get rather expensive.>>
JJ>>
JJ>>Currently, I have a Paypal Verified Business Account  They charge 2.9% + 30¢
JJ>>per transaction. This is less than what I've been quoted for merchant
JJ>>account rates for a new Internet business. So, it's like merchant account
JJ>>and payment processor in one, and it's cheap for that.

Probably the fact that I've had merchant accounts since the mid-80's makes a
difference. I'm paying 1.75% discount, $0.20 per transaction for the phone
call, and $10 per month as a statement fee. So, what PayPal wants to charge
is expensive for me.

As I understand it, with the account that you have, if I pay you $20.00 out
of my existing funds at PayPal, using money that someone sent to me out of
their account, (essentially a cash transaction) they will charge you a
transaction fee as you stated on that one, too. Is that correct?

There is also the fact that customers like to see the company that they are
buying from listed on their credit card statement instead of some 3rd party
processor. It gives them the feeling that they are dealing with a legitimate
company.

-= Jim =-

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