Paypal ([ic] wells fargo epay)

[Steve Graham]

Hey Jim,

1.75% for manually entered transactions?

We have a base rate of 1.85% for swiped cards, and add 1% for manually 
entered cards for a total of 2.85% plus transaction fees, and batch fees - 
not much different from Paypal.

-Steve


>From: Jim Balcom <jim@idk-enterprises.com>
>Reply-To: interchange-users@interchange.redhat.com
>To: <interchange-users@interchange.redhat.com>
>Subject: Re: Paypal ([ic] wells fargo epay)
>Date: Sat, 12 Jan 2002 11:49:27 -0500 (EST)
>
>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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