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9:04 am
October 9, 2011
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My Personal Finance Journey
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I think we all agree that PayPal fees are somewhat of a necessary evil when accepting payments for blog advertising.
The normal fee is 2.9% + $0.30, but if you receive over $3000 in one calendar month, you can apply for reduced merchant fee pricing (see link below). It won't take away the fees altogether (they're still at 2%), but every bit helps!
https://www.paypal.com/us/cgi-bin/webscr?cmd=_fees-rate-about-outside
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9:13 am
October 9, 2011
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Sustainable PF
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Thanks Jacob. I'll have to see what our total numbers came to last month.
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9:18 am
October 9, 2011
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Sustainable PF
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Post edited 9:19 am – October 9, 2011 by Sustainable PF
One note …
"Members may be downgraded to the Standard rate if a payment volume of
more than $3,000.00 USD is not maintained in the previous calendar month"
So we have to earn $3k every month? Not sure that will work out so well for us!
And as always, Canadians get the short end of the stick – we only get 2.5%
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6:45 pm
October 9, 2011
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My Personal Finance Journey
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Post edited 6:48 pm – October 9, 2011 by My Personal Finance Journey
It's definitely not an ideal reduction in paypal rates/fees, but it's a start! Also, it's nice that they don't make you reapply if your payments accepted goes below 3k one month but then jumps back over that level the next month.
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4:25 am
October 10, 2011
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Derek@LifeAndMyFinances
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It's something to look into, but it looks like I'll have to ramp up my business ventures!! Adding a couple of websites could get me there. Thanks for the heads up though. It's good to know.
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6:40 am
October 10, 2011
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MoneyBeagle
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Still a ways away from being able to meet that threshold for one month, let alone on an ongoing basis.
I guess I look at PayPal fees as a cost of doing business. Look at a retail store. They have to pay rent, utilities, etc. all of which add up to a lot more than 2.9% of what they take in. In comparison,working on a 97% margin isn't too bad.
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7:29 am
October 10, 2011
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krantcents
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One more incentive to motivate me to grow my blog! I look forward to that day. Thanks.
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7:45 am
October 10, 2011
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My Personal Finance Journey
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I'm with you MB. I've always considered PayPal fees just something that comes with doing business and don't let it bother me too much.
Normal businesses have to pay credit card transaction fees to process payments as well. This is just something similar in my mind.
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Money Beagle said:
Still a ways away from being able to meet that threshold for one month, let alone on an ongoing basis.
I guess I look at PayPal fees as a cost of doing business. Look at a retail store. They have to pay rent, utilities, etc. all of which add up to a lot more than 2.9% of what they take in. In comparison,working on a 97% margin isn't too bad.
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9:34 am
October 10, 2011
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Jeff @ Sustainable Life Blog
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Thanks for the tip, but i'm nowhere near this, Maybe crystal could use it!
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10:31 am
October 10, 2011
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Khaleef @ KNS Financial
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I already have a merchant account. I didn't realize there was a difference in fees.
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6:36 pm
October 10, 2011
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Doctor Stock
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Wow… i only wish I could get near that level… perhaps that will be my 3 year goal?!
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10:53 pm
October 10, 2011
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Budgeting in the Fun Stuff
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Holy moly! How did I not know about this?! Thank you Jacob and Jeff!!! I would save $100-$200 a month based on the $800 or so they've been taking thanks to all the group deals I run for clients!!!
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10:54 pm
October 10, 2011
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Budgeting in the Fun Stuff
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That was easy – I was already approved! Wow, I feel so stupid for not looking into this before, but YAY!!!
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6:06 am
October 11, 2011
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Sustainable PF
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Budgeting in the Fun Stuff said:
That was easy – I was already approved! Wow, I feel so stupid for not looking into this before, but YAY!!!
It's amazing the goodies you find at 1:54 am ;)
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7:07 am
October 11, 2011
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Car Negotiation Coach
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Guys, Here's another PP related tip. I've had great success lately quoting a price without PayPal fees and then adding a disclaimer that if they want to use PP, the fees must be paid by the buyer. You'd never do this as a regular merchant accepting a credit card payment, but so far no one has balked paying the fees on top of my asking price. Also, it hasn't caused anyone to not use PP and pay me some other way.
When I tell them the exact dollar amount they owe me including PP fees, I've found this PayPal fee caclulator to be really helpful to calculate the dollar amount I need to request before PP fees are taken out.
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7:20 am
October 11, 2011
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Shannyn @FrugalBeautiful.com
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Thanks so much for the heads up on this- now all I need to do is earn a bit more to earn Merchant Status and save some money!!!! Thanks again!
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9:40 am
October 11, 2011
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My Personal Finance Journey
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Glad I could help some folks out here! I felt a little silly posting something on here about only saving 0.5-1%, but every little bit helps!
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9:51 am
October 11, 2011
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Dana
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Car Negotiation Coach said:
Guys, Here's another PP related tip. I've had great success lately quoting a price without PayPal fees and then adding a disclaimer that if they want to use PP, the fees must be paid by the buyer. You'd never do this as a regular merchant accepting a credit card payment, but so far no one has balked paying the fees on top of my asking price. Also, it hasn't caused anyone to not use PP and pay me some other way.
When I tell them the exact dollar amount they owe me including PP fees, I've found this PayPal fee caclulator to be really helpful to calculate the dollar amount I need to request before PP fees are taken out.
Thanks for that tip!
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Dana
Site:
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6:48 pm
October 11, 2011
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Miss T @ Prairie Eco-Thrifter
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Thanks Jacob. I had no idea.
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