Subject:
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Re: PayPal Changes
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Newsgroups:
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lugnet.market.services
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Date:
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Sat, 7 Oct 2000 20:54:51 GMT
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Viewed:
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1865 times
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In lugnet.market.services, Larry Pieniazek writes:
> I'm in the camp that is disappointed by these developments but not too
> surprised, although X and PayPal are certainly within their rights, I sort of
> had hoped they had figured out how to deliver these services for less than
> their competition. Seems they actually haven't, and they no doubt have burned
> through their VC funding and now have to figure out how to make money.
One problem they have for credit cards is that there isn't much competition in
the credit card world (or can a business pick a card servicing agent the same
way the consumer gets to pick the bank which handles their account?). I'd be
curious as to what the lowest rate is available for credit card processing.
> Shoulda known, though... TANSTAAFL. I'm sure we'll get snarly posts from the
> free lunch crowd about how it's not fair and all that, nevertheless.
>
> Nice ride while it lasted. I guess my plan to exit factoring may be a bit
> premature. So if I'm going to have to stick I need to look into some
> automation to make it easier (and some fee rebalancing again, it's been 6
> months since my last rebalance, things have improved a bit but can stand more
> tinkering)
Well, so far, as I read it, non-business folks can make unlimited PayPal
transactions so long as they do draft payments from their personal checking
account (and if you're worried about the exposure there, find a low cost local
bank and set up a separate checking account there to do the draft payments
from). The may have more incentive to keep that mode free or close to it (and I
wouldn't cry if they charged a fee less than $1 for the service, remember, it
costs $1.13 to send a money order in the US, and PayPal is definitely easier
than mailing a money order). Does anyone know if the banks charge buisinesses
to receive electronic bank drafts from their customers? Now they may find it
hard to do international transactions for close to free (and they will have to
figure out how to keep themselves from losing money with exchange
fluctuations).
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Message has 1 Reply:
 | | Re: PayPal Changes
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| (...) Yes, merchants can choose a servicing agent or bank. There are lots out there. Even Costco is getting into the act, contracting with a servicer to provide CC service to executive memebers for 1.75% (or maybe less - I didn't notice). Other than (...) (25 years ago, 9-Oct-00, to lugnet.market.services)
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Message is in Reply To:
| | Re: PayPal Changes
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| (...) simply (...) Yep. This fee, for those wondering where it is described, is buried in the "announcements" section after you log in to your account. It's rather hard to find, I just went looking for it again and I can't seem to locate it. I think (...) (25 years ago, 7-Oct-00, to lugnet.market.services)
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