Subject:
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Upcoming factoring changes due to PayPal fee structure.
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Newsgroups:
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lugnet.market.services
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Date:
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Sun, 8 Oct 2000 19:45:03 GMT
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Viewed:
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1411 times
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I think I am going to have to institute some factoring changes beyond the
rebalancing I alluded to earlier.
PayPal is very convenient. The upcoming changes in PayPal mean that they are
essentially creating two classes of money. Unless I refuse to accept the class
of money that requires fee payment, I will therefore have to institute a fee
to recover my costs in accepting it, or eat it. And refusing to accept that
class of money carries with it an administrative workload in and of itself
that I don't want to have to deal with.
Instituting that fee is fraught with peril as it may run afoul of the "cannot
surcharge for CC transactions" rule that both Visa and MC have, it has to be
carefully structured so that it is not in and of itself a credit card fee.
Probably an "administrative fee" or else a change in all other fees with a
discount for bank orginiated PayPal or something. Either that or raise ALL
fees so that I don't care about the haircut.
Eating a 2% (1.9, or 25 cents, technically) haircut is unacceptable, there is
no margin in factoring as it is, I do it as a community service, for the most
part, and I am not going to lose money on transactions, I ain't THAT
charitable. Plus Josette would shut me down if she got wind of it, she wonders
quite loudly why I am doing it at all if there's no money in it and it eats up
significant chunks of my limited time at home.
If you have input you'd like to share, feel free. I've thought of most of the
obvious stuff of course, or so I think.
Of course if PayPal itself gets out to enough countries fast enough I will
just close factoring down and be happy to exit it and concentrate on playing
with my LEGO and on designing Milton Train Works sets, factoring is a big pain.
Note that this fee structure will possibly impact BrickBay sellers who accept
by PayPal as well, GoB is discussing this point right now.
++Lar
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