Subject:
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Re: More changes at Paypal
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Newsgroups:
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lugnet.market.services
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Date:
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Tue, 19 Dec 2000 14:05:43 GMT
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Viewed:
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1987 times
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In lugnet.market.services, William Brumbach writes:
> Don't you love these people? It's OK to suck money OUT of your bank
> accounts pretty much unlimited but not the other way around. It also peeves
> me that the default payment option is the bank account given and now you
> really have to dig to use the credit card option. Of course, that's just my
> opinion, I could be wrong.
Well, perhaps you'd prefer they eliminated the free option? What they are doing
can't be done for free. They are almost certainly being charged by a credit
card clearing house to process the credit card transactions. Where do you
propose they get this money from? It's also not clear to me that bank drafts
are without charge, so we may be being lucky there also.
The unfortunate thing is that no matter how you slice or dice it, there is a
cost to exchanging money. Normally individuals doing transactions between
themselves don't see it. Your bank eats most of those costs (the individuals
eat some of the cost in that if I give you money for a bunch of LEGO sets, you
don't time how long it takes to deposit the money in the bank, and charge that
to me also), except that they aren't willing to eat the costs if you don't have
a lot of money invested, and this is why banks set minimum balances and all
that fun business. On invested money, they recoup the costs, and earn profit
for their owners by making investments with your money which earn them more
than the interest they pay (which of course is all the earnings on non-interest
bearing checking accounts).
Look at Larry's descriptions of the efforts to run his factoring service if you
want a clue as to the costs of offering such services (and note that Larry is
not even earning as much as the possibly underpaid teller at your bank for his
efforts).
Frank
> In lugnet.market.buy-sell-trade, Julie Krenz writes:
> > Shouldn't they be required to email us with these changes???
> > Here's the latest:
> > Notice Date: December 6, 2000
> > Effective Date: December 20, 2000
> >
> > In order to increase the predictability and consistency of our credit card
> > processing costs, the Personal Account $500 limit on receiving credit card
> > payments every six months will be changed to a $100 monthly limit. This • change
> > increases the actual limit from $1000 per year to $1200 per year. Payments
> > funded from the sender's bank account or existing PayPal account balance will
> > not count against the recipient's limit. At the beginning of each monthly
> > cycle, the limit will be reset to $100. Recipients exceeding the
> > $100 limit in a given month will no longer be able to accept credit card
> > payments unless they choose to upgrade to a Premier or Business Account. • Credit
> > card payments sent to a Personal Account in excess of the limit will be held
> > as "pending" until the recipient chooses to accept the payment by upgrading • or
> > to return it to the sender by refusing the payment. Personal Accounts • exceeding
> > the limit will still be able to receive payments funded from a bank account • or
> > existing PayPal account balance.
> > ====================
> >
> > Julie
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Message has 2 Replies:
 | | Re: More changes at Paypal
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| (...) Personally, I think the BUYER should pay the fee. But I don't think they can legally do that due to the CC laws in place in the US, so there's not much we can do about it. As it is, I'm going to have to start charging people 2% more if they (...) (24 years ago, 19-Dec-00, to lugnet.market.services)
| | | Re: More changes at Paypal
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| I'd prefer they pay for it with advertising and an IPO. But seriously, if the costs of CC transactions are part of the industry then they should have introduced some of nominal transaction fee from the start, even 1%-2%, and then raised it from (...) (24 years ago, 19-Dec-00, to lugnet.market.services)
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Message is in Reply To:
| | Re: More changes at Paypal
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| Don't you love these people? It's OK to suck money OUT of your bank accounts pretty much unlimited but not the other way around. It also peeves me that the default payment option is the bank account given and now you really have to dig to use the (...) (24 years ago, 19-Dec-00, to lugnet.market.services)
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