Subject:
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RE: PAYPAL Work-Around (untested)
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Newsgroups:
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lugnet.market.theory
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Date:
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Wed, 29 Nov 2000 04:02:03 GMT
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Viewed:
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473 times
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well you aren't supposed to have more than one account... :(
-----Original Message-----
From: news-gateway@lugnet.com [mailto:news-gateway@lugnet.com]On Behalf
Of Jon Kozan
Sent: Tuesday, November 28, 2000 1:35 PM
To: lugnet.market.theory@lugnet.com;
lugnet.market.buy-sell-trade@lugnet.com
Subject: PAYPAL Work-Around (untested)
(This may be my most valuable post yet)
Some of you are thinking about or experiencing PAYPAL (PP) fees.
I've reviewed their Terms of Use (TOU) and come up with a potential
work-around. I'd be interested in your thoughts.
Background:
PP limits Personal Accounts to no more than $500 in Credit Card (CC)
payments
in a 6-month period. After you reach that limit, they hold further CC
payments until you upgrade your account to a Premier Account.
While you still have a Personal Account, any funded method is free. But CC
payments count against the $500 limit.
Once you reach the limit and have to upgrade to a Premier (or Business)
Account, CC payments are held until you actually upgrade.
Then after you upgrade, any pending CC's payments are released and you
continue
on with a Premier Account.
Premier Accounts curently incur a 1.9% fee on all payments. This is changing
(12/1) to a 2.2% fee on CC payments and 1.6% on other payment means.
(This is where I'm at today - Premier) There are other benefits of a
Premier
Account that I'm not going into for this discussion.
On the face of it, it's pretty strange that a Personal Account can receive
unlimited payments just so long as they're not paid with a CC, while
simultaneously a Premier Account has to pay for those same payments.
But this is PP's decision.
So, after reviewing the TOU...
1) They limit you to 1 Personal and 1 Premier Account.
2) After you've reached the $500 limit on the Personal Account, upgrade it
to a
Premier Account. Then
3) Open a new Personal Account.
4) Don't accept CC payments on the Personal (or reverse them if someone
sends
one anyway)
5) Accept CC's on the Premier
Thus, you make your customers happy, and avoid unnecesary fees.
Maybe a bit more headache for you, but if you register a bank account on the
Premier, you can sweep funds daily into your bank account - automatically.
Your thoughts?
-Jon
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