Paypal fees?

[WuWei]

We are starting a local homeschool business where folks will pay nominal amounts for the service, like $1- 7 per transaction. Plus, we have another service where the charge is $30-100 per transaction.

I figured we would use Paypal, but I've heard something about their fees; although, I don't seem to have *incurred* any fees when sending money previously. Not sure that I've ever *received* money through Paypal, other than a refund/canceled transaction. The transactions would be to a dedicated credit card or bank account for the business. (is that cheapest?)

Any details or advice that I'm oblivious about? (I tried reading the Paypal site and it appears that there is a 2.9% + $0.30 USD fee per transaction. Does this sound correct and complete?)



Thanks, Pat

[dogmom327]

Originally Posted by WuWei

We are starting a local homeschool business where folks will pay nominal amounts for the service, like $1- 7 per transaction. Plus, we have another service where the charge is $30-100 per transaction.

I figured we would use Paypal, but I've heard something about their fees; although, I don't seem to have *incurred* any fees when sending money previously. Not sure that I've ever *received* money through Paypal, other than a refund/canceled transaction. The transactions would be to a dedicated credit card or bank account for the business. (is that cheapest?)

Any details or advice that I'm oblivious about? (I tried reading the Paypal site and it appears that there is a 2.9% + $0.30 USD fee per transaction. Does this sound correct and complete?)



Thanks, Pat

You only incur fees when you receive money so it's not surprising you haven't seen them yet.

The 2.9% plus $.30 fee per transaction is their normal rate. I've been using them for a year for my business and the only other fee I have is $30 a month because I have the highest level of paypal service which allows customers to pay directly on my website rather than being transferred to paypal's site. Basically it allows me to process credit cards and my customer don't have to know it's through Paypal. It looks more professional at least.

Anyway, from what I've heard, the fees they charge are competitive but I honestly haven't had time or energy to verify that myself. I have heard other companies generally have lots of hidden fees.

[CawMama]

Are you a non-profit? I think I read somewhere, but could be totally wrong, that you can get a discounted fee rate. Might want to check me on that though.

[WuWei]

Thank you ladies. We hope not to be "non-profit".


Pat

[dogmom327]

Originally Posted by WuWei

Thank you ladies. We hope not to be "non-profit".


Pat

[Kristine233]

The fees are correct, but after everything I've looked at they are the most reasonable IMO. Get thier debit card and you get cash back on purchases and that is at least a small offset to the fees.

[Carrissa]

paypal

Those fees are correct. You only get charged when someone sends you money and then paypal takes their cut.

Definitely look into google. I have had MANY customers pay through google checkout and the fees are less.