|How much of a cut does paypal take?|
How much of a cut does paypal take?
I presume with paypal I won'd need anything else (merchants, gateways etc) to sell a few products on a site is this correct?
Any info greatly appreciated, thanks in advance
transaction fees as low as 2.2% + $0.30 per transaction
More info is available on their web site, just click on "sell" from the home page.
I use PayPal for my shopping cart, i get to keep so much of the money compared to a merchant account, and all those other fees.
>>I use PayPal for my shopping cart, i get to keep so much
>>of the money compared to a merchant account, and all
>>those other fees.
hmmm .... from what i've read, people need to sign up and wait 2 days or something before they are approved to buy through paypal. i don't know if that's true as i've never signed up and have no intention of doing so. anything i want to buy on the internet is available from sites where i can make my purchase quickly and easily without having to get an account etc. if a site says paypal, i go elsewhere, and i know a lot of others that do the same. having said that, i also know people who will pay via paypal and people that won't buy from the net even if their lives depended on it.
anyway, i think paypal is a restrictive system, so this leads me to ask the following question (which isn't meant to be rude, just worded to make people think beyond the transaction charges):
do you think that the savings you make through using paypal adequately compensate you for the sales lost due to not having a merchant account and/or multiple currency transactions ?
this isn't targetted at any one person, it's an open question to everyone.
I have people that "ask" to pay by PayPal.
I see it as one payment option that should be offered.
But not the only one.
The more payment options you can offer your buyers without confusing them, the better I say.
For users in the US, paypal signup is almost instant, and not any more difficult than filling out most shopping carts... If you want to add your bank account to paypal, you do have to wait a couple of days to verify it, but it's not necessary for a simple credit card transaction AFAIK.
For users in Europe, it's much more of a pain, from what I hear. An alternative for European customers would be a great courtesy... and ProPay (while the merchant has to process transactions manually, or send out email invoices) has fees not much higher than PayPal.
For a merchant based in Europe, I've heard good things about WorldPay... but if your business is primarily US-based, paypal is a fairly good way to go.
I'm with minnapple...offer as many options as are necessary to make the sale. Paypal by itself may work for some sites, but not for most of the sites that I have come across. If you are running a business, you can't afford to loose potential customers simply because they are not able/willing to pay via limited options.
For Europe, Worldpay is great. They do like to hang on to your cash, and in a world where cashflow is king, that can be a pain, but there are ways round it. They keep upgrading their security too, to tell you more about "customers"
PayPal is a great service. Friend did soem auctions awhile back and had a large amount of money in paypal. They held it until they could verfiy him... 5 weeks in total. So I would suggest that you keep your balance lower than $5K.
Just my 2 cents