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I'm setting up a site which lets users buy little "shares" worth $1 each. They may buy many at once, but I'll probably see a lot of $1 transactions
what would you recommend as a payment vehicle? I've already got a PayPal account, so I was thinking of using that, if there are better ones, lay some suggestions down.
btw I am a Canadian non-business, so I'm not eligible for Google Checkout yet
PayPal micropayments pricing is designed for transactions under $2.00 USD. The fees are 5%+ $0.05 USDper transaction. Micropayments are currently available to merchants with Verified Business/Premier accounts who receive U.S. to U.S. transactions, U.K. to U.K. transactions or EU to EU transactions. Merchants can learn more about micropayments pricing by contacting firstname.lastname@example.org.Being in Canada, you are somewhat limited of course but you might be able to get an authorization rate around $.25 and then the electronic gateway is still going to probably charge you a transaction fee as well.
You might consider trying to make it so if they buy at least 5, they get something, maybe an extra one.
This is a day when I agree with all those people who say the Internet sucks and e-commerce is for losers. Especially in Canada.
1) a central service that accepts real money in aggregate transations, and lets you spend micro-portions of it, with infinitesimal transaction fees
2) outstanding popularity of said service across many sites (saturation)
3) probably some financial backing or underwriting by a bank or insurance co
4) actual and perceived security of $ info when using this service
Yes LifeInAsia I know traditional e-commerce isn't really for losers. The losers are people like me who dream up new business ideas and wish that integral ingredients had already been set up by other companies.
Anyone interested in underwriting a new venture: "httpmicrobank inc"?
Note also that VISA/MC in the UK at least are in the process of launching their sub-£10-transaction proximity cards. I feel uncomfortable with the security implications, but the financial implications are clear: they are making smaller payments possible.
As a user would you be willing to pop $0.10 off your Long-distance phone card to view today's headlines from your favourite news source? or play a game of multiplayer online scrabble?
But what about those people who don't use those cards (like me). I'd love to see a simple online pettycash repository. Actually there are a couple of startups doing that now, but they look shady and there are hardly any places online where you can spend their tokens
As I say, my old company can do various parts of what has been discussed above, and using a variety of real-world currencies furthermore.
This is NOT meant to be an extended advert, and has somewhat strayed from the original question though my old company COULD do some of the things requested right now in USD and GBP at least...
The point: some of this stuff is out there already in one form or another.