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Old 04-29-2020, 10:53 AM   #1
Tim Ayers
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Default New Paypal fees. Be careful, folks

So, like many, I've switched over to using Paypal about 2 years ago. Previously, I would use bank checks or USPS money orders to send money to sellers for parts.


Sometimes I have a "cash" balance in Paypal and sometimes I don't. When I don't, I've accepted the "normal" transaction fees of 3 or so percent to send money to the seller using the "friends & family" option.

My most recent purchases, $16 & $80, were charged the normal percentage, but then another message came up about another fee. Assuming it was going to be another small percentage, I agreed. It did not specify the amount. It just said it could be substantial.

Well, the credit card statement came that extra fee was $10.00 per transaction plus a months worth of interested on that $20.00. Total fees were $21.50 for a $96 transaction.

Needless to say, I will not use the Paypal "friends & family" any longer. I don't want to get involved with transferring money from my bank account into my Paypal.

Just an FYI...
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Old 04-29-2020, 11:04 AM   #2
V8COOPMAN
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Default Re: New Paypal fees. Be careful, folks

I've resisted ever getting involved with that conniving outfit for all these years just because of the different types of shenanigans that those folks keep dreaming-up. They may not be totally chichen-poo, but they sure do exhibit an abundance of hen-house ways! DD
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Old 04-29-2020, 11:09 AM   #3
Tim Ayers
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Default Re: New Paypal fees. Be careful, folks

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I've resisted ever getting involved with that conniving outfit for all these years just because of the different types of shenanigans that those folks keep dreaming-up. They may not be totally chichen-poo, but they sure do exhibit an abundance of hen-house ways! DD
Yeah, I'm done with then too. That was shady. They should have told me it was ten bucks per instead of generalized statement.
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Old 04-29-2020, 11:18 AM   #4
19Fordy
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Default Re: New Paypal fees. Be careful, folks

"Pay Pal" is not your pal. Their goal is to MT your wallet.
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Old 04-29-2020, 11:22 AM   #5
Tim Ayers
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Default Re: New Paypal fees. Be careful, folks

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"Pay Pal" is not your pal. Their goal is to MT your wallet.
Haha.
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Old 04-29-2020, 11:22 AM   #6
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Default Re: New Paypal fees. Be careful, folks

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I don't use Friends and Family", I invoice they buyer. Here is a run down of fees for Pay-Pal.

https://www.paypal.com/webapps/mpp/paypal-fees
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Old 04-29-2020, 11:37 AM   #7
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Default Re: New Paypal fees. Be careful, folks

I bit the bullet back in 2008 when I started collecting WWII items and linked my bank account and then as backup credit card. I have had no issues all this time 500+ purchases using them with no additional fees.

I do have one issue now my teenage daughter has my PayPal password.
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Old 04-29-2020, 11:41 AM   #8
Tim Ayers
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Default Re: New Paypal fees. Be careful, folks

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I bit the bullet back in 2008 when I started collecting WWII items and linked my bank account and then as backup credit card. I have had no issues all this time 500+ purchases using them with no additional fees.

I do have one issue now my teenage daughter has my PayPal password.
Hhmm. I'm really reluctant to link my bank account. I'm not sure why. Could be the tinfoil hat I wear during times like these. LOL!
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Old 04-29-2020, 11:42 AM   #9
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Default Re: New Paypal fees. Be careful, folks

Transferring balance from Personal Accounts.
If you are a U.S. PayPal account holder, you can transfer money out of PayPal in two ways. * Standard transfers made using your linked bank account are always free and are usually deposited the next business day. ** Now, with Instant Transfer, for a fee you can transfer funds even faster to your eligible bank account or debit card. Instant Transfers to eligible banks and debit cards are typically completed in minutes. *** You can choose between your eligible linked bank accounts and debit card(s) when you make a transfer. Eligible debit cards include Visa and MasterCard debit that participate in Instant Transfers. Participation of these cards is driven by the card issuer. Eligible banks include those participating in The Clearing House Real Time Payments program.

Standard transfer to linked bank accountFree
Instant transfer with eligible linked debit card or bank account1% of amount transferred, with a maximum fee of $10.00
Instant Transfer Withdrawal Limits for Debit Cards


This was not stated. I guess it was my responsibly to look it up and I just assumed. Well, we all know what happens when you assume.
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Old 04-29-2020, 11:45 AM   #10
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Default Re: New Paypal fees. Be careful, folks

Just had a customer send me 2800.00 and I was assessed 79.00 and change. They charged me not the customer. I use pay pal several times a week to get payment from a customer. I quit taking credit cards for this reason so now I'll just go to having the customer send me a check.
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Old 04-29-2020, 11:47 AM   #11
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Default Re: New Paypal fees. Be careful, folks

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Originally Posted by Krylon32 View Post
Just had a customer send me 2800.00 and I was assessed 79.00 and change. They charged me not the customer. I use pay pal several times a week to get payment from a customer. I quit taking credit cards for this reason so now I'll just go to having the customer send me a check.
I could see how this would really add up quickly for a business. I really don't use it much (maybe once or twice a month).
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Old 04-29-2020, 11:59 AM   #12
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Default Re: New Paypal fees. Be careful, folks

Forgot to mention. I have a special Pay Pal bank account that I transfer my PP money into and from that account it goes into my business account leaving a balance of less than 100.00 in the bank PP account. I've been thinking about assessing a 3% transaction fee on these sales. Most of my sales are under a 1000.00 but I'm afraid that would send customers in another direction. Most of the stores and restaurants in this area have an automatic 3% fee added on a credit card purchase. Going back to checks will probably be the way to go?

Last edited by Krylon32; 04-29-2020 at 12:05 PM.
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Old 04-29-2020, 12:00 PM   #13
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Default Re: New Paypal fees. Be careful, folks

When I sell something here or on the HAMB I give the buyer the option of personal check, USPS money order, or PayPal. If they choose PayPal they can either gift it so no fees or add the PayPal fees associated with a purchase if they want the protection that isn't afforded with gifting. I've never had an issue with PayPal but I don't sell all that much, usually just parts I no longer need. When it comes to money orders, only USPS since the ones sold at convenience stores are too easy to fake. Just like "cashier's checks". The way I figure it if a member does pull a fast one then I'll let the forum know but I've never had an issue with a member. Just my take.
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Old 04-29-2020, 12:03 PM   #14
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Default Re: New Paypal fees. Be careful, folks

I too have a great time with pay pal and have used it for years.
I add money when my balance is low and dont us the direct back hook up.
My only charge card that is use and carry is a paypal mastercard and it comes directly off the pay pal balance .....

Been very good to me .....
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Old 04-29-2020, 12:03 PM   #15
Tim Ayers
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Default Re: New Paypal fees. Be careful, folks

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Originally Posted by 51504bat View Post
When I sell something here or on the HAMB I give the buyer the option of personal check, USPS money order, or PayPal. If they choose PayPal they can either gift it so no fees or add the PayPal fees associated with a purchase if they want the protection that isn't afforded with gifting. I've never had an issue with PayPal but I don't sell all that much, usually just parts I no longer need. When it comes to money orders, only USPS since the ones sold at convenience stores are too easy to fake. Just like "cashier's checks". The way I figure it if a member does pull a fast one then I'll let the forum know but I've never had an issue with a member. Just my take.
Makes sense. The purpose of this was not to "bash" Paypal, but to give folks the heads up for this is a change in their fees structure.

I should have done my homework and I didn't. That lack of prep cost me $21.50.
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Old 04-29-2020, 12:09 PM   #16
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Default Re: New Paypal fees. Be careful, folks

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Originally Posted by redmodelt View Post
I don't use Friends and Family", I invoice they buyer. Here is a run down of fees for Pay-Pal.

https://www.paypal.com/webapps/mpp/paypal-fees

When you invoice the buyer do they then pay the fees?
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Old 04-29-2020, 12:13 PM   #17
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Default Re: New Paypal fees. Be careful, folks

PP isn't really any different than what merchants have to deal with when accepting credit cards. There are transaction fees and a percentage of the sale price that are about the same with both CC's and PP.
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Old 04-29-2020, 12:18 PM   #18
Tim Ayers
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Default Re: New Paypal fees. Be careful, folks

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When you invoice the buyer do they then pay the fees?
No. When a seller invoices the buyer, they assume the fees since it is a business transaction in the eyes of Paypal.
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Old 04-29-2020, 12:20 PM   #19
Tim Ayers
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Default Re: New Paypal fees. Be careful, folks

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PP isn't really any different than what merchants have to deal with when accepting credit cards. There are transaction fees and a percentage of the sale price that are about the same with both CC's and PP.
Right. Most private sellers (like myself), don't want to absorb the cost so "friends and family" became the default mode to pay using Paypal. I guess they caught on to this and want a bigger piece of the pie now.

All of this is a moot point if you either link your bank account to your Paypal or you carry a balance from previous sales.
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Old 04-29-2020, 01:14 PM   #20
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Default Re: New Paypal fees. Be careful, folks

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PP isn't really any different than what merchants have to deal with when accepting credit cards. There are transaction fees and a percentage of the sale price that are about the same with both CC's and PP.
Bill, You are absolutely correct.

We own three businesses that accept charge cards. The bottom line, averaged over all the different cards we accept plus the associated fees applied by the processing company is right around 2%.
We have long ago decided that accepting cards is the only way to go. Most folks don't carry cash and from what I read, most folks couldn't buy much of anything if they couldn't charge it.
Bottom line? Accepting cards has (overall) been a very positive thing for us. The associated fees that we pay are considered an operating cost. Just like turning on the lights, paying for insurance, heating / cooling the properties.
We do not accept American Express under any circumstance as their fees are simply outrageous.
I have utilized Paypal for over ten years with no issues. Yeah, their fees are a tad higher than charge cards (typically) but the ease / speed in which I get paid (eBay sales) are worth it to me.
Transferring the monies to my checking account is free.
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