Post # 1
I’m setting up a Paypal account to accept payment (for selling wedding stuff) and am curious what the fees are. I’ve been reading their fees for payment (2.9%), but then watched a demo about the money and it looks like it’s free if it goes to your bank account.
I don’t get it!
Do they charge you for money received if they have to pay you directly (like mail you a check) and it’s free if you deposit into your bank account ??
So confused…. just trying to figure out fees!
Post # 3
PayPal takes a % of the top (I’m not sure exactly what % it is, sorry!). That money (sale price – paypal fee) goes into your PayPal account. It’s free to move money between your checking account and PayPal account, and costs a nominal fee to receive a paper check.
Post # 4
Yes, Paypal takes a percentage off the top when you are recieving money. ALWAYS.
The percentage is dependent on how much money is coming in.
2.9% (of the money you are recieving) + $0.30 USD for UP to $3K monthly.
There are also additional fees for money crossing borders and currency conversions.
Post # 5
The fees depend on the type of money transfer on Paypal. It’s only free if it is a personal payment, and then it’s only free if a credit card isn’t used. If it is a payment for selling something, yes, they do take a cut.
Post # 6
Yeah the fee comes out after the buyer pays and before you get the cash. Like if the buyer pays your $50 for something, they pay your asking price then you get 50 – the percentage in your checking account. Like 46 or whatever. I’ve done it plenty of time and to me its worth it – esp for stuff you’d rather a few bucks and going to a good home versus throwning out or donating. T
he only way to get around this – and its sneaky but. If the buyer gives you money as a “gift” or “donation then there’s no fees. I’ve had people ask me to do that – but I refused. I’m not trying to help them work the system – send me an invoice and I’ll pay!