Paypal/CC fee increases (1 Viewer)

ACH and Wire Transfers for large payments are the way to go.
Depends where from. Some international are still quite expensive. A payment from Greece just cost $12 + $29 + 15euros in fees. So paypal would still have been cheaper for up to $1100. Of course checks are cheaper for everyone if the customer has funds available.
 
I have a business with somewhat large purchase prices and for us it’s Zelle, Chase Quickpay, and snail mail checks all the way. The 3% in this day and age is outrageous (not you David, but the processing companies).

Another option for those with BoA accounts is Zelle.

Zelle isn’t limited to BofA. There are literally hundreds of banks in the Zelle network.

https://www.zellepay.com/get-started

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I have a business with somewhat large purchase prices and for us it’s Zelle, Chase Quickpay, and snail mail checks all the way. The 3% in this day and age is outrageous (not you David, but the processing companies).
Note that the 3% (well, 2.9% + 30c) became 3.5% 2 days ago (+45c). When we started 7 years ago it was 1.4/1.9% depending on our volume the previous month. You only needed $5k a month to drop to the lower band, now it's $30k.
 
I have a business with somewhat large purchase prices and for us it’s Zelle, Chase Quickpay, and snail mail checks all the way. The 3% in this day and age is outrageous (not you David, but the processing companies).



Zelle isn’t limited to BofA. There are literally hundreds of banks in the Zelle network.

https://www.zellepay.com/get-started

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As far as I understood when someone tried to pay from a Chase account it's only free to BoA if it's from a BoA account. Otherwise it's 3%. Maybe that's wrong, I never looked further as no-one has ever mentioned it.

Just looked, BoA says only free for a corporate account from BoA. The other issue of course (which has been brought up a couple of times) is that there is no buyer protection.
 
Is direct bank transfer an option? I found wise.com one of the most economical ways to transfer money internationally both in terms of fees and exchange rate.

Really easy to use and it also protects the receivers bank details as they only need to supply the sender with their name & email address to initate the transfer. Wise.com send the receivers and email to request their bank details with which doesn't get shared with the sender.
 
As far as I understood when someone tried to pay from a Chase account it's only free to BoA if it's from a BoA account. Otherwise it's 3%. Maybe that's wrong, I never looked further as no-one has ever mentioned it.

Just looked, BoA says only free for a corporate account from BoA. The other issue of course (which has been brought up a couple of times) is that there is no buyer protection.

Just curious, do you mean it’s only free if the sender is a corporate account? Or if your account is a corporate account?

We do several hundred thousand a year via Zelle ( my biz acct is Chase) with retail clients and I know we aren’t paying a fee on that.
 
I bank with Huntington and they have an option for Zelle as well.
 
Is direct bank transfer an option? I found wise.com one of the most economical ways to transfer money internationally both in terms of fees and exchange rate.

Really easy to use and it also protects the receivers bank details as they only need to supply the sender with their name & email address to initate the transfer. Wise.com send the receivers and email to request their bank details with which doesn't get shared with the sender.
International to the US is not so straightforward as the US does not use IBAN. It has to go through an intermediary on the way. We took a payment from Canada for $9,000 and lost 10%!!! Big argument with the customer/customers bank/intermediary (HSBC NY I recall) over that.
None of these things are as free as they seem. Banks tend to operate from expensive modern buildings and their senior employees own Ferrari's and Yachts :)
I wonder why?
 
Just curious, do you mean it’s only free if the sender is a corporate account? Or if your account is a corporate account?

We do several hundred thousand a year via Zelle ( my biz acct is Chase) with retail clients and I know we aren’t paying a fee on that.
If your retail client is not with Chase then either they are paying the fee (which gives them protection) or they are sending 'friends and family'. That's how I understood it. I've got a friend with a Corporate Chase account I do a fair bit of business with. Next time we need to do a transfer I'll test it.
 
If your retail client is not with Chase then either they are paying the fee (which gives them protection) or they are sending 'friends and family'. That's how I understood it. I've got a friend with a Corporate Chase account I do a fair bit of business with. Next time we need to do a transfer I'll test it.
I’m curious now as well. Will look into it as well. But I know for sure it’s our primary payment method. If someone screwed up and there is an embedded fee that we are paying I am about to lose my s*#%.
 
I’m curious now as well. Will look into it as well. But I know for sure it’s our primary payment method. If someone screwed up and there is an embedded fee that we are paying I am about to lose my s*#%.
I think the customer might be paying it. I do see there are max transaction sizes (most of which are below our order values). I guess that's because the zelle website says it's NOT for business transactions :)
It only costs $3 to wire either way from BoA to Chase anyway so it was never a big deal.
Do you make payments out of Chase to other banks via Quickpay/Zelle? How much info do you need from the other party? With BoA Zelle it's purely an email address.
 
With my Zelle, it’s email only as well. Bummer you’re so fast to fill orders, would have easily tried Zelle on my recent non-chip order. If I had only procrastinated…
 
I think the customer might be paying it. I do see there are max transaction sizes (most of which are below our order values). I guess that's because the zelle website says it's NOT for business transactions :)
It only costs $3 to wire either way from BoA to Chase anyway so it was never a big deal.
Do you make payments out of Chase to other banks via Quickpay/Zelle? How much info do you need from the other party? With BoA Zelle it's purely an email address.

Our purchase prices are generally between $4-12K and sometimes they do have to break up the payment. Although I am told it’s dependent on their bank (not ours) and whether or not it’s their first time using Zelle. So the first payment may be capped at $500 but later payments are greater. I just checked and when we get $2k in then $2k clears our account for example.

For various reasons, I specifically do not want added customer protection (this is also a reason I don’t use credit cards). But this doesn’t play a role in the customer purchase decision. Perhaps the customer was trying to pay you through their credit card account on credit and not with a bank balance.

They just need our biz email that is attached to the account, but we can also send a payment request as well.

It’s an S-Corp biz account. We actually also pay out contracts using Zelle (they are both individuals and companies).
 
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Our purchase prices are generally between $4-12K and sometimes they do have to break up the payment. Although I am told it’s dependent on their bank (not ours) and whether or not it’s their first time using Zelle. So the first payment may be capped at $500 but later payments are greater. I just checked and when we get $2k in then $2k clears our account for example.

For various reasons, I specifically do not want added customer protection (this is also a reason I don’t use credit cards). But this doesn’t play a role in the customer purchase decision. Perhaps the customer was trying to pay you through their credit card account on credit and not with a bank balance.

They just need our biz email that is attached to the account, but we can also send a payment request as well.

It’s an S-Corp biz account. We actually also pay out contracts using Zelle (they are both individuals and companies).
I made an assumption that most customers are buying on credit (and they probably are). As long as it's fee free my end I'll add it as an option. I don't really care how I am paid and whether it's instant or takes a week. Doesn't really matter in this business. If it saves either or both of us money then great.
 
I'm glad I own envelopes, stamps, and checks, so when I pay David for my purchases, it's cheap and easy. Of the last four stamps I've used for anything, I'm pretty sure three went to David.
 
I made an assumption that most customers are buying on credit (and they probably are). As long as it's fee free my end I'll add it as an option. I don't really care how I am paid and whether it's instant or takes a week. Doesn't really matter in this business. If it saves either or both of us money then great.

Oh, got it. Yeah there is no way to escape the ~3% when paying on credit. And the non-PCFer crowd would probably prefer to pay credit. Is PCFers fortunately have our chip trading accounts :)
 
International to the US is not so straightforward as the US does not use IBAN. It has to go through an intermediary on the way. We took a payment from Canada for $9,000 and lost 10%!!! Big argument with the customer/customers bank/intermediary (HSBC NY I recall) over that.
None of these things are as free as they seem. Banks tend to operate from expensive modern buildings and their senior employees own Ferrari's and Yachts :)
I wonder why?
Wise is pretty transparent with their fees. No missing %s.
Payment in made in your local currency to a wise.com account in that same local currency. Once they receive it they send the money from their account in the receivers local currency so its effectively an domestic transfer at that point.

Transaction isn't instant and generally takes around 48hrs but its totally worth the savings if you arent in hurry.

Screenshot_20210812-013453_Chrome.jpg
 

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