Anbody do this?
I know people that have put a new auto purchase on plastic. At least one of the lumberyards here will let you put your monthly bill payment on plastic.
Lots of people have enough of a line on one card or another to pay a monthly draw on a new McMansion build, so even more folks likely have enough to do plastic to pay for a new garage build, basement remodel, or kitchen.
Why not offer them PayPal as a way they can pay you?
Replies
Paypal is an option you could offer your customers but I would not prefer to use it. First there is a transaction fee of approx 3%. Thats 300.00 on 10000.00. You either have to charge them more to use paypal or just eat it. Even though they can get air miles, why would they be willing to pay you more to get them?
Paypal also has a charge back feature where if the customer is disatisfied the money can be removed from your paypal account until the dispute is resolved. Paypal is usually linked to a bank account also and if I am right they can even go into the bank account to recover the money. Paypal also has special restrictions involving large amounts of money.
I would not do it, but it may work for some.
I have a good chunk of change in a paypal balance, just used $54 of it to buy IRC 2006 from an Amazon seller.
Cheapest place to get it & it used up some of the $ just sitting in paypal.
I wouldn't be surprised to see people with large paypal balances willing to spend it on a McMansion upgrade.
I look at it as free money, it's from selling junk on line that I basically had written off or had no investment in. Kinda "mad money" , actually the code book is way more practical than most of the stuff I buy with paypal.
Joe H
We allow clients to use paypal but that is one of the questions we like to know early because to us, it's a direct cost and we'll account for that in our proposal.
You also need to determine how quickly you can get your funds out of the Paypal account and into your checking acct.
Their standard is $500 MAX per month.
I have had it as a backup in case some had to use it for a small repair but when I tell them "Sure, you can paywith a card through paypal, but I have to add the 3% fee, they always just write a check.
I am the treasurer of my son's cub scout pack and we started allowing folks to pay dues, camp fees, etc with paypal. Only a few have taken advantage of it but it works for them. It generally take three days to get the funds transferred from the pack paypal account to the pack checking account. It never has been over $500 though.
Can you expand on that, please?
There are eBay vendors with half a million dollars and more for sale at any one time. Just do a search for "rolex submariner watch" and see what you get. Bid highest on a diamond-encrused beauty, and you can put the $11,300 on PayPal.
Certainly that watch seller can draw more than $500 per month from his PayPal account, right?
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"A stripe is just as real as a dadgummed flower."
Gene Davis 1920-1985
seller can draw more than $500 per month from his PayPal account, right?
I've got a Paypal debit card connected to my checking account. I can "charge" as much as I have in the bank. View Image
I've used pay pal on job's before. Client was in Austaralia and wanted to do a money transfer. After a week of hassels with the bank he paypaled me instead three day's later money was in the acct. Works for me. I also use it on ebay to sell junk. I use the mad money for other things.
I thought the same thing but found out mine had a $3000 per day limit...still not too shabby, unless you are at the supplier trying to spend $4k...
Why not offer them PayPal as a way they can pay you?
I take Paypal, Visa, MC, and AMEX.
They all cost me about 3% plus $20/mo. When I started taking them, I added 5% to my prices. I also give a 2%/10 day discount to repeating customers. So if they pay quickly with a credit card, I'm fine.
This year I've taken in about $10K/month on Paypal or credit cards. Most of that would not have been paid as quickly if I held out for cash or checks.
In two cases this year so far, when I've threatened to sue past due accounts, they've resolved the problem with plastic, paying all service charges as well.
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