1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

PayPal Fee Bypass

Discussion in 'Business & Tax Advice' started by shade, Mar 17, 2009.

Tags:
  1. shade

    shade Junior Member

    Joined:
    Jan 1, 2009
    Messages:
    137
    Likes Received:
    180
    Occupation:
    Job? Whats a job?
    Location:
    America
    Home Page:
    Like most people here, I was tired of paypal taking $5 USD for every $100 USD I get. However, someone recently told me how to bypass most of paypal's fees.

    Paypal has a feature called "mass payment", which you can take advantage of. How it works is you can send the same amount of money to X amount of individuals.

    You are fined only $1 USD for using this option, however, the recipient of the money will not be fined at all. So, what I do is when people are about to send me $300 USD or so, instead of that, I have them send me $299 USD. That way it fines them only $1 so they pay the same amount, while paypal doesn't take 15 bucks from you.

    I know that a lot of you probably knew this already, but I didn't so other people probably didn't either.

    Cheers
     
    • Thanks Thanks x 4
  2. toyo

    toyo BANNED BANNED

    Joined:
    Dec 20, 2008
    Messages:
    1,012
    Likes Received:
    498
    old news. This has been shared twice.
     
  3. july23

    july23 Senior Member

    Joined:
    Nov 27, 2008
    Messages:
    933
    Likes Received:
    426
    Location:
    Lost
    Yeah, been discuss that here so many times and now i am wondering who will next post thread like this.
     
  4. shade

    shade Junior Member

    Joined:
    Jan 1, 2009
    Messages:
    137
    Likes Received:
    180
    Occupation:
    Job? Whats a job?
    Location:
    America
    Home Page:
    Sorry mates, I couldn't find it on search
     
  5. lifefzr

    lifefzr BANNED BANNED

    Joined:
    Jan 10, 2009
    Messages:
    134
    Likes Received:
    17
    old is gold, repetition is waste
     
  6. Questionable

    Questionable Registered Member

    Joined:
    Mar 14, 2009
    Messages:
    84
    Likes Received:
    27
  7. justone

    justone Elite Member

    Joined:
    Oct 12, 2008
    Messages:
    1,519
    Likes Received:
    1,037
    Occupation:
    -
    Location:
    Europe
    Actually this can not be repeated often enough, I did not read about it before and the info already saved me some bucks.
    I wonder if it violates their TOS to use masspayment that way ?

    And my share to save 2.5% on transactions:
    When you setup paypal to convert currencies for you (it was default for me) then paypal will apply a 2.5% exchange fee on the money.
    Turn this stupid feature off in your profile and convert the currencies yourself, this costs flat 1$ per exchange.

    So if you have business with a foreign people or don't live in USA this will save good money as well.
     
    • Thanks Thanks x 3
    Last edited: Mar 23, 2009
  8. Questionable

    Questionable Registered Member

    Joined:
    Mar 14, 2009
    Messages:
    84
    Likes Received:
    27
    Thanks for the tip Justone. Also with Masspay you can send money in different currencies (per file) and the fee is capped at $1 USD. I wonder if they assess a foreign conversion fee on top of that (I don't think they do.).
     
  9. Questionable

    Questionable Registered Member

    Joined:
    Mar 14, 2009
    Messages:
    84
    Likes Received:
    27
    PayPal doesn't seem to mind if you use this often. The key is you have to have a balance in PayPal to use masspay, and they are making money off you while you keep a balance in their account.
     
  10. navsim

    navsim Newbie

    Joined:
    Feb 11, 2009
    Messages:
    15
    Likes Received:
    14
    Occupation:
    Computer Engineer & Tech Entrepreneur
    Hi Justone,

    A stupid query though... I could not find where to turn this off in my profile. Can you please do a little spoon feeding :)

    Thanks
     
  11. LoboRsxS

    LoboRsxS Regular Member

    Joined:
    Mar 25, 2009
    Messages:
    360
    Likes Received:
    121
    i didnt know this. thanks:cool:
     
  12. hosttab5

    hosttab5 Newbie

    Joined:
    Apr 1, 2009
    Messages:
    13
    Likes Received:
    1
    Great share! Thanks!
     
  13. lemon

    lemon Junior Member

    Joined:
    Dec 25, 2008
    Messages:
    181
    Likes Received:
    39
    Occupation:
    Copywriter
    Location:
    Montreal, Canada
    I didn't know this either, so I am glad that OP made the post :)
     
  14. scotty91

    scotty91 Newbie

    Joined:
    Feb 6, 2009
    Messages:
    17
    Likes Received:
    0
    Great info, thanks for sharing!
     
  15. BrianO

    BrianO Junior Member

    Joined:
    Apr 13, 2009
    Messages:
    173
    Likes Received:
    9
    what if i go for a personal account...then what are the limitations from the premium account???There no fees is deducted from your account!!!plz make me clear with this!!!
     
  16. hotcheats

    hotcheats Regular Member

    Joined:
    Dec 2, 2008
    Messages:
    328
    Likes Received:
    74
    Location:
    EU
    This is useless in my opinion when you are doing some serious business - what, am I supposed to tell customers every time to use mass payment so I can save a few bucks on the shit I'm selling them? It's only good when u have couple of customers to send u large sum...but for business or ebay it's useless
     
  17. professional20

    professional20 Power Member

    Joined:
    Oct 6, 2008
    Messages:
    782
    Likes Received:
    1,091
    Occupation:
    Black Hat Marketing
    Location:
    New York City
    You just saved me from typing all of that. ;)
     
  18. link2swim06

    link2swim06 Registered Member

    Joined:
    Feb 8, 2009
    Messages:
    93
    Likes Received:
    13
    not a bad idea at all
     
  19. orbit

    orbit Regular Member

    Joined:
    Nov 1, 2007
    Messages:
    372
    Likes Received:
    68
    thanks for the share, did not know that.