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PayPal Fee Bypass

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

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  1. shade

    shade Junior Member

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    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

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    old news. This has been shared twice.
     
  3. july23

    july23 Jr. VIP Jr. VIP Premium Member

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    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

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    Sorry mates, I couldn't find it on search
     
  5. lifefzr

    lifefzr BANNED BANNED

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    old is gold, repetition is waste
     
  6. Questionable

    Questionable Registered Member

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    It's a 2% fee up up to $1.

    Form your txt files with tab delimiter.

    PaypalEmail Amount Currency info (no spaces) Addtional information (with spaces)
    test@paypal.com 10.00 USD TRACK01 This money is for you!

    Save as txt, go to Send Money in PayPal, then subtab "Mass Payment". Upload txt, select email as sender's information.
     
  7. justone

    justone Elite Member

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    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

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    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

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    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

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    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

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    i didnt know this. thanks:cool:
     
  12. hosttab5

    hosttab5 Newbie

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    Great share! Thanks!
     
  13. lemon

    lemon Jr. VIP Jr. VIP Premium Member

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    I didn't know this either, so I am glad that OP made the post :)
     
  14. scotty91

    scotty91 Newbie

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    Great info, thanks for sharing!
     
  15. BrianO

    BrianO Junior Member

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    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

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    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

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    You just saved me from typing all of that. ;)
     
  18. link2swim06

    link2swim06 Registered Member

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    not a bad idea at all
     
  19. orbit

    orbit Regular Member

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    thanks for the share, did not know that.