NameSilo

Paypal and Venmo Bump Fees

Labeled as news in Misc. Professional Topics, started by Page Howe, Oct 17, 2018

Replies:
16
Views:
2,926

  1. Page Howe

    Page Howe Top Member PRO VIP ★★★★★★★★★★

    Posts:
    1,011
    Likes Received:
    829
    Well we knew it had to happen.

    One of the biggest positives this year for me has been the ability to send paypal balance money direct to my debit card/ checking account within minutes. - too good to be true....

    Years ago it was 1-3 days, last couple of years most ACH were one day, then came same day transfer for only .25 Cents

    So paypal emailed out changes coming, instant transfer now 1%.

    And i guess to keep it all in the family, Venmo - which a couple of other domainers recommended to me used to be free for an instant transfer, and now they emailed this below

    FROM VENMO

    Thanks for being a Venmo user!

    We're reaching out to let you know about a few updates to our User Agreement.

    [​IMG] First, we've updated our Acceptable Use Policy. The Acceptable Use
    Policy, along with the list of Restricted Activities in the Venmo User Agreement, explains which activities we limit on the Venmo platform. This update does not reflect a change in Venmo's policies. Instead, this update aligns a single, consistent Acceptable Use Policy that applies to both Venmo and PayPal users.
    [​IMG]
    [​IMG] Second, we're adjusting the fee we charge for Instant Transfers.* Effective on or after November 6, 2018, each Instant Transfer will cost 1% of the transfer amount (minimum fee $0.25). We continue to offer our standard bank transfer option free of charge. You can find out more information on this fee change and our other fees on our fees page.
    [​IMG]
    [​IMG] Finally, we updated our User Agreement language to match how certain features and functions (for example, our privacy settings) are described in the Venmo mobile app.
     
    Last edited: Oct 17, 2018
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. karmaco

    karmaco Top Contributor VIP

    Posts:
    3,246
    Likes Received:
    9,040
    PayPal fees seem to constantly be rising. The nice thing is the next day transfer is free and works very well as a next day transfer Monday to Thursday.

    I hear you though their fees have fees.
     
  3. frank-germany

    frank-germany domainer since 2001 / musician VIP

    Posts:
    9,130
    Likes Received:
    13,729
    Venmo is a service of PayPal, Inc., a licensed provider of money transfer services (NMLS ID: 910457). All money transmission is provided by PayPal, Inc. pursuant to PayPal, Inc.’s licenses. © 2018 PayPal, Inc.
     
  4. Furquah

    Furquah Brand Ambassador INDIA Epik.com Staff VIP

    Posts:
    3,767
    Likes Received:
    3,100
    PayPal is killing my poor earning, not only they are getting their cut but also PayPal deducting "GST" charges.

    It's look like Paypal is Tax collection agent for my government
     
  5. zeeshan786

    zeeshan786 Established Member

    Posts:
    11
    Likes Received:
    5
    Instead, this update aligns a single, consistent Acceptable Use Policy that applies to both Venmo andPayPal users. Second, we're adjusting the fee we charge for Instant Transfers.* Effective on or after November 6, 2018, each Instant Transfer will cost 1% of the transfer amount (minimum fee $0.25).
     
  6. domainscot

    domainscot Established Member ★★★★★★★★★★

    Posts:
    61
    Likes Received:
    88
    Bought a domain for customer and used paypal the domain was in five fiqures mark and % what cost with paypal shocked me. Next time will use another service.
     
  7. DAN.COM

    DAN.COM Domain Marketplace Dan.com Staff VIP Gold Account

    Posts:
    926
    Likes Received:
    4,023
    Check out Transferwise.com. I think they're going to make Paypal's life harder in the coming years.
     
  8. address

    address Established Member

    Posts:
    374
    Likes Received:
    259
    Venmo or Venom))
    Venmo is an ugly name IMO
     
  9. NickArter

    NickArter Established Member

    Posts:
    40
    Likes Received:
    0
    Buy the stock. It's been soaring as a result
     
  10. equity78

    equity78 Top Member TheDomains Staff TLDInvestors.com PRO VIP ★★★★★★★★★★

    Posts:
    16,617
    Likes Received:
    25,100
    Are you working with them at Undeveloped?
     
  11. MapleDots

    MapleDots Account Closed (Requested) VIP

    Posts:
    6,131
    Likes Received:
    13,626
    One percent sounds pretty reasonable to me. I often process with my in house credit card machine and if I sell a 5k domain it costs me 2%

    Seems to me that at 1% it's still pretty cheap and even with an in house merchant account I cannot get it that cheap.
     
  12. Daniel Owens

    Daniel Owens Top Contributor VIP Gold Account

    Posts:
    17,780
    Likes Received:
    1,387
    I hear ya buddy, as for a year or so it's only be like $0.25 fee to move it no matter the amount, now will be 1% soon that is a disappointing move on PP's part. You, should be able to do the old transfer for free you'd just have to wait a few days for it to transfer-over which is a tad bad.
     
    Last edited: Oct 19, 2018
  13. namezest

    namezest Top Contributor VIP

    Posts:
    1,485
    Likes Received:
    1,941
    Does look like Paypal is trying to become an actual bank. asking to start a money pool with friends,, well a bank does that with peoples money they don't know. that being said if you want to start a pool I am not against it as it can help the liitle guys ability to compete.
     
  14. DAN.COM

    DAN.COM Domain Marketplace Dan.com Staff VIP Gold Account

    Posts:
    926
    Likes Received:
    4,023
    We are. We're testing them at the moment. If all goes well, we'll implement them as a payment method + payout method for sellers. Their processing fees are even lower than normal banks and the multi-currency account feature is also very neat for domainers.
     
  15. karmaco

    karmaco Top Contributor VIP

    Posts:
    3,246
    Likes Received:
    9,040
    That’s not the fee for the transaction or receipt of money. It’s an added fee for moving your money out of PP fast
     
  16. karmaco

    karmaco Top Contributor VIP

    Posts:
    3,246
    Likes Received:
    9,040
    How did you do that unless exactly 10K ? PayPal doesn’t do transaction over 10K.
     
  17. Domaining Ocean

    Domaining Ocean Top Contributor VIP

    Posts:
    1,362
    Likes Received:
    580
    Their is little bit conversion rate problem with Paypal in India
     

Want to reply or ask your own question?

It only takes a minute to sign up – and it's free!
Topics / Tags:
NameWorth
  1. NamePros uses cookies and similar technologies. By using this site, you are agreeing to our privacy policy, terms, and use of cookies.
    Dismiss Notice
Loading...