Can I Pay Faster

[Don Madge]

It appears that some banks have got together and set up a system where money can be transferred in a matter of hours instead of days see
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This system could be a huge benefit to anybody buying privately.

I have not looked at all the details, maybe somebody in the finance business can give a few tips.

Don

 

[GJH]

Funny how the APACS pages make no mention of the fact that the banks have only done this after being told to by the OFT isn't it

Nor that they were supposed to have the system up and running last November

Graham

 

[Jim]

Good info Don, though at first when reading your thread title about paying I thought that you had got your fun mixed up with your facts

 

[moandick]

Nice one, Jim - well scored :thumb::thumb:

On the banking system though, - I had a Guide purchased through Paypal recently.

The lady who bought it paid Paypal by an 'e' cheque - which then took 12 working days to clear!

An internet payment made from a Bank in the UK to a Paypal office in the UK - and it took 12 working days to get through? Some slow Internet connections involved or just the Banks trying to hang on to my money as long as possible.

 

[Jim]

paypal are a law unto themselves and very expensive, I am currently looking at alternatives. Google Checkout looks like a good alternative at only 1.5% commission

As an example to sell the Motorhome Checklist via paypal @ £9.99, for each sale we must pay Paypal 3.4% PLUS 20p So we are paying them 54p or a whopping 5.4% On the face of it Google Checkout is MUCH cheaper. Does anyone use Google checkout?

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[GJH]

Nice one, Jim - well scored :thumb::thumb:

On the banking system though, - I had a Guide purchased through Paypal recently.

The lady who bought it paid Paypal by an 'e' cheque - which then took 12 working days to clear!

An internet payment made from a Bank in the UK to a Paypal office in the UK - and it took 12 working days to get through? Some slow Internet connections involved or just the Banks trying to hang on to my money as long as possible.

eCheques can take a while can't they. Trouble is (as far as I can ascertain anyway) is that because PayPal isn't a real bank they verify that the funds have actually been cleared into the buyer's account before they then release them to the seller.

Having said that, I've actually had eCheque funds cleared in only 3 days. Got one today and whilst the standard e-mail says allow 7 to 9 working days the expected clearing date is given as 30th May. The buyer is in Australia so I don't know if that makes a difference.

Graham

 

[Don Madge]

paypal are a law unto themselves and very expensive, I am currently looking at alternatives. Google Checkout looks like a good alternative at only 1.5% commission

As an example to sell the Motorhome Checklist via paypal @ £9.99, for each sale we must pay Paypal 3.4% PLUS 20p So we are paying them 54p or a whopping 5.4% On the face of it Google Checkout is MUCH cheaper. Does anyone use Google checkout?

Hi Jim,

Can't you set up the site so people can just pay by credit/debit card. I will only buy on line using my C C.:thumb:

Don

 

[Jim]

Yes Don, when you use Paypal you are just using your credit card, you don't have to be a paypal member. Its just that Paypal handle the transaction. Anyone with a credit card can us paypal without joining them or opening an account.

Small traders need to use companies like Paypal to take cards over the net. Vicarious use paypal I believe.

 

[GJH]

Yes Don, when you use Paypal you are just using your credit card, you don't have to be a paypal member. Its just that Paypal handle the transaction. Anyone with a credit card can us paypal without joining them or opening an account.

Small traders need to use companies like Paypal to take cards over the net. Vicarious use paypal I believe.

For our family history business we use PayPal for two reasons:
1. It's a heck of a lot cheaper than opening a merchant account with the credit card companies.
2. We never see the details of customers' credit/debit cards or bank accounts so it cuts out security concerns.

Graham

 

[Jim]

Hi Graham, yes, opening and maintaining a merchant account is expensive. I have just been looking into Google Checkout and they seem to be offering the exact service I use and are 1.9% +5p cheaper per each transaction. That is a considerable saving, is there a catch?

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[Don Madge]

Small traders need to use companies like Paypal to take cards over the net. Vicarious use paypal I believe.

Thanks Jim,

I don't know what system Chris uses, that's not my expertise, thank god or we might be bankrupt.

Don