PayPal Fees ELIMINATED

Discussion in 'Announcements' started by Ryan, Mar 16, 2012.

  1. Ryan

    Ryan Staff Staff Member

    Great news for our writers. We have discovered a way to eliminate PayPal fees that you incur when receiving our payments. We have discovered a new method of sending payments via PayPal in bulk which eliminates fees for you as the recipient but does apply a fee to Postloop as the sender. Our fee, however, is much smaller than your fee has been. We welcome the opportunity to pay a small fee ourselves if it means eliminating larger fees for you.

    We will ultimately have to compensate for this new expense on our end, and it will likely be in a slightly lower point per post rate. This change will be extremely minor, and you will likely not notice a difference. It will certainly mean more money in your pocket now than in the past.


    Note: This is not the feature that I've hinted at here ;)
     
    Cecil15, clewand550, Mikey and 2 others like this.
  2. DevilKid

    DevilKid Active Member

    Wooooohooooo! Was this the idea which I said in suggestion last year? Or something different?

    I wish I can now refund those $80 and get the full amount :p
     
  3. Ryan

    Ryan Staff Staff Member

    The only suggestions I remember, and the only alternative that I was aware of until now, was sending payment as a "Gift" via PayPal. We couldn't do that for the reasons I listed back when that was discussed.

    We're now using PayPal's "MassPay" option.
     
  4. DevilKid

    DevilKid Active Member

  5. Ryan

    Ryan Staff Staff Member

    Back when you mentioned that, I saw that Mass Payments meant that Postloop paid the fee. I immediately discounted it at that point because I didn't feel that transferring the fee from you to us would help at all, because that fee would still need to be factored into payments.

    After some more research, I learned that the our fee for Mass Payments would be much lower than your fee using standard payments. That's what triggered the change.
     
    DevilKid likes this.
  6. DevilKid

    DevilKid Active Member

    I was unsure about the protection thing which you were talking about at that time so I didn't really understand how it worked so I didn't continue the conversation... Glad my suggestion came through though. Better late than never :p
     
  7. Ryan

    Ryan Staff Staff Member

    It was more than protection - it was also the fees, which I mentioned in the original thread. I edited my last reply here after you quoted it with clarification.
     
  8. DevilKid

    DevilKid Active Member

    Oh I see. I guess the payment rate would be going down a tiny bit right? I think its fair and a good move for Postloop! Thanks Ryan :D
     
  9. Ryan

    Ryan Staff Staff Member

    The $0.05 / point rate will not change.

    What will probably change is the # of points that you get per post. If, for example, before this change, you got 1.5 points for a post that you made, you might now only get 1.49 points for that post. It will be extremely minor, and I highly doubt you will notice.

    It will definitely be a lot less painful than say withdrawing $5 and only getting $4.50 after fees.
     
    neo240 and DevilKid like this.
  10. Sarah C.

    Sarah C. Member

    I appreciate this change!
     
  11. neo240

    neo240 Member

    That is a great news Ryan. I will be looking forward to getting my full money now. :D
     
  12. Jessi

    Jessi Member

    Woot! I was previously cashing out every week, but the last few weeks I held off to help minimize my own fees (they charge a flat fee + the percentage....I was reducing how many flat fees I had by not cashing out as frequently). I'm glad to see this change go in. It makes perfect sense to reduce the point value slightly in order for us to ultimately get more anyway. Thanks for checking into it again. :)
     
  13. Guardian

    Guardian Active Member

    Minimizing fees, I like it.
     
  14. Jessi

    Jessi Member

    Are you sure? Paypal changed the way they show the information quite a while back, too, so from the outside, it'll look like the full amount, but once you click in, you can see the fees.

    Or maybe you're just special. ;)
     
  15. Guardian

    Guardian Active Member

    Yeah, it's that, and I'm special. I looked into it as I posted that and realized I was just not seeing where they took them out. Thanks Jessi. Oversight on my part.
     
  16. clewand550

    clewand550 New Member

    This is excellent news! Thank you so much. I was wondering why I didn't have a fee last night when I cashed out.
     
  17. goodselfme

    goodselfme New Member

    I gave a refund last payout, so I thought I would cover some of the postloop fees. From now on I won't do that. thank you Ryan for your help in this area. You sure do keep doing surprises for the writers here.I appreciate you for everything.
     
  18. wjack2010

    wjack2010 Member

    Yay this is good news for all of us, I've requested my payment ;)
     
  19. This is great news, I wondered why unlike other sites you still applied those incredibly high PayPal fees. I can't help wondering how much money I've lost from all my withdrawals though :(

    @Ryan:
    Is it a fixed fee or does it vary depending on how much money we're withdrawing? Can we get an approximate?
     
  20. Ryan

    Ryan Staff Staff Member

    It comes out to about 2%
     

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