Paypal echeck only $5 fee

[disassembled]

I was trying to see if there was a way to transfer money through paypal without incurring the 3% charge of doom which makes some leary of accepting the money without some compensation.

Here is a link (which is not so clear I might add) that states the max charge when using an Echeck is $5. This is great news for those make high dollar purchases such as Mesa amps, PRS guitars, and the like.

https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-receiving-fees

Here's the quote:

Fees for receiving eCheck payments will not exceed $5.00 USD per transaction. eBay sellers can also choose to offer promotional financing terms on PayPal Buyer Credit funded purchases for an additional fee.


The only difference that I see between using the Credit card or bank transfer method is that the money has to sit for 3-4 days to clear. Other than that it looks like the best way for both the seller to walk away with nearly all of the asking price and the buyer to get the security of paying with paypal.

I hope this helps in the future for those that aren't aware.


This was something I found along the way too:

http://www.calculatepaypal.com/

I am not vouching for the site as to it's accurracy but it was right about the echeck dealy
Greg

 

[ursinus]

Yes, the only difference is it takes 3-7 days depending on where you are making or recieving payment. I don't mind waiting....

 

[disassembled]

I just sent $1600 to someone for a PRS guitar with an echeck and it is in the clearing phase now. It should be cleared by tuesday.

I don't mind waiting either as 4 days is not worth $50-$100 to just give away to paypal.


Greg

 

[JKD]

Well...since I usually use a credit card on high $ purchases via PayPal....eCheck doesn't work

Basically...worth noting that eCheck is only good for cash straight outta your bank account

 

[MrMarkIII]

I can confirm that e-checks take twice as long to clear than other Paypal payments.
Bear in mind, you are basically lending Paypal the money for a extra 3-4 days, during which time THEY are earning interest on said money, NOT you. So, you are giving money to Paypal, they're just not telling you about it up front.
Also, there's NO seller protection available from Paypal when using eCheck.
Caveat vendor.

 

[Gear-Monkey]

echeck is a great bargaining chip for buyers. Some sellers automatically assume they're incurring 3% charge. Buyer could ask for a 3% discount and any respectable and decent seller would accept.

When I sell something and the buyer pays via echeck, I'll make a new friend, because I forward that 3% savings back to the buyer's paypal account.

In fact, I just refunded a guy last week $75 bones made his day.

echeck is the way to go! The less fees sellers have to pay (paypal, shipping, ebay, auctions) the cheaper the seller can sale for. hence finding happy buyers easily.

Good post, thanks for sharing! I posted this at gear-vault forums.

 

[ursinus]

Yes, the only difference is it takes 3-7 days depending on where you are making or recieving payment. I don't mind waiting....

dude, what happened to that deuce/ace you had??

I've gotten the DIY bug bad. I've modded many amps for friends and customers, I finally decided to build a Trainwreck clone for myself. Something had to go. The Ace head was it. I do miss it though.

 

[disassembled]

I can confirm that the Echeck worked for me sending $1600 to buy a guitar.

So an extra 4 days = getting to keep nearly 100% of the money is a great deal IMO.

I highly recommend more people start using this before paypal wises up and starts charging their fee on the echecks as well.



Greg

 

[Gear-Monkey]

I can confirm that the Echeck worked for me sending $1600 to buy a guitar.

So an extra 4 days = getting to keep nearly 100% of the money is a great deal IMO.

I highly recommend more people start using this before paypal wises up and starts charging their fee on the echecks as well.



Greg

I wouldn't call it "wises up". More like "laying to ya"

Google checkout only charge 1.5% last I knew.

 

[JAZZGEAR]

I just sent $1600 to someone for a PRS guitar with an echeck and it is in the clearing phase now. It should be cleared by tuesday.

I don't mind waiting either as 4 days is not worth $50-$100 to just give away to paypal.


Greg

Greg,
Please ask the seller if in fact he only got charged $5 to get the money via echeck. It would be worth having this confirmed.

Comfirmed...I've done it and received e-Check payments B4.

 

[zakkfaerum]

I received a payment this was as well. For sure it only costs $5.00 to me. That's great!!!! How long will it last though??

 

[MrMarkIII]

There's NO seller protection available from Paypal when using eCheck. Caveat vendor.

 

[fantasyl]

What about leaving paypal and pay NO FEES at all for money transfers?

http://forum.grailtone.com/viewtopic.php?t=23454&start=0&postdays=0&postorder=asc&highlight=

I'm in noway affiliated with them (in fact I cannot use it as I'm not USA resident), but I think 0$ and 100% protection for the seller is better than paying 5$ and have no seller protection!

And transaction is instant, too (provided you have the funds on the revolution account).

 

[MrMarkIII]

If it sounds too good to be true, it probably is.

 

[disassembled]

This post was meant to be informative about the paypal echeck and not any other service. Paypal has been around for a long time and is an established standard therefore, making it one of the safest. Cheaper doesn't mean better (as musicians I think we can all relate to this).

BTW I have now successfully used the echeck method several times and am very content on keeping the extra money.

I am glad to see more people adapting and using the echeck method while it's $5 per transaction.

Greg

 

[Paul Secondino]

What kind of seller protection does paypal offer for non e-check transactions ?

 

[fantasyl]

Sorry, I thought this post was here to suggest everyone a good service to transfer money when buying amps.....
.....if a better (safer and cheaper) one exists......why not use it?

I am long time paypal user, but I have seen in the years how a good idea has evolved into a TOO profit-guided service (and everyone has seen ebay and then paypal fees skyrocketing, in the last years.....)

Moreover, e-check cannot be used from international paypal account holders, so I searched for a cheap and safe alternative of transferring money to usa, and saw revolution money transfer, that was linked and suggested from hibidder, a good reputation alternative to EvilBay.

Unfortunately revolution money transfer is accepting only us citizens, at the moment.......so for me the search isn't over yet, but I just thought.....hey, why not suggest it?

@MrMark III
...if it sound too expensive and offer no seller protection.....than it's paypal :wink:

 

[Dr. Tweedbucket]

I've used Echeck for accepting a $1,200 payment on a Ernie Ball and it worked great. I was only dinged $5, and when it cleared, I shipped the guitar. The only thing is, make sure the buyer understands that it takes several days to clear. With my bank, it only took 3 days.

 

[brettlingle]

I will not do business with Ebay again simply because they own Paypal. So not only are they charging you listing fees or whatever ever else they charge for listing and selling an item they are also making money off the Paypal transaction. I don't even know why they call it Paypal anymore. They should call it an Ebay account and just charge you one flat rate. It's like they well not like they are being deceitful in their business practices.

 

[santellavision]

Is there any BUYER protection paying with an eCheck?