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| | | Author: | SDF_Bricks  | | Posted: | Dec 3, 2023 14:09 | | Subject: | 3 types of fees, they DO add-up. | | Viewed: | 228 times | | Topic: | General | |
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| Whenever I sell an item and get paid via Paypal, the latter takes two fees:
1. Paypal Fee
2. Partner Fee
3. Whatever BL charges me every month.
Question: If Paypal is already charging me a Partner Fee (that goes to BL??),
why does BL still charge me at the end of every month?
Thank You,
SDH Bricks.
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| | | | | Author: | peregrinator | | Posted: | Dec 3, 2023 14:18 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 72 times | | Topic: | General | |
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| In General, SDF_Bricks writes:
| | Whenever I sell an item and get paid via Paypal, the latter takes two fees:
1. Paypal Fee
2. Partner Fee
3. Whatever BL charges me every month.
Question: If Paypal is already charging me a Partner Fee (that goes to BL??),
why does BL still charge me at the end of every month?
Thank You,
SDH Bricks.
|
The "partner fee" is the state sales tax that BL is required to collect
and remit.
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| | | | | | | Author: | SDF_Bricks | | Posted: | Dec 3, 2023 14:25 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 86 times | | Topic: | General | |
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| In General, peregrinator writes:
| | In General, SDF_Bricks writes:
| | Whenever I sell an item and get paid via Paypal, the latter takes two fees:
1. Paypal Fee
2. Partner Fee
3. Whatever BL charges me every month.
Question: If Paypal is already charging me a Partner Fee (that goes to BL??),
why does BL still charge me at the end of every month?
Thank You,
SDH Bricks.
|
The "partner fee" is the state sales tax that BL is required to collect
and remit.
|
Thank you very much. I checked my Paypal payments, and always the tax is equal
to the partner fee. Issue resolved 
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| | | | | | | | | Author: | MidwestBrick | | Posted: | Dec 3, 2023 16:44 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 68 times | | Topic: | General | |
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| In General, SDF_Bricks writes:
| | In General, peregrinator writes:
| | In General, SDF_Bricks writes:
| | Whenever I sell an item and get paid via Paypal, the latter takes two fees:
1. Paypal Fee
2. Partner Fee
3. Whatever BL charges me every month.
Question: If Paypal is already charging me a Partner Fee (that goes to BL??),
why does BL still charge me at the end of every month?
Thank You,
SDH Bricks.
|
The "partner fee" is the state sales tax that BL is required to collect
and remit.
|
Thank you very much. I checked my Paypal payments, and always the tax is equal
to the partner fee. Issue resolved
|
The unfair part, in my opinion, is that we get a paypal fee off the tax piece
too. (at least last I checked a year ago) It would be wonderful if that piece
would not count as a paypal fee. I know it is small, but it all adds up over
time.
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| | | | | | | | | | | Author: | SylvainLS | | Posted: | Dec 3, 2023 16:53 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 53 times | | Topic: | General | |
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| In General, MidwestBrick writes:
| | […]
The unfair part, in my opinion, is that we get a paypal fee off the tax piece
too. (at least last I checked a year ago) It would be wonderful if that piece
would not count as a paypal fee. I know it is small, but it all adds up over
time.
|
Well, PayPal moves the total amount from one account to another (or to others
in that case), so PayPal gets its fees on the total amount.
The only solution would for BL to pay that part of the PP fee… and that would
be overly complicated (I don’t think PP planned for that, and PP fees vary).
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| | | | | | | | | | | | | Author: | yorbrick | | Posted: | Dec 3, 2023 18:29 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 29 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | In General, MidwestBrick writes:
| | […]
The unfair part, in my opinion, is that we get a paypal fee off the tax piece
too. (at least last I checked a year ago) It would be wonderful if that piece
would not count as a paypal fee. I know it is small, but it all adds up over
time.
|
Well, PayPal moves the total amount from one account to another (or to others
in that case), so PayPal gets its fees on the total amount.
The only solution would for BL to pay that part of the PP fee… and that would
be overly complicated (I don’t think PP planned for that, and PP fees vary).
|
Then BL would probably charge a fee for tax collection. I seem to remember at
the time that BL said they pay for the tax collection, which is why the seller
pays the PayPal fee on the tax.
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| | | | | | | | | | | | | | | Author: | SylvainLS | | Posted: | Dec 3, 2023 18:42 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 34 times | | Topic: | General | |
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| In General, yorbrick writes:
| | […]
Then BL would probably charge a fee for tax collection.
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Yes, there’s that too.
| | I seem to remember at
the time that BL said they pay for the tax collection, which is why the seller
pays the PayPal fee on the tax.
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Well, it’s a service, there’s no reason it would be free.
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| | | | | | | | | | | Author: | SDF_Bricks | | Posted: | Dec 3, 2023 16:57 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 53 times | | Topic: | General | |
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| In General, MidwestBrick writes:
| | In General, SDF_Bricks writes:
| | In General, peregrinator writes:
| | In General, SDF_Bricks writes:
| | Whenever I sell an item and get paid via Paypal, the latter takes two fees:
1. Paypal Fee
2. Partner Fee
3. Whatever BL charges me every month.
Question: If Paypal is already charging me a Partner Fee (that goes to BL??),
why does BL still charge me at the end of every month?
Thank You,
SDH Bricks.
|
The "partner fee" is the state sales tax that BL is required to collect
and remit.
|
Thank you very much. I checked my Paypal payments, and always the tax is equal
to the partner fee. Issue resolved
|
The unfair part, in my opinion, is that we get a paypal fee off the tax piece
too. (at least last I checked a year ago) It would be wonderful if that piece
would not count as a paypal fee. I know it is small, but it all adds up over
time.
|
Correct, Paypal charges a fee on the WHOLE amount (Item+Shipping+Taxes).
To add misery to agony (or vice versa), I had a buyer from Greece pay VAT taxes
on the item + Shipping. That is really NOT fair. The actual item was $120, shipping
was $40, and VAT tax was another $40.00. There is no way around this as BL charges
the VAT tax upfront.
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| | | | | | | | | | | | | Author: | peregrinator | | Posted: | Dec 3, 2023 17:16 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 51 times | | Topic: | General | |
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| In General, SDF_Bricks writes:
| | To add misery to agony (or vice versa), I had a buyer from Greece pay VAT taxes
on the item + Shipping. That is really NOT fair. The actual item was $120, shipping
was $40, and VAT tax was another $40.00. There is no way around this as BL charges
the VAT tax upfront.
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That's how it typically works. Otherwise people would lower their prices
and inflate their shipping costs to avoid their customers' paying VAT
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| | | | | | | | | | | | | | | Author: | SDF_Bricks | | Posted: | Dec 3, 2023 23:00 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 43 times | | Topic: | General | |
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| In General, peregrinator writes:
| | In General, SDF_Bricks writes:
| | To add misery to agony (or vice versa), I had a buyer from Greece pay VAT taxes
on the item + Shipping. That is really NOT fair. The actual item was $120, shipping
was $40, and VAT tax was another $40.00. There is no way around this as BL charges
the VAT tax upfront.
|
That's how it typically works. Otherwise people would lower their prices
and inflate their shipping costs to avoid their customers' paying VAT
|
True, I noticed such practice on eBay many years ago. I never (back then) understood
why a $20 lego item would cost $50.00 to ship, but then quickly realized some
sellers did this for the reason you mentioned. The unending battle between the
forces of good vs. evil ... we all pay in the end.
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| | | | | | | | | | | | | Author: | 1001bricks | | Posted: | Dec 3, 2023 18:08 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 42 times | | Topic: | General | |
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| | | | | The unfair part, in my opinion, is that we get a paypal fee off the tax piece
too. (at least last I checked a year ago) It would be wonderful if that piece
would not count as a paypal fee. I know it is small, but it all adds up over
time.
|
Correct, Paypal charges a fee on the WHOLE amount (Item+Shipping+Taxes).
|
You pay PayPal fees (just like as for any other bank which charges speccific
transactions) on the whole transaction.
| | To add misery to agony (or vice versa), I had a buyer from Greece pay VAT taxes
on the item + Shipping. That is really NOT fair. The actual item was $120, shipping
was $40, and VAT tax was another $40.00. There is no way around this as BL charges
the VAT tax upfront.
|
It's just how it works.
You as a buyer in US also pay Sales Tax on the shipping fees I'd invoice
you if you come in my shop.
And I'd pay PayPal fees for the whole.
In order to not (or lesser) increase taxes, they invented a new way; the systematic
charge of taxes.
While before you could escape import taxes (even not willing to), because of
threshold or (often) Customs not asking you nothing, now it's taxed from
the first cent, and always.
Peoples are just squeezed, a bit more.
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| | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 3, 2023 18:28 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 34 times | | Topic: | General | |
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| In General, 1001bricks writes:
| | It's just how it works.
You as a buyer in US also pay Sales Tax on the shipping fees I'd invoice
you if you come in my shop.
And I'd pay PayPal fees for the whole.
In order to not (or lesser) increase taxes, they invented a new way; the systematic
charge of taxes.
While before you could escape import taxes (even not willing to), because of
threshold or (often) Customs not asking you nothing, now it's taxed from
the first cent, and always.
Peoples are just squeezed, a bit more.
|
It depends—the economy is circular, you get what you pay for.
PayPal provides us with a service: moving money around. The more money PayPal
has to move, the greater the cost (to them), so the more they charge in fees.
So, it makes sense that PayPal charges fees on U.S. sales tax, since they have
to move that money back to BrickLink.
Now, if BrickLink were to develop some sort of in-house system for collecting
sales tax (or, better yet, its own payment infrastructure), then sellers would
pay less in PayPal fees, but then the cost would be borne by BrickLink, who would
have to develop and maintain their own payment infrastructure.
The LEGO Group, which owns BrickLink, has its own payment infrastructure, so
maybe in the future, BrickLink will use TLG's system. But BL and TLG are
both well-established companies, so it will take some time for them to integrate.
It also depends where you live. As a U.S. buyer, the only fees I pay on BrickLink
orders are PayPal and BrickLink fees (as a seller) and U.S. sales tax (as a buyer).
I don't have to pay VAT, brokerage fees, customs fees, etc.
And there are many countries where BrickLink doesn't even collect seller
fees—check this list: https://www.bricklink.com/help.asp?helpID=2586
So, you can avoid paying taxes, if you are willing to live in a jurisdiction
where taxes are lower.
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| | | | | | | | | | | | | | | | | Author: | SylvainLS | | Posted: | Dec 3, 2023 18:48 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 28 times | | Topic: | General | |
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| In General, wildchicken13 writes:
| | […]
PayPal provides us with a service: moving money around.
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True.
| | The more money PayPal
has to move, the greater the cost (to them), so the more they charge in fees.
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Yeah, absolutely, when they move $1, they need to write “$1,” while when they
move $100, they need to write “$100.” That’s thrice the number of digits!
Oh, but the variable part of the fee is 100 times 🤔
I’m sure these finance guys have some good reasons for that.
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| | | | | | | | | | | | | | | | | | | Author: | 1001bricks | | Posted: | Dec 3, 2023 18:55 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 32 times | | Topic: | General | |
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| | | | | The more money PayPal
has to move, the greater the cost (to them), so the more they charge in fees.
|
Yeah, absolutely, when they move $1, they need to write “$1,” while when they
move $100, they need to write “$100.” That’s thrice the number of digits!
Oh, but the variable part of the fee is 100 times 🤔
I’m sure these finance guys have some good reasons for that.
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Yes, like my bank which doesn't receive the IBAN transfers during weekends*
They must turn off the servers to save power; that's an ecologic concern,
it's fine!
* And no, it's not that it's just not accounted (and I'll see the
transfer on Monday but dated Sunday), it's they don't receive them 
And also no, they don't have or need an human employee to verify every
transfer in between all the accounts 24/24, LOL
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| | | | | | | | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 3, 2023 19:20 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 25 times | | Topic: | General | |
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| In General, 1001bricks writes:
| | Yes, like my bank which doesn't receive the IBAN transfers during weekends*
They must turn off the servers to save power; that's an ecologic concern,
it's fine!
* And no, it's not that it's just not accounted (and I'll see the
transfer on Monday but dated Sunday), it's they don't receive them
And also no, they don't have or need an human employee to verify every
transfer in between all the accounts 24/24, LOL
|
Banks use a lot of technology these days, but there still is some manual work
involved, hence why some transactions may take longer to process on the weekend.
It also depends on which bank you use. Here in the U.S., it is very easy to transfer
money because all the banks must follow the same federal government regulations.
However, I can understand why ecommerce might be more difficult in Europe, where
the countries are smaller and it's more likely that you have to send or receive
money from someone outside your country (hence the EEA, etc).
Some banks do operate on the weekends, but those are the ones that are not fun
to work for. 
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| | | | | | | | | | | | | | | | | | | | | | | Author: | SylvainLS | | Posted: | Dec 4, 2023 08:45 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 38 times | | Topic: | General | |
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| In General, wildchicken13 writes:
| | […]
Banks use a lot of technology these days, but there still is some manual work
involved, hence why some transactions may take longer to process on the weekend.
|
It’s been decades there’s been no need for an employee to watch over bank transfers,
it’s all automatic.
There’s absolutely no reasons you can’t make a transfer on a bank (haha) holyday.
Especially as you can do other, very similar, bank operations 24/7, like credit/debit
card payments.
| | It also depends on which bank you use. Here in the U.S., it is very easy to transfer
money because all the banks must follow the same federal government regulations.
|
Er, you’ve seen all the posts on this forum about how “IBAN” (more properly bank
transfer) is a thing here?
And all the posts from USians explaining bank transfers are not a thing in the
US and that they are expensive?
SWIFT (not Taylor) is Belgian and it’s used more widely than Fedwire. (For those
who don’t know, it’s an international secure network between financial institutions.)
| | However, I can understand why ecommerce might be more difficult in Europe, where
the countries are smaller and it's more likely that you have to send or receive
money from someone outside your country (hence the EEA, etc).
|
Hmm, there’s a bit of a non sequitur or a missing argument here: as it’s more
likely to commerce internationally here, there’s more incentive to make it easier
(hence EEA and SEPA), and so it _should_ be easier / you shouldn’t understand
why it’s would be more difficult.
What makes it more difficult is language & cultural barriers. Each country has
its own shops and marketplaces and it’s difficult for them to expand their market
and clientele. We don’t buy the same things, not the same way…. Sellers felt
the need to have a representation in each country….
But on the technical and legal side, all was ready before (started in 1954…)
the internet boom (~2000) and was even more simplified with SEPA (first achievements
2008-2010). Some of us even have the Euro to simplify exchanges.
It sure is easier when you stay in one country, but international commerce is
easier inside EEA than between USA and another country.
| | Some banks do operate on the weekends, but those are the ones that are not fun
to work for.
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| | | | | | | | | | | | | | | | | | | | | | | | | Author: | yorbrick | | Posted: | Dec 4, 2023 09:54 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 34 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | In General, wildchicken13 writes:
| | […]
Banks use a lot of technology these days, but there still is some manual work
involved, hence why some transactions may take longer to process on the weekend.
|
It’s been decades there’s been no need for an employee to watch over bank transfers,
it’s all automatic.
There’s absolutely no reasons you can’t make a transfer on a bank (haha) holyday.
Especially as you can do other, very similar, bank operations 24/7, like credit/debit
card payments.
|
I guess the only ones where some manual intervention are necessary are the ones
where they are for £25K+ or whatever limits the bank has, where they have to
be done in-bank rather than online. Not that many of those would happen on BL.
But yeah, normal online transactions go through just as fast on a sunday as they
do on a weekday.
Although I often see credit card transactions appearing later than they should
if the payment is made on a saturday. They usually appear as entered on the next
day, but transactions made on a saturday are never entered until monday. So presumably
something happens such that they cannot be posted as entered on the sunday.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | yorbrick | | Posted: | Dec 4, 2023 09:55 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 27 times | | Topic: | General | |
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| In General, yorbrick writes:
| | In General, SylvainLS writes:
| | In General, wildchicken13 writes:
| | […]
Banks use a lot of technology these days, but there still is some manual work
involved, hence why some transactions may take longer to process on the weekend.
|
It’s been decades there’s been no need for an employee to watch over bank transfers,
it’s all automatic.
There’s absolutely no reasons you can’t make a transfer on a bank (haha) holyday.
Especially as you can do other, very similar, bank operations 24/7, like credit/debit
card payments.
|
I guess the only ones where some manual intervention are necessary are the ones
where they are for £25K+ or whatever limits the bank has, where they have to
be done in-bank rather than online. Not that many of those would happen on BL.
But yeah, normal online transactions go through just as fast on a sunday as they
do on a weekday.
Although I often see credit card transactions appearing later than they should
if the payment is made on a saturday. They usually appear as entered on the next
day, but transactions made on a saturday are never entered until monday. So presumably
something happens such that they cannot be posted as entered on the sunday.
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In fact, same thing on a friday, they also don't appear until monday.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | SylvainLS | | Posted: | Dec 4, 2023 10:24 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 43 times | | Topic: | General | |
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| In General, yorbrick writes:
| | […]
Although I often see credit card transactions appearing later than they should
if the payment is made on a saturday. They usually appear as entered on the next
day, but transactions made on a saturday are never entered until monday. So presumably
something happens such that they cannot be posted as entered on the sunday.
|
It depends on multiple factors (the shop/point of sale, the card/bank: whether
it’s debit/credit/mixed, and other things I guess) but, yeah, card payments aren’t
“accounted” immediately.
That doesn’t change the fact the buyer can make the transaction and the seller’s
bank knows/trusts it’s okay.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 4, 2023 11:05 | | Subject: | (Cancelled) | | Viewed: | 38 times | | Topic: | General | |
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| | (Cancelled) |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 6, 2023 20:30 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 45 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | It depends on multiple factors (the shop/point of sale, the card/bank: whether
it’s debit/credit/mixed, and other things I guess) but, yeah, card payments aren’t
“accounted” immediately.
That doesn’t change the fact the buyer can make the transaction and the seller’s
bank knows/trusts it’s okay.
|
The reason some banks don't operate on the weekend is due to religious rather
than technical limitations. That includes automated as well as manual banking.
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| | | | | | | | | | | | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 4, 2023 09:54 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 33 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | It’s been decades there’s been no need for an employee to watch over bank transfers,
it’s all automatic.
There’s absolutely no reasons you can’t make a transfer on a bank (haha) holyday.
Especially as you can do other, very similar, bank operations 24/7, like credit/debit
card payments.
|
Unlike IBAN, banks charge fees for processing credit/debit card payments.
So, as I said, you get what you pay for. If you use PayPal, then you get buyer/seller
protection and the convenience of being able to transfer money any day of the
week, but the cost of that is PayPal merchant fees. If you use IBAN, then you
lose that protection and convenience, but you don't have to pay PayPal fees.
Now, whether or not you believe using PayPal is worth the 3.49% + $0.49 fee is
another matter, but the merchant fees for credit/debit card payments are similar.
| | It sure is easier when you stay in one country, but international commerce is
easier inside EEA than between USA and another country.
|
I'm comparing transferring money within the U.S. to transferring money within
Europe.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | yorbrick | | Posted: | Dec 4, 2023 10:01 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 26 times | | Topic: | General | |
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| | | Now, whether or not you believe using PayPal is worth the 3.49% + $0.49 fee is
another matter, but the merchant fees for credit/debit card payments are similar.
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They are definitely worth it compared to when I first started using ebay. Back
in the late 90s to buy something from the US, I had to cycle into the city (20
minutes), buy USD cash at a tourist exchange at a bad exchange rate, post the
closest amount I could in an envelope to the US, cycle home, then hope whatever
I bought would show up about a month later, hopefully with change if I overpaid.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | SylvainLS | | Posted: | Dec 4, 2023 10:13 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 33 times | | Topic: | General | |
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| In General, wildchicken13 writes:
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Unlike IBAN, banks charge fees for processing credit/debit card payments.
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Banks can and do charge fees for bank transfers.
It just happens that, due to their wide use and EU directives to make all EU
residents equals, fees are zero or very low for private customers and rather
low for business accounts (less than €1; to compare with fees in the US).
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I'm comparing transferring money within the U.S. to transferring money within
Europe.
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This was covered in the part you cut: it’s way easier and cheaper within SEPA
than within the USA.
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 4, 2023 10:43 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 43 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | Banks can and do charge fees for bank transfers.
It just happens that, due to their wide use and EU directives to make all EU
residents equals, fees are zero or very low for private customers and rather
low for business accounts (less than €1; to compare with fees in the US).
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My point still holds: PayPal is more expensive than IBAN because PayPal provides
services that IBAN doesn't (buyer/seller protection, weekend transfers, etc).
| | This was covered in the part you cut: it’s way easier and cheaper within SEPA
than within the USA.
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Not necessarily.
Here in the U.S., we do have bank transfers, but we don't call it "IBAN"
because it's not international. Instead, it has many names: Zelle, Venmo,
Cash App, PayPal Friends & Family, etc.
Here on BrickLink, most Americans are limited to just PayPal and Stripe due to
sales tax collection, but you can still use bank transfers outside of BrickLink.
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| | | | | | | | | | | | | | | | | | | Author: | wildchicken13 | | Posted: | Dec 3, 2023 19:12 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 34 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | Yeah, absolutely, when they move $1, they need to write “$1,” while when they
move $100, they need to write “$100.” That’s thrice the number of digits!
Oh, but the variable part of the fee is 100 times 🤔
I’m sure these finance guys have some good reasons for that.
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I used to work in finance while I was living in New York, it makes sense to me.
Much of finance work is simply building relationships with people. I would never
give a large sum of money to someone I don't trust. So, how do you build
trust with someone? Spend some time with them. Take them out for lunch, buy them
some coffee. Play a few rounds of golf. If someone tries to cheat you on the
golf course, what's stopping them from cheating you in business? If someone
can be trusted on the golf course, maybe they can be trusted in the boardroom.
Also, there's a lot of stuff that goes on behind the scenes to make ecommerce
possible. In addition to states, local governments (county, city, transportation
authority, etc) can also charge sales tax. So, someone, somewhere has the job
of staying up to date on thousands of local government laws in order to make
sure that sales tax is being collected properly.
Now, I refuse to participate in any of this madness because I was born and raised
in a (historically) farming community and finance is completely foreign to me,
but I at least understand why taxes exist and why PayPal charges merchant fees.
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| | | | | | | | | | | | | | | | | | | | | Author: | 1001bricks | | Posted: | Dec 3, 2023 19:22 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 36 times | | Topic: | General | |
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| | | I used to work in finance while I was living in New York, it makes sense to me.
Much of finance work is simply building relationships with people. I would never
give a large sum of money to someone I don't trust. So, how do you build
trust with someone? Spend some time with them. Take them out for lunch, buy them
some coffee. Play a few rounds of golf.
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Ah then it totally justifies the 3/5% PayPal fees I pay.
I'll sleep tight tonight.
| | Now, I refuse to participate in any of this madness because I was born and raised
in a (historically) farming community and finance is completely foreign to me,
but I at least understand why taxes exist and why PayPal charges merchant fees.
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I knew and was sure you're good people. Thanks not having deceived me.
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| | | | | | | | | | | | | | | | | | | Author: | yorbrick | | Posted: | Dec 4, 2023 03:40 | | Subject: | Re: 3 types of fees, they DO add-up. | | Viewed: | 40 times | | Topic: | General | |
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| In General, SylvainLS writes:
| | In General, wildchicken13 writes:
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PayPal provides us with a service: moving money around.
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True.
| | The more money PayPal
has to move, the greater the cost (to them), so the more they charge in fees.
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Yeah, absolutely, when they move $1, they need to write “$1,” while when they
move $100, they need to write “$100.” That’s thrice the number of digits!
Oh, but the variable part of the fee is 100 times 🤔
I’m sure these finance guys have some good reasons for that.
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Some of the fee is essentially insurance. If they have to refund a buyer and
cannot recover money from the seller, it comes from those fees. It costs more
to refund $100 than $1.
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USA, Illinois
France, Nouvelle-Aquitaine
United Kingdom, England
