« Side Hustle School

#1470 - Q&A: Have I found a way to accept PayPal payments with no fees?

2021-01-09

A crafty listener has found a way to avoid PayPal fees when accepting payments. Is he really on to something, or is it going to backfire on him?

Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.

 

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
I'm a believer in questioning everything. For example, why does quicksand works so slowly also poison expires? Is it more poisonous or is it no longer poisonous questioning? Everything is what honey did when they made the new to sign with available innovations like digital key technology, allowing you to use your smartphone as a spare keep. Of course you always get hung days, complimentary, maintenance for three years or thirty, six thousand miles test drive a twenty twenty two Hyundai Tucson at your nearest Hyundai dealer or learn more at Hyundai, USA, dot com call, five hundred and sixty two three hundred and fourteen four thousand six hundred and three for complete details. More than three hundred million people have a Paypal account. Then you can use that account to receive business payments in addition to personal money transfers by weighing case this is something like a sponge
message. It's actually not. This relates to a listener question. In fact, this is something that that doesn't want people to know about ass. They most certainly wooden pay for us. Sure this information so taking money online. There are many alternatives, including some good ones, but paper really the easiest one, the easiest way to accept payments online. That's why talk about it from time to time, but this question is from a crafty listener whose found a clever way to avoid pay pal fees excepting payments. He wants to know if he's really onto something or if this is unethical in some way. Now I've known about this trick for years, I kind of stumbled on it myself long long ago absolutely does work. You just need to be aware of a couple things before you use it. I think there are good cases It and in knots are good ones. I'm shall tell you exactly how it all works, then you can decide for yourself. So the question is how I found a way to accept a pay pal payments with no fees. Question from our listener is coming up after this real sponsor message. This episode is bad,
you buy hp plus in a world full of smart devices shouldn't near printer, be smart too. It is with age people ass, these printers no, when they're running low Z, you always get the inky need delivered right when you need it, plus you save up to fifty percent on ink, so you can print whatever you want as much as you want any time. You want he's pretty smart, get sixpence Events in ink when you choose HP, plus conditions, apply visit, hp, dot com, slash smart for details, he Christus Randall
And I'm getting killed with paper selfies, we take a lot of small payments and they charge transaction fee in addition to a percentage free. However, I think I found a loophole so for the past few months, I've asked our customers to pay us by sending their payments directly to my email address. Then, when I have to make payments to vendors, I used to friends and family option and there are zero fees brilliant. I wanted to the science. Anyone looking for a similar solution and also asked you, if you think there is anything wrong with it. Thanks for your time and help Greece and Bulgaria, first things. First, what rainbows talking about it actually works, especially with you asked to U S, transfers specific you do when you send money, there is an option that says I'm buying something like I'm buying about Ebay or else
or I'm sending money to family and friends which can of course be defined quite loosely, and when you choose family and friends as long as you're, not using a credit card then there are no pay policies at all right. It's completely free to transfer money, and there is no limit to this. It seems that people are able to use this for business transactions. I discovered it myself, as I mentioned many years ago, and to be totally honest and transparent, like I have occasionally uses. myself when paying vendors. Like especially if it's a freelance or something like that, our freelancer some money- oh let me just you- know, send them the funds using this method. Now. That said, I wouldn't ask my customers to do it. I wouldn't do it on the other side, because you're you're trying to run a business and so on, but awkward write to you Your customers and be like hey, actually need you to send the payment. This way, I need you d like say we're friends, it's the equivalent of the taxi driver who asks you to pay in cash. You know because the meter isn't working like it's, not illegal necessarily, but it's a little bit shady. So I would that I think that the challenge that Randal has is he has all these small payments
sweet has the transaction fee, which is, I don't, know, zero dollars and twenty five cents or something in addition to the percentage fee. You know normally, if it wasn't, for these microtransaction having to pay a relatively small percentage of your sales for merchant processing is just how it works. Like that's just you know, this is the trade off right, like these fees, enable you to take payments from people everywhere to be huge benefit People make those payments because they trusted the transaction is secure. So the fear that you pay is more than justified or worth it. So, in short, I don't think this is a great practice to adopt a wholesale basis, especially when receiving payments, but people doesnt seem to care but, if you're sending finds to someone at some point I will now you have the knowledge you need to decide for yourself and well. Come into. Randal is building a business on micro transactions which, as you know, like a lot of transactions. dollar two or I forget what the precise definition as, like a really small amount. That can be tough, so more strategically. I would ask myself.
What can I do to develop a higher cost product, even if it's just five or ten dollars compared to one or two dollars? Randal, you haven't data, discovered a loophole. You are correct, so good luck and listeners. If you have a question or comment or update your own experience whatever it is, conversational Skoda, COM, slashed questions when a key about this year. Gonna hold back just of stuff sheriff you already, and I look forward to more so to be sure you subscribed coming every single day, seven days a week, mining Miss Cristel about this is so this war. From the onward projects.
Transcript generated on 2021-08-18.