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Author Topic: Quickly need help with payments with PayPal  (Read 1115 times)
TheBitMan
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March 22, 2012, 01:57:41 AM
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I am trying to sell micro bitcoins with PayPal, the system is working fine, but PayPal is taking a HUGE chunk. These are pennies we are talking about..it's not much to begin with and there taking like half. I posted here because I know a lot of people will see it and I need help quick... My question is how do I change this..Do I lower the price and add a shipping price, tax rate? Any way to get around it?

Site is http://minibits.weebly.com/
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Littleshop
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March 22, 2012, 02:11:19 AM
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No matter what you use, you will have chargeback problems.  I suggest you look into Dwolla but I can not say that it will work out.  By going micro you do eliminate the big risk and most users are not going to try to scam you for 50 cents.... but I am sure you will still see fraud. 

 

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March 22, 2012, 02:11:35 AM
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I am trying to sell micro bitcoins with PayPal, the system is working fine, but PayPal is taking a HUGE chunk. These are pennies we are talking about..it's not much to begin with and there taking like half. I posted here because I know a lot of people will see it and I need help quick... My question is how do I change this..Do I lower the price and add a shipping price, tax rate? Any way to get around it?

Site is http://minibits.weebly.com/


And this is why Bitcoin was made!

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Stn
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March 22, 2012, 02:17:19 AM
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Micropayment is the well known challenge. There were many attempts but still no sound solution. Bitcoin is indeed is the best one (in term of paying Bitcoins for something). But buying Bitcoins in micro amounts sound for me weird.
Stephen Gornick
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March 22, 2012, 02:19:18 AM
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I am trying to sell micro bitcoins with PayPal, the system is working fine, but PayPal is taking a HUGE chunk. These are pennies we are talking about..it's not much to begin with and there taking like half. I posted here because I know a lot of people will see it and I need help quick... My question is how do I change this..

Is your account a business account that can be configured for PayPal's Micropayments pricing?
 - https://www.paypalobjects.com/IntegrationCenter/ic_micropayments.html

5% + $0.05 per transaction

deepceleron
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March 22, 2012, 02:35:20 AM
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If you change your account to PayPal micropayments, you pay less in fees for purchase below $8, but pay more in fees for anything above that: https://micropayments.paypal-labs.com/

With that, the fee is $0.05 + 5%
Without that, the fee is $0.30 + 2.9%

Without it, if someone sends you $0.40, you receive $0.09 and PayPal gets $0.31.
With it, if someone sends you $100, you get $94.95.

The cost of doing business with PayPal is much higher though, trading or selling virtual currencies is against their policies, and will likely get your account balance locked at some point. Fraudsters will buy your bitcoins with stolen cards or charge you back. I would not go there.

casascius
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March 22, 2012, 02:37:59 AM
 #7

This is the way to do it:

Give out your mailing address, tell people that if envelopes magically show up with a bitcoin address and a small amount of cash, that you'll make good on it at the current rate when received.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
Raoul Duke
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March 22, 2012, 02:38:49 AM
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http://smscoin.net

I've told you more than I should've...

TheBitMan
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March 22, 2012, 06:56:55 PM
 #9

If you change your account to PayPal micropayments, you pay less in fees for purchase below $8, but pay more in fees for anything above that: https://micropayments.paypal-labs.com/

With that, the fee is $0.05 + 5%
Without that, the fee is $0.30 + 2.9%

Without it, if someone sends you $0.40, you receive $0.09 and PayPal gets $0.31.
With it, if someone sends you $100, you get $94.95.

The cost of doing business with PayPal is much higher though, trading or selling virtual currencies is against their policies, and will likely get your account balance locked at some point. Fraudsters will buy your bitcoins with stolen cards or charge you back. I would not go there.

thank you very much!
TheBitMan
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March 22, 2012, 07:03:00 PM
 #10

I applied for PayPal micro payments, this actually might make the prices cheaper. I have to wait two business days, so I will know by Monday.
casascius
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March 22, 2012, 07:23:18 PM
 #11

It would be nice to think that small change is too small for fraudsters to try and steal, but if you ask Gavin (or find his posts) describing all of the various attacks that have been done on the Bitcoin Faucet, it's easy to conclude that unfortunately, someone will willingly spend all day to scam you a nickel at a time.  Just sayin'...

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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