Quickly need help with payments with PayPal

[TheBitMan]

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/

[Littleshop]

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. 

 

[Coinabul]

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!

[Stn]

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]

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]

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]

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.

[Raoul Duke]

http://smscoin.net

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

[TheBitMan]

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]

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]

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'...