Paypal v Bank Transfer

Discussion in 'Ecommerce Forum' started by Alext333, Sep 12, 2012.

Thread Status:
Not open for further replies.
  1. Alext333

    Alext333 UKBF Regular Full Member

    198 3
    Hi All,

    Just keen to know on a payment of under £1000 which would be better Paypal or bank transfer?

    I have no idea of the fees for either of these, any ideas?

    Thanks
     
    Posted: Sep 12, 2012 By: Alext333 Member since: Nov 9, 2011
    #1
  2. alwaysinamess

    alwaysinamess UKBF Regular Free Member

    354 56
    Bank transfer is usually instant and free, If I was after the money it would be Bacs all day long, If I was sending money I would prefer paypal as there is some protection if you feel uneasy
     
    Posted: Sep 12, 2012 By: alwaysinamess Member since: Jul 5, 2012
    #2
  3. BusinessTeam

    BusinessTeam UKBF Newcomer Full Member

    206 40
    Hi,

    Bank transfer would usually be free so I would suggest this is far better.

    Richard
     
    Posted: Sep 16, 2012 By: BusinessTeam Member since: May 19, 2012
    #3
  4. Talay

    Talay UKBF Big Shot Free Member

    3,798 791
    Faster payment is instant.
     
    Posted: Sep 16, 2012 By: Talay Member since: Mar 12, 2012
    #4
  5. dx3webs

    dx3webs UKBF Regular Full Member

    426 111
    yes, no competition really if you client is happy then bank to bank will always be quicker and cheaper.
     
    Posted: Sep 17, 2012 By: dx3webs Member since: Feb 22, 2011
    #5
  6. BobbyBoy

    BobbyBoy UKBF Newcomer Free Member

    574 114
    Bank transfer is much safer for you too as customers can make a claim against Pay Pal and get a refund which they may not be due, leaving you out of pocket.

    You can also request funds by email using Roman Cart, and take payment via credit/debit card.

    Hope this helps

    Bobby
     
    Posted: Sep 17, 2012 By: BobbyBoy Member since: Nov 2, 2010
    #6
  7. andygambles

    andygambles UKBF Ace Full Member - Verified Business

    2,630 689
    Receiving money - Bank Transfer
    Sending Money - PayPal
     
    Posted: Sep 17, 2012 By: andygambles Member since: Jun 17, 2009
    #7
  8. Latebloomer

    Latebloomer UKBF Regular Full Member

    216 20
    If you are going to send money for payment, paypal is better as you can make claims.

    If you are going to receive any money, bank to bank is free and faster.
     
    Posted: Sep 20, 2012 By: Latebloomer Member since: Mar 3, 2012
    #8
  9. profitmagnet

    profitmagnet UKBF Newcomer Free Member

    32 2
    Always try to collect your money via bank transfers. Also do not keep a lot of money in your paypal. Someday they might decide to put your account under review and hold those funds for 90 days or more.
     
    Posted: Sep 20, 2012 By: profitmagnet Member since: Sep 3, 2012
    #9
  10. funkykitsch

    funkykitsch UKBF Newcomer Free Member

    87 6
    not sure why everyone is saying bank transfer is free - it isn't if you are doing it from a country outside the uk - usually it will cost around £25 to do a wire transfer - it is of course free in this country if you do bacs.
    Paypal fees vary depending on how much business you do with them in a month...


    Purchase payments received (monthly)Fee per transaction£0.00 GBP - £1,500.00 GBP3.4% + £0.20 GBP£1,500.01 GBP - £6,000.00 GBP2.9% + £0.20 GBP£6,000.01 GBP - £15,000.00 GBP2.4% + £0.20 GBP£15,000.01 GBP - £55,000.00 GBP1.9% + £0.20 GBPabove £55,000.00 GBP* 1.4% + £0.20 GBP[​IMG]

    The person who is paying the £1000 will still pay a £1000 - but the receiver will pay £34.20 costs...i think you might be able to send it as a gift but not sure if they get charged for the transaction then.
     
    Posted: Sep 20, 2012 By: funkykitsch Member since: Sep 18, 2012
    #10
  11. CrLucch

    CrLucch UKBF Newcomer Free Member

    11 1
    I believe there are expenses for both. It just depends on your requirements on speed and security.
     
    Posted: Sep 21, 2012 By: CrLucch Member since: Sep 20, 2012
    #11
  12. johnnysheffield

    johnnysheffield UKBF Newcomer Free Member

    32 6
    Bank transfer all day long, there might be a standard fee depending on whom you bank with but nothing like the payment processing fee with PayPal, nearer £30 (at 2.9% plus the 20p). Plus it's where you want it instantly and charge backs just don't even come into the equation. Paypal is no pal of mine.
     
    Posted: Sep 21, 2012 By: johnnysheffield Member since: Mar 3, 2012
    #12
  13. ITsoldUK

    ITsoldUK UKBF Newcomer Full Member

    2,221 666
    BACs is free (most banks use Faster Payment now)

    CHAPS is about £40

    Paypal starts at 20p (ish) + 3.25% per transaction in...

    so, to receive money = Bank (BACs)

    to pay someone = Paypal

    as already stated
     
    Posted: Sep 21, 2012 By: ITsoldUK Member since: Sep 15, 2011
    #13
  14. johntracks

    johntracks UKBF Newcomer Free Member

    1 0
    The best equation !!!

    Receiving money = Bank Transfer
    Sending Money = Paypal

    Fabulous !!!
     
    Posted: Sep 21, 2012 By: johntracks Member since: Sep 7, 2012
    #14
  15. madameliberty

    madameliberty UKBF Newcomer Free Member

    9 2
    Bank transfer should be cheaper and quicker!
     
    Posted: Sep 25, 2012 By: madameliberty Member since: Jun 11, 2012
    #15
  16. canvard

    canvard UKBF Newcomer Free Member

    3 0
    well,, I want to open an account of paypal but sounds I couldnot.
     
    Posted: Sep 26, 2012 By: canvard Member since: Sep 26, 2012
    #16
  17. Brochan

    Brochan Banned

    48 3
    Just for info, it's actually 3.4% . ;)
     
    Posted: Sep 26, 2012 By: Brochan Member since: Sep 26, 2012
    #17
  18. webgeek

    webgeek UKBF Big Shot Full Member - Verified Business

    4,026 1,476
    While it may be cheaper to receive BACS, there's a lot of companies who take in money via Paypal and would prefer to pay via Paypal whenever possible.

    I've actually had one client recently where payment via Paypal was what tipped the scales in our favour.

    For me, I'd rather eat 3% and make it easy for someone to buy than have 100% of nothing.
     
    Posted: Sep 27, 2012 By: webgeek Member since: May 19, 2009
    #18
  19. Brochan

    Brochan Banned

    48 3
    I totally agree with your logic and in many cases the PayPal charges or part of them can be added to the cost of the item.
     
    Posted: Oct 1, 2012 By: Brochan Member since: Sep 26, 2012
    #19
Thread Status:
Not open for further replies.