Java Glossary : PayPal

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PayPal is a scheme for transfering money over the Internet. It is cross between a bank, a credit card company, an affiliate program, a shopping cart service, a smart card, digital cash and the Western Union. You have an account which you can fill from your credit card or bank account or debit card. You can transfer money from that account to your bank account. Other people with PayPal accounts can give you money and you can give them money. The transaction fees are relatively low under 4% and $.35 per transaction. You can set up a shopping cart on your website in an afternoon. It is the simplest and most flexible shopping cart scheme I have seen.

Buyers can transfer money to vendors in US dollars, euros or pounds sterling. Buyers and vendors can also transfer money to and from their bank accounts in other currencies. People are using PayPal to speculate in currency exchange fluctuations, or to transfer money out of the sinking dollar into other more stable currencies.

Fees

Paypal never mentions fees in the help or FAQs. However, after years of dealing with them, eventually they admitted to a fee structure for Canada.

For Canadian customers, it amounts to 2.9% + $0.55 CAD paid by the seller, (i.e. the recipient of the money.).
Payments from Americans cost 2.9% + $0.30 USD .
Payments from everyone else cost 3.9% + $0.30 USD .

I still have not discovered the fee structure for Americans and others. Perhaps you would be willing to divulge the information if you discover it.

shopping cart ¤ the Wrapper

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