I think it’s fair to say that we all know and mostly love Paypal. It’s been around for ages and has long been the go-to choice for electronic payments. Seductively easy to use and secure however it has become expensive..... make that expensive with a capital ‘F’ when it comes to doing international business like Sablon...
Whilst their domestic charge is a fairly reasonable 3%, a 2% loading gets added for international cross-border payments and there is then a further 3.75% charge for currency conversion. The total cost becomes a gouging 9%, so I’m going to say ‘enough!’. From now on, PayPal will only be accepted on orders at full list price, essentially for new customers, unless existing customers who receive a 10% discount on their subsequent orders wish to cover their charges. I'm sure you will agree that it is better to take out costs than raise list prices.
Another, lower cost, payments service provider is needed and this is where Transferwise steps in. Transferwise offers an international platform which is almost as easy to use as PayPal, yet barely costs 1% all in. That’s way cheaper than what retail banks charge for currency conversion and a number of you may actually find their services useful for other private and business purposes. You can read about it in the links below however imo it is a very exciting company in which I would be happy to invest.
https://en.wikipedia.org/wiki/TransferWise
https://transferwise.com
Whilst their domestic charge is a fairly reasonable 3%, a 2% loading gets added for international cross-border payments and there is then a further 3.75% charge for currency conversion. The total cost becomes a gouging 9%, so I’m going to say ‘enough!’. From now on, PayPal will only be accepted on orders at full list price, essentially for new customers, unless existing customers who receive a 10% discount on their subsequent orders wish to cover their charges. I'm sure you will agree that it is better to take out costs than raise list prices.
Another, lower cost, payments service provider is needed and this is where Transferwise steps in. Transferwise offers an international platform which is almost as easy to use as PayPal, yet barely costs 1% all in. That’s way cheaper than what retail banks charge for currency conversion and a number of you may actually find their services useful for other private and business purposes. You can read about it in the links below however imo it is a very exciting company in which I would be happy to invest.
https://en.wikipedia.org/wiki/TransferWise
https://transferwise.com
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