Got hit with big Paypal fees
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A tenant of mine started paying me with Paypal on June 1, 2017. That month there was no fee. Now I realized that for July there was $88.95 fee, for August a $96.03 fee, and for September $97.23. The total fees so far add up to $282.21. What the **bleep** is going on? I thought PayPal was a good thing but now I feel that I got taken.
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Hi detep,
It sounds like the first month, the payment was made as a friends and family payment, a type of payment meant to be used solely for situations where the payment is a gift and no exchange of value is expected. The subsequent months, the payments would have been sent as payments for goods or services. Payments received for goods or services would be subject to a fee. To learn more about fees, please click the "Fees" link at the bottom of any PayPal page.
I hope this helps!
Olivia
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Before you agree to accept Paypal for rent payment,understand not just fee under goods and services,also seller protection.
if you tenant moves away and decides to file item not received with Paypal,you will be asked t o prove you have delivered the merchandise with online viewable tracking from a commercial carrier,if $750 or more,signed for.
If he loses,he could go to his credit card issuer and file chargeback,if you lose,there will be $20 chargeback fee per chargeback.
Read Paypal terms and agreement.
Dont let your tenants call the shots,ask for non credit card payment.
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@detep wrote:A tenant of mine started paying me with Paypal on June 1, 2017. That month there was no fee. Now I realized that for July there was $88.95 fee, for August a $96.03 fee, and for September $97.23. The total fees so far add up to $282.21. What the **bleep** is going on? I thought PayPal was a good thing but now I feel that I got taken.
just curious,did you raise rent each month?
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