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Funding Cwf

Mike the Boilerman

By Mike the Boilerman,
in General Boating

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DHutch

DHutch Donate to Canal World 0

Posted
Posted

Paypals fees are publicly available.

 

At present the standard fee rate is 3.4% + 20p and the micropayments fee rate is 5% + 5p , the latter making much more sense for canalworld.

 

Ange is currently working to forecast our balance, based on the running costs off set against scheduled and predicted donations

 

 

Daniel

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Janet S

Janet S 76

Posted
Posted

 

 

None of our business, I'd have thought!

 

I'm sure the fees are on Paypal somewhere but I can't get onto it at the moment.

 

Was just thinking of upping my payment to offset some of the charges.

 

Janet

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bassplayer

bassplayer 225

Posted
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Ah. My PayPal account is linked to a debit card. I've never been charged a fee by PayPal.

Mine's linked directly to my bank account so maybe that's why I don't get charged. I take Dan's point about him being charged at his end. You can't really beat a brown envelope I suppose.

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Mike the Boilerman

Mike the Boilerman 6457

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So to get it right get more people donating monthly would more money be lost in charges than if paid in yearly ?

 

 

The value in donating monthly lies in it happening automatically. People will forget they said they'd make annual payments, or simply forget to do it on time.

 

No-one has yet posted a method of making a PayPal donation annually, automatically.

Even if one person in ten who plans to donate annually, forgets, this wipes out any fee advantage to Canalworld.net.

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bassplayer

bassplayer 225

Posted
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People will forget they said they'd make annual payments, or simply forget to do it on time.

 

 

Each to their own really. I never liked automatic payments because I prefer to have control over my money rather than a software robot. People also forget to stop automatic regular payments when they no longer use the service.

 

Mind you I'm speaking as someone who got into financial trouble in my late teens with credit cards (or should they be called debt cards?). Never used one since.

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DHutch

DHutch Donate to Canal World 0

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So to get it right get more people donating monthly would more money be lost in charges than if paid in yearly ?

At the cost of a lumpier income, yes.

 

12x£1 donations will attract 10% fees or £1.20

1x£12 donation hence attracts 5.4% fees or £0.65

 

Obviously on the micropayment plan the rate platos at 5%, and the standard rate 3.4% with the transition being £10.

 

The other main use of the account is for the sales of stickers etc, which again sits the micropayments rate.

 

While as a percentage the amount is significant, compared to other options for taking automated payments, or the workload in handling payments in a less automated manor, its quite managable.

 

I will however look into the options for adding quarterly/annual payment option to the button.

 

Daniel

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DHutch

DHutch Donate to Canal World 0

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You can't really beat a brown envelope I suppose.

Except a second class stamp is 53p and you have to it, rather than jusy set it up and let it run.

 

Plus the cost of the envelope unless you reused one.

 

Daniel

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Mike the Boilerman

Mike the Boilerman 6457

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It's Dan's call but paying £1.20 a year for (virtually) guaranteed regular income of £10.80 is a better bet than expecting everyone to remember to pay £12 this time next year.

 

The wastage rate from a few people forgetting or changing their minds will cancel out the reduced fees many times over.

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DHutch

DHutch Donate to Canal World 0

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On our club subscriptions we add 38p for Paypal charges and that is on £5 so it looks like 0.75%

On standard fee scale, £5 attracts 37p or 7.4%, on a micropayments rate it would be 30p or 6% but i t.depends what else the account is used for.

 

A 10% fee on donations is ridiculous, the sooner people stop using Paypal the better.

As said, as a percentage its significant, but as a per-transaction fee its far from huge. Clearly paypal are business and are also in it to make money, they charge what they do because they can, because they have a well designed easy to use system and convience is worth money.

 

Daniel

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bassplayer

bassplayer 225

Posted
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Except a second class stamp is 53p!

True, but I meant in the days it was apparently collected by hand. As I said, any method is a good method if it means you guys can keep CWF going. PayPal is becoming a rip off though. Same as eBay really...

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timbouy

timbouy Donate to Canal World 32

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Managed to catch up and say I have pledged a monthly payment.

Love this site because of the information so freely given but mainly because I need to feel that I belong.

Only kidding!!

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Mike the Boilerman

Mike the Boilerman 6457

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Ah. Gotcha. Still couldn't do it on the mobile though. Cheers.

Steve P

 

Ah yes, sorry should have mentioned that. A proper PC is required to see the 'monthly payments' check box. I didn't realise this until peeps started trying to contribute form a mobile and posting they couldn't see the check box. The only way is using a proper PC or Mac.

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bassplayer

bassplayer 225

Posted
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It's Dan's call but paying £1.20 a year for (virtually) guaranteed regular income of £10.80 is a better bet than expecting everyone to remember to pay £12 this time next year.

 

The wastage rate from a few people forgetting or changing their minds will cancel out the reduced fees many times over.

Were you once a debt collector by any chance Mike? Maybe the years of being a landlord took it's toll... ;)

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