How PayPal Fees Work

I’ve dealt a lot of PayPal, at work and at home. And I know people use it as a means of being paid for commissions, etc. Know your stuff to avoid those dreaded fees. (This is just as much of a reference for me!)

• PayPal Fees Explained
• Fees, Visual Chart

Let’s Break it Down:

• Sending a payment as a “Personal Gift” has no fees ONLY if the money is coming from a bank account or PayPal balance. There IS a fee for debit/credit card transactions, even if it’s a “Gift”.
• The basic fee is $0.30 plus 2.9% of the amount. (So, $20 would be a $0.59 fee)
• There is a fee for international payments and, usually, currency conversions.
• The SENDER usually gets to decide who pays the fee (aka, they pass the burden onto the receiver, most likely)
• There are three types of PP accounts: Personal, Premier, and Business (and Student?). No account type has a monthly fee.
• You need a Premier Account to accept debit or credit card payments. Business accounts are for, well, businesses, and allow you to use more advanced e-commerce features on your website, etc. (aka, you don’t need one of those)
• If you use your PayPal account to request money from someone, you’ll be charged a fee when you receive the payment (seemingly regardless of what method the invoice was paid). Invoicing is great, but this is a surefire way to get hit by fees… Be sure to calculate them in if you do.

Basically, you want your commissioner to Send You Money with a bank account as a Personal Gift. If your commissioner is paying via card OR you’re invoicing them, try to factor in the fees. Ask ahead of time how they will be paying for their item and tell them they are responsible for fees, and that you encourage them to sign up for a Verified Paypal account connected to a bank account. (That’s all I got to suggest about dealing with commissioners!)

(dated 1/21/13 in case fees change)

What Is the True Cost of Owning a Vehicle?

Gaining control over your finances and saving money is on everyone’s mind these days. Now is a good time to evaluate the true cost of owning a vehicle, which will help you make better decisions when buying a car or truck. Most families need at least one vehicle, and many require a second or third to make their schedule work. Buying an affordable car or truck is easier when you understand how to figure out the overall price tag.

Costs Included

There are five major costs to consider in this calculation:

    * Depreciation - as your vehicle gets older, the resale value will decrease.

    * Fuel - perhaps the most important consideration when buying a new car, gas mileage has an enormous effect on the overall cost of owning a vehicle.

    * Repairs and maintenance - this amount depends heavily on the age and quality of the car or truck, but every vehicle will need a certain amount of repairs and maintenance.

    * Insurance - this cost also depends on the age, make and model of the vehicle, as well as your driving record.

    * State fees - a small amount, but still unavoidable since every vehicle and driver will need to be registered and licensed.

 How this Calculation Helps

Spend some time evaluating the true costs as outlined above. You can then use those figures to accurately compare different makes and models, or to help you decide whether a new or used vehicle is best.

Always purchase a vehicle that will fit into your budget as well as offering reliability, safety and an enjoyable drive. Whether you are getting your first car or your fifteenth, figuring out the true cost of owning a vehicle is a helpful way to make the best decision.

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