pepi3
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posted on October 24, 2000 04:41:18 PM
Hi there:
I just started to accept credit card payments through BillPoint and already 5 of my customers used it. If they pay with Visa it is free for the sellers by the end of November and customers get $1.00 back. My question is, will my Canadian bank charge my business account for the electronic deposits by BillPoint? Today I asked my bank (Canada Trust) but the don't know it yet, they will find it out and call me back. If there is a Canadian seller on this board who is already using BillPoint, please let me know is there any charge by Canadian banks for electronic deposits through BillPoint? And I would like to know what is your experience with BillPoint as a payment service. Thanks!
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runaroundsue
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posted on October 24, 2000 05:29:01 PM
I've been using Billpoint for the past month or so, for a dozen or more transactions.
I haven't seen any transactional costs from my bank show up for this, but I have a "package deal" with what they charge me for all services per month.
Billpoint, at this point, has gone without a hitch, and has really been a boon to my sales. I had a customer "arm-wrestle" me into using it, and I am glad she did.
[ edited by runaroundsue on Oct 24, 2000 06:08 PM ]
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Zazzie
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posted on October 24, 2000 08:06:50 PM
The electronic deposit is the same as what Revenue Canada uses to deposit refund cheques---or work does to deposit paycheques. You don't get charged for those and shouldn't get charged for Billpoint--it's not a wire transfer--and it's a no-brainer for the bank. They don't have to do a thing except make sure the computer is on.
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pepi3
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posted on October 24, 2000 08:23:26 PM
Thank you runaroundsue and Zazzie! Good luck with your auctions!
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reddeer
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posted on October 24, 2000 08:51:02 PM
I've sold numerous items via Billpoint, other than one SNAFU a few weeks back, no problems.
Your bank will not charge you for a direct deposit by Billpoint.
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guuuyyy
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posted on October 25, 2000 07:28:09 AM
Well if you are with Canada Trust (the Kings of Service Charges) you likely will get charged. They service charge you for walking in the door and standing in line!
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genie9
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posted on October 25, 2000 07:59:38 AM
I had a panic moment when I learned after accepting billpoint that my bank, The Bank of Montreal, that is, will not accept any direct deopsits, only electronic funds transfers (for a huge fee). I could not access any of my billpoint funds!
Billpoint has made a one time exception and graciously agreed to cut a check to pay out my account to me.
Now I would like to open an account in a bank that will accept direct deposits.
What Bank do you use?
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Zazzie
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posted on October 25, 2000 08:12:14 AM
Ask to talk to a supervisor---there should be no charge for a deposit electronic or otherwise unless you have gone over your transaction limit (if you have one) and then it would be whatever amount your bank charges you for a transaction.
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cdnbooks
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posted on October 25, 2000 08:52:31 AM
Bank of Montreal is working for me - no fees.
Bill
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reddeer
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posted on October 25, 2000 09:00:59 AM
Whomever you spoke with, most likely confused Billpoint with a "Wire Transfer", it's not, it's a "Direct Deposit" to your account, just like many company payrolls. Speak to someone who has a clue.
I also bank at the Bank of Montreal.
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genie9
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posted on October 25, 2000 09:03:56 AM
I went to the head office in Toronto and got nowhere. I will, however try again until I do. Thanks for the hope!
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Zazzie
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posted on October 25, 2000 09:52:19 AM
I also bank with Bank of Montreal and I haven't got any Billpoint deposits yet but I get Direct deposits from Barnes and Noble and never get charged----I also think that they are confused.
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cimfra
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posted on October 25, 2000 10:31:51 AM
I also use the Bank of Montreal and the transfer did show up within 24 hours. No fees other than Billpoint's. But I have a package from the bank (monthly fee) maybe this is a reason?
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genie9
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posted on October 25, 2000 11:51:46 AM
This is Strange indeed!
I have spoken with the BOM bank manager in person with my husband (just to add weight).
Bank of Montreal in Toronto claims their system is "not sophisticated enough" to do direct deposits from a foreign country. (?)
I also found out they own the Harris Bank in New York (this is after they told me they did not own it) but cannot take direct US deposits to the accounts held there other than electronic funds transfers for $22.00 each. ????
They are full of it. They wont budge. They also claim no one can do it. I said I know of people who are doing it. They said "tell us how!".
Oh, brother!
I have a USD account and pay a plan fee. My account is in Good standing and have wire transferred hundreds of thousands of dollars into this account from Europe over the years without a problem.
I would be very grateful if someone could provide me the city their BOM is located in (or a phone number, name, anything...) and I would get my manager to contact that branch for more info.
Thank you very much!!
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Zazzie
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posted on October 25, 2000 12:07:04 PM
write to
[email protected]
maybe they have some info that you can wahck your bank manager on the side of the head with.
I haven't had any Billpoint yet myself--just other electonic deposits from other companies---so my bank branch won't be of any help to you
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stockticker
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posted on October 25, 2000 12:11:31 PM
Zazzie & Reddeer:
Don't you use MBank? That may be the reason for the different responses from BMo. Does the BMo address on your checks show a U.S. location for the bank?
(I have a U.S. account with BMo but the account is with my branch here in Canada. I don't use Billpoint so I don't know I would be charged for for electronic deposits.)
BTW, MBank is not taking on any new customers - I tried to sign up last summer.
Irene
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cimfra
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posted on October 25, 2000 12:49:34 PM
I also use mbanx and I have a US dollar account. It is true that electronic transfers are NOT possible from the US banking system to the Canadian banking system. I tried it with CCnow and others but it was not possible.
BUT Billpoint is another story. They handle their transfer with an agreement between Wells Fargo in the US and TD Bank in Canada. Then electronic transfer is done from the TD Bank to your Canadian account.
In fact, for Canadians, it is impossible to have the money from Billpoint deposited in your Canadian US dollar account in US funds. My Billpoints payments are deposited in my CANADIAN dollar account, in Canadian funds.
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reddeer
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posted on October 25, 2000 12:56:27 PM
Irene .... No, I don't use Mbank.
Genie9 ..... OK, let me explain the process to you. Billpoint goes through Wells Fargo, who in turn goes through a bank in Toronto, TD I believe? They then do a direct deposit to your account in Cdn funds. All the Can financial institution needs [from Billpoint] is the routing # which is located at the bottom of your personal checks. This does not involve US funds, nor is there a need for a US account.
[ edited by reddeer on Oct 25, 2000 01:31 PM ]
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reddeer
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posted on October 25, 2000 12:57:31 PM
I type slow, thanks Cimfra! 
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cdnbooks
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posted on October 25, 2000 01:44:28 PM
By the way, the problem has now been identified, at least as far as genie9 is concerned: you can't use a US$ account with billpoint, it must be a Canuck buck account.
Frankly, I don't understand why anyone is talking to their home branch. There is no need to. Register with billpoint, give them the routing number of a Canuck buck account and it's just plain works (and it's free).
I know, most assuredly, that there is nobody in the rinky-dink branch that I deal with that knows anything about this. The branch does nothing with the transaction. The money is handed off between central computers and then directed into the account.
Bill
[ edited by cdnbooks on Oct 25, 2000 01:48 PM ]
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stockticker
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posted on October 25, 2000 01:47:29 PM
I was just asking myself earlier today why I hadn't signed up for Billpoint. I'd forgotten that they don't pay out in U.S. dollars. That makes the service too expensive for me as I would have to turn around and convert the Canadian dollars back into U.S. dollars.
Irene
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reddeer
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posted on October 25, 2000 01:51:36 PM
Irene .... That's a bummer. I consider the extra bids as covering the fees, and then some. BTW - Over 80% of bidders still send me checks & MO's, but some folks just don't want to bid/buy unless they can use their CC.
For canuck sellers, Billpoint really does help speed up the transaction.
Bill .... Exactly, what the local yocals don't know, won't hurt them.
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Zazzie
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posted on October 25, 2000 02:15:26 PM
As I said I haven't done a Billpoint transaction yet---but I am hoping that I can use my US account that I have opened in the USA---rather than have the money converted to Cdn dollars and deposited into that account---I gave them the info for that account---so when I get a Billpoint--we'll see what happens.
Any Canucks do it that way???
ABE.com has a thing going with Barnes & Noble. If my account was with the Royal Bank---they could deposit US dollars into my USA account---but they can't with BOM. But that has to do with ABE having their account with Royal Bank and 2 Canadian banks can't do USA transfers between their customers accounts.
[ edited by Zazzie on Oct 25, 2000 02:17 PM ]
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cdnbooks
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posted on October 25, 2000 02:31:14 PM
Zazzie, no.
The rest of us aren't nearly as sophisticated as that. Takes a high volume big city seller to do it that way. 
BTW, is Abe easy to set up and use?
Bill
[ edited by cdnbooks on Oct 25, 2000 02:32 PM ]
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reddeer
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posted on October 25, 2000 02:41:38 PM
Zazzie ..... As long as you supply Billpoint with a US Bank's routing # [a bank that is physically in the US], you will have no problems with Billpoint depositing the funds in US currency. I read where some Canuck sellers are doing this. If the US account is with a Canadian bank, it's a no go.
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Zazzie
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posted on October 25, 2000 02:49:36 PM
ABE is cool. They have a program (Homebase) you can download for cataloguing your books---then at the end of a day of grading & pricing books you just do an upload. You can also use the results to upload to Bibliofind or other sites. If you have your own data base system--that's okay too though you may have to tweak it a bit.
My favourite part of ABE is some of their seller programs--like Barnes & Noble. They also have a credit card system set up--called ECommerce (only used there)--and it doesn't cost the seller anything.
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Zazzie
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posted on October 25, 2000 02:54:10 PM
My US Account--I just got tired of USA sellers having a hissy fit when I said the payment would be coming from Canada. Made life easier---got a Post Office box down there too---so Canada Post doesn't tag me for their $5.00 handling charge and I can have purchases shipped cheaper too. The box costs me $16.00 a year---and the bank account doesn't cost me anything as long as a leave $100.00 in the account
[ edited by Zazzie on Oct 25, 2000 02:54 PM ]
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cimfra
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posted on October 25, 2000 04:49:16 PM
While on the subject, this is from eBay's Announcement Board:
--------------------------------------------------------------
Date: 10/25/00 Time: 14:56:42 PDT
**** Billpoint Conversion Rate for Canadian Sellers ****
Billpoint has identified that an incorrect currency conversion rate was applied to Canadian seller Billpoint deposits dated 10/24/2000. As a result, your deposits were converted from U.S. dollars to Canadian dollars at a rate of 1.472. The rate should have been 1.5029. To correct this problem, we initiated an additional credit to your bank account for the difference in the rates. The credit to your account should post no later than October 27, 2000. Please note that this
credit will not show as an explicit entry on your My Billpoint pages.
We apologize for any inconvenience that this may have caused. If you have any questions about this subject, please send an email to: [email protected]
The eBay Billpoint Team
--------------------------------------------------------------
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genxmike
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posted on October 25, 2000 05:50:57 PM
Each BillPoint deposit to your account WILL count as a transaction. Whether or you have to pay a fee depends on your bank and what kind of package you have.
We currently bank with the CIBC and do not have a package as we do too many transactions in a month for any of their packages to be worthwhile. As such, we pay a fee of 75 cents for each BillPoint deposit (which happen on a daily basis now). We still consider it to be worth it.
So if you have a package that allows you 40 transactions in a month (interac uses, deposits, cheques written, etc.) then each BillPoint deposit should count against that total.
Rules are different for businesses and personal accounts as well. Since we have a business account, we have to suffer a bit more.
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pepi3
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posted on October 25, 2000 06:25:15 PM
Thank you for everyone who posted a message for my question! I got a call from Canada Trust and they said they will charge $0.50 for each electronic deposit made by BillPoint to my account. Each electronic deposit counts as a self served transaction. I have a business account with them and it only allows 5 such transactions in a month. Over that limit I will be charged $0.50 for each BillPoint transaction. I think I will try it for a month and see if it is worth it or not using BillPoint as a payment option for my customers. Good luck to you all with your auctions!
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