posted on April 23, 2001 04:28:04 PM
Just received this email from MoneyZap:
Following is some important information about transaction fees. Our promotional period will be ending on 05/14/2001. After 05/14/2001, transaction fees for current and new MoneyZap members will be as follows:
Transfer funds into or out of your MoneyZap funds - NO transaction fee! Send money to any MoneyZap member - NO transaction fee! Receive money from any MoneyZap member*: - Credit card - 2.8% + $.35 - ACH/checking - 1.75% + $.35 - Stored value - 1.75% + $.35 Stop Payment Fee - $10.00
*Note: There is a minimum fee of $.50 per receive transaction. The maximum fee for checking account and stored value receive transactions will be $3.00.
I remember reading that they were going to start charging fees - but I remember it also saying that the whoever INITIATES the transaction will be charged the fees. Once again, it looks like the sellers are now going to be charged the fees.
[ edited by ExecutiveGirl on Apr 23, 2001 04:28 PM ]
posted on April 23, 2001 05:20:50 PM
Aloha, EG. I just received the same e-mail notification. I will no longer offer this as a payment option. The fees may seem reasonable to others, but I'm just a small seller and there are other payment options available that do not take such a big bite.
posted on April 23, 2001 05:28:09 PM
I doubt they will last.
80% of customers can't figure out how to use their cc entry interface. I've had more expired messages than paid ones. Most give up and send a moneyorder.
The service is, at best, mediocre and slow.
Instead of charging, they probably should just shut it down. But I guess they didn't get the memo that the dot.com craze is over.
[ edited by ecom on Apr 23, 2001 05:29 PM ]
posted on April 23, 2001 06:14:11 PM
Well, MoneyZap is now in the same boat as Paypal as far as I'm concerned. I will no longer promote them in my auctions and I will be closing my account as well.
They stated that when they started charging fees, that the person who initiated the payment would be charged the fee. Now they have changed it and only the person receiving the money will be charged a fee. So they lied, just like Paypal did.
I had good luck with them when my customers used them but I agree their site is not easy to navigate.
posted on April 24, 2001 03:39:44 AM
I just received an email from MoneyZap that funds a customer sent me on 4/20 are now in my account - that the funds are available. When I signed in, it says the transaction is still "in progress" and my available balance is $0. Figures - as soon as they say they are going to start charging the system gets screwed up.
