posted on November 16, 2001 04:48:12 AM new
On 12/17... Oh kaka!
"Whether you're bidding on an auction item, sending cash to your mom, or collecting money from friends, Yahoo! PayDirect is a flexible, cost-effective solution. Yahoo! PayDirect empowers you to accept and send money instantly with credit cards, or, from a bank account. The best part is that Yahoo! PayDirect makes it easy for you, with a click of your mouse, to instantly send or receive money from a number of Yahoo! Properties including Auctions, Greetings, Mobile, and Points. Here is a sample of the nominal costs associated with sending or receiving money:
Yahoo! PayDirect will charge fees to either the sender or the receiver of the transaction. In most cases the initiator of the PayDirect transaction will have the option to decide who pays the fee. It will be clear before any payment is made, who will be responsible for paying the fee and what the fee will be. Both the sender and the receiver will have the option to cancel the transaction before incurring any fee.
When the receiver pays the fee, Yahoo! PayDirect will calculate, display and deduct the fee from the funds received. For example, take an auction seller who chooses to pay for the fee when he receives payment. In this case, if you paid an auction seller $20 for an item, your account would be charged $20 and the auction seller would receive $19.20.
When the sender pays the fee, Yahoo! PayDirect will calculate, display and add the fee to the total charge to the sender's account. For example, if you sent $20 to a friend using Yahoo! Greetings, your account would be charged $20.80 and your friend would receive $20."
posted on November 16, 2001 05:59:18 AM new
Here's the good part! NOT! They now require your social security number. They were holding my money hostage. I couldn't get it out until I gave them my SSN. I am so mad, I can't see straight. There was no social security number requirement when I signed up a few weeks ago. It's not right to hold your money hostage like that with no warning. Well, the last laugh is on them, because I am going to close my account as soon as I figure out how. In the meantime, I am going to remove their logos from all my auctions.
What makes these companies think they can keep customers when they play sneaky, dirty tricks like that? They should have given some warning. Paypal does not require your social security number, and if they ever do, I'll close that account too.
posted on November 16, 2001 06:25:02 AM new
I wasn't totally opposed to the fee (was told from day one it would be coming) until I read BUYER OR SELLER...now buyers will more than likely look for sellers willing to give up 2.5% + $.30 for their business. How much profit do people think we have in our items??? First I pay a listing fee, feature fee (have to in my category or nobody looks) and a final value fee. If buyers choose to use a payment service, I will be expected to pay for their priviledge to do so. To me, a money order works just fine.
I also don't like the fact I can no longer apply the money received to my credit card which is already on file. I really liked that feature! Now I have to do the bank thing which I don't like. Call me old fashioned....
I don't like having to give my ss# either.
Their new logo is ugly too!!!!! Took me a week to figure out what that big blob was suppose to be...
posted on November 16, 2001 07:30:09 AM new
why are so many people opposed to giving ss,cc etc?
all the complaints about cyberscams,i would think this is one step in the right direction.
everyone wants to sell and make money,no one wants to pay for services privided,and all that whining when asked for some identification-ss,cc,driver license,passport number??
brick and mortar retailers who use first data for cc terminal and processing,yahoo shops which have shopping carts with paymentech always have to pay,FIRST DATA AND PAYMENTECH ARE BOTH subsidiaries of BANC ONE.
i am certain yahoo paydirect is provided by banc one,so why should one group of retailers subsidise the other group?
posted on November 16, 2001 07:36:35 AM new
They have a right to make a buck. Did you know Paypal is losing money even with their fees?
Yahoo did it right. Unlike Paypal, they give the seller the right to charge the buyer the fees. This is logical because the seller must make a profit to succeed so the fee must be passed to the buyer one way or another. This way is up front. Now the buyer has the option to decide if Pay Direct is worth it to them. Would they like the product paid for and shiped immediately with a couple mouse clicks, or would they rather go to the 7-eleven, buy a money order, get a stamp and send it snail-mail and hope it gets there eventually (and hope the seller doesn't claim they never got it)?
Before I quit Paypal (they will be out of business when the seed money runs out...did they ever go public?), they claimed I could not pass the fee onto the buyer because it was against many stated Credit Card laws. I knew that was garbage because many people who used Paypal don't even have a credit card... and now Yahoo's lawyers have certainly agreed with me by letting the buyer pay their fees.
The Yahoo email announcement was humorous. It was quite lengthy but they couldn't come to the heart of the matter (fees). All they could spit out was this silly statement plus a link for details:
* New pricing. A new fee structure is being introduced that will
provide you with greater convenience and service. Fees will not be
applied to all transactions.
posted on November 16, 2001 08:01:07 AM newIn most cases the initiator of the PayDirect transaction will have the option to decide who pays the fee.
99% of my buyers who use PD (most use PP) just go in and make me a payment. I have received notices of payment received before I have even gotten the EOA out and I get my EOA out within 1/2 hour of close! I do love that. Now, those buyers could go in and make a payment and opt for ME to pay the fees. I of course have the option to not accept that, just as they do. So, if I receive a payment that has me paying the fee and I email that I don't pay the fees so can they re-send the payment or if I opt to send them a request back charging them the fee, I see confusion and perhaps a bit of irritation popping up. If I put in my auctions that I do not pay the fees then my potential buyers can shop elsewhere and find someone willing to pay the fees for them. That will provide a competitive edge to the seller who is willing to cut his profit even more...hoping for volume. Unfortunately, at this point in time, volume isn't the norm on Yahoo in any of my categories.
I can see my 1st NEG...."seller charged me to use PD!!!!! (coming from a buyer who has already found sellers willing to pay the fee for them)
posted on November 16, 2001 08:10:58 AM new
I advertise for Paydirect also on Bidville and epay. Here is the line I added to my auction copy:
I accept payment by Money Order, C2it, and by Yahoo Pay Direct. C2it charges the sender a fee. Pay Direct starts charging fees Dec. 17. If you find their fees worth it to you (rather than buying a stamp and a money order and waiting for snail mail delivery of the payment), then please use it, and pay for the service they provide.
posted on November 16, 2001 08:55:53 AM new
wowwow85, They have my bank account number and my credit card number. I have verified my bank account and my mailing address. Now, all of a sudden, they claim they need my SSN to prove I'm who I say I am. Give me a break! Sorry, but I'm not falling for it. They need me as a customer a lot more than I need them. There are places online where I have given my SSN, but it was my choice. PayDirect would not give me my money unless I gave them my SSN. This was not a requirement when I signed up. Doesn't anyone think this is underhanded? Like I said, I don't have to do buisness with them.
posted on November 16, 2001 08:57:34 AM new
If epayment fees are so hateful and expensive why not avoid them? Of course, I personally usually will not bid on an item that does not offer either PP or PD. If your profit margins are so thin that this new move by PD is going to make auction selling a no-win situation than perhaps it is time to quit the auction selling enterprise?
The free ride is ending all over the internet and it is time to adjust to the new reality .. fees.
posted on November 16, 2001 10:43:58 AM new
I never took online payments, but one good thing from what I see is you can charge the fee which eBay and paypal doesnt allow. Compared to bidpay paydirect it is alot cheaper. Personally I like checks and money orders.
posted on November 16, 2001 11:06:10 AM new
as e-tailers ,we should welcome venue providers such as yahoo,ebay and amazon making cyberspace a safe place to buy,sell or browse.
those who do not want to reveal who they are ,where they are and how they conduct business should not be selling in reputable venues.
by co-operating with these venue providers,we are also doing ourseleves a favor-help them lower cost ,get rid of shady operators .
posted on November 16, 2001 11:31:10 AM new
I can not imagine a brick and mortar establishment not offering it's patrons the use of their credit cards. Indeed, the opposite is sometimes found when a person sees a No Personal Checks Accepted sign by the cash register.
posted on November 17, 2001 04:02:14 AM new
Hi Bonnie i think i see why this was different before, a friend told me they have changed banking institutions & ss is required at the new one. at least they gave some notice i understand.
we live 35 miles from the bank, in the country i have never minded the fees(ex:paypal) with gas prices so high, saves me a lot of time too,but i am in a unique situation.
I appreciate all the time i recieved thier services for free very much.
As a seller i beleive in offering as many alternatives as i can. I do accept checks in 3 years 1 problem & the lady sent double the amount due,& i bought her a present & mailed it to her..kind of ping pong.lucky my teller caught it before it was deposited.I was kind & she was kind back..kept a customer..
good luck guys
[ edited by timetravelers on Nov 17, 2001 04:03 AM ]
posted on November 17, 2001 05:26:20 AM new
timetravelers, It's not the fees that bother me. I knew they would start charging too. I didn't get any notice. They should have let me clean my account out without the SSN reqirement. I give out a lot of personal info over the internet and I think the SSN is one thing you should hold back. I gave them plenty of info to prove who I am. Also, I'm not trying to hide from the tax man either. I pay my taxes on all my auction income. At one of my banks, I can go up to the counter and give them my name, checking account number, and birthdate and take out all my money. This clerk doesn't know me and doesn't ask for any identification. Scarry, huh? I instructed them to ask for ID on all transactions. It's right there on the computer screen when they look at my account and they still forget to ask. I just think if my SSN is out there too with all that other info, someone could do some serious damage. I suppose if someone was really wanted to mess with me, they could probably do it without the SSN or they would still find it somehow.
posted on November 17, 2001 06:40:05 AM new
hi BONNIE I understand perfectly! A group of illegal immigrants picked a SS out of thin air..they all used it..guess who's they picked?..me! years ago...i was on disability & i had all these extra incomes & jobs on my statement..or i would never have known..
what a hassle.
sorry i thought you were more upset over them not giving notice..of the "fees" i went to their site & see they gave 30 days which is better than many sites do..
but i see your point no notice about the ss# to get $$ back & close acct.....
here is what my friend must have read about it being a new company.& the 30 days notice.good luck to you.
We are proud to introduce our new bank partner, HSBC -- one of the largest global financial services providers. ~~~
"Effective immediately, your Yahoo! PayDirect account is now FDIC-insured up to $100,000.
Please note the fee schedule for the Yahoo! PayDirect service effective 12/17/01"
posted on November 17, 2001 06:48:16 AM new
HI Bonnie...
I'm wondering if you could clarify a bit for us. You say PD held your money hostage, is this for a recent payment that you were trying to accept or funds sitting in your account that you wanted to withdrawl? (and if withdrawl, was it by check mailed or transfer to bank or cc?)
I know they want ss# because of the new banking partnership, but I'm curious because I had a couple hundred dollars in my account and went in yesterday and had it all transferred to my credit card without any problem and with no prompting for ss #.
posted on November 17, 2001 08:11:55 AM new
if you think giving out ss number is bad,wait till you see more requirements-merchant account,DBA,sales tax reporting,EEOC.
not to mention if you buy from wholesalers,they have a higher minimum order requirement.
ever wonder why brick and mortar shop has a higher markup-well,they have to pay for these expenses
posted on November 19, 2001 08:48:20 AM new
robnzak, it was for a payment that had been sitting in my acount for about 10 days and a payment that I tried to accept. I tried to send the money to my bank account by electronic transfer. I was unable to do any of these things until I gave my SSN.
I have closed my account.
posted on November 19, 2001 03:57:46 PM new
A group of illegal immigrants picked a SS out of thin air.
YAHOO IS A NOT A GROUP OF IMMIGRANTS,NEITHER ARE THE MAJOR BANKS.
