Reducing Paypal Fees

Previous Total: $4.94

Current Total: $4.94

Inventory: 3 bottles (half ownership), 27 sake cups (half ownership), 3 mini plates (half ownership)

Time Spent Since Last Post: 0 minutes

Time Spent Total: 2 hour 24 minutes

While I won't count this as income directly, over the next 5 months it should put more profit into this challenge. If you have payal, their standard merchant rate is 2.9% + $0.30 for receiving money. If you do more than $3,000 in transactions over a 3 month period, then you can get this rate lowered to 2.5% + $0.30 per transaction. If you do over $10,000 in a three month period, the rate can be put down to 2.2% + $0.30 per transaction.

The important factor here is that you have to apply for the rate - paypal won't automatically give it to you. I just passed the 3 month mark (I took some time off and didn't qualify for awhile) and my new rate is 2.2% instead of the 2.9% I had been paying. While .7 % doesn't seem like a whole lot, it's an extra $70 minimum per 3 months into my pocket instead of paypal's pocket.

Since I'm using auctions to invest and grow the money and most people pay by paypal, a portion of this fee reduction will come to my total earnings in this challenge.