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Activity Exchange can work with PayPal so your Members can make payments. Q. What is PayPal? A. PayPal is on online money handling service. It allows people to easily make payments to the suppliers of Goods or Services. Q. Is PayPal a Bank? A. No it's not. It does not have deposits or make loans or have Cash machines or give out Cheque Books. It is purely and simply an online money handling service. Q. Does a member have to have a PayPal account to make payments? A. No they don't. If they do have a PayPal account then it makes paying for things much simply and much quicker but you can just pay with a Credit/Debit card just like you see anywhere else on the internet. Q. Is it secure? A. It is as secure as any online payment system can be. That is not absolutely 100% but pretty much so. Q. How big are PayPal? A. PayPal are absolutely massive. Worldwide income is about £2 Billion a year and it is handling about £60 Billion a year in transactions. They are getting new customers at a rate of something like 10 Million a year (figures based on 2nd Qtr 2010). Q. How long have they been going? A. Since 1998. Q. How much do they charge? A. Their basic charge rate is 3.4% plus 20p per transaction. That means a payment of £10 will attract a fee of 54p. A payment of £25 will attract a fee of £1.05. Their rates do come down for high volumes but those volume levels are quite high. Q. How do they collect their fees? A. They simply take the Gross amount from the Payer and credit the Payee with the Net amount after deducting their fee. Q. Are there alternatives? A. There are but they all come with snags. One won't release funds for an event until after the event which makes them no good for social activity clubs. Others charge a fixed amount regardless of how much you use them so they are too expensive for small clubs. Q. How many of my members might have a PayPal account already? A. Your members are much more likely to have a PayPal account than an account with any other online payment provider. Not least this is because it is the preferred payment method for eBay. Ebay own PayPal. Q. How well known is PayPal? A. It is by far the most well known provider of online payment services. This builds confidence and encourages your members to use the service. Q. Does Activity Exchange make any money from PayPal in any way? A. No. |