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Comments
For the most part, there is no way to avoid the fees from PayPal.
Don't use it or don't sell for less then 5 dollar / month
That is quite a fucking lot. Stripe has marginally lower fees. There is also Payoneer, I used it to receive payments and withdraw to Transferwise, which permits currency exchange at 0.6% fee.
It's not called Transferwise anymore, just Wise.
We can't stop using PayPal since most people in the USA prefer it for its safety features, which makes a lot of sense.
That's the reason why fees are high. Years ago I withdrew $3000 from PayPal to SEPA and there was no way for me to avoid the $100 currency conversion fee. I did stop accepting PayPal payments that one day.
Have you thought about pledging them your first born?
Do you know who is getting GST money?
Yeah, it's the government itself
Yes, exactly
They are making 1.3% whenever you receive international payment + withdrawal
cost of doing business 👍🏼👍🏼
Offer alternative methods of payments but add an extra processing fee for those who still choose PayPal (e.g. +5% on all PayPal payments to cover some of your processing fees). Have them pay up extra for choosing PayPal for their payment.
I'll point out that servdiscount/webtropia does this, they add a 3 euro surcharge to your bill if you choose to pay with PayPal. (I don't remember if this was a % or a fixed number though.) Using a normal credit card payment via whatever gateway they use doesn't incur the surcharge.
Another idea is to offer a small discount for payments on your native currency (which I'm assuming is INR based on the @ 18% GST) to encourage those who have credit cards w/o FX fees to pay in your native currency. Then you can dodge the FX conversion fee entirely.
Payoneer you said? You'll end up with more fees than PayPal.
Their conversation rate is hurrible. At least, that has been my experience with them.
Yes, just don't use PayPal
I used to withdraw USD from Payoneer to Transferwise, exchange to EUR there, then withdraw to bank via SEPA. The fees were reasonable along the chain.
This is great until PayPal notices youre doing it (or someone mad at your business reports you to them), because doing this is against PayPals terms and conditions.
Specifically they state:
Add a handling fee to all products but offset the price of the service/product depending on payment method.
PayPal will interpret that as being against their ToS and act accordingly, if they receive a complaint.
This is why I try to use Stripe/Credit Card instead of Paypal when purchasing services that are in a foreign currency. From my experience using card gives me better exchange rates and less fees than compared to Paypal.
It depends on your credit card and how your credit card provider handles foreign exchange transactions.
Does that apply everywhere though? Or is it based on the country of your account?
That ToS must be a recent change since I avoided using PayPal on servdiscount.com due to their extra PayPal surcharge. I'm not sure if the fee still exists there since they now require an account to be made to get to the payment screen.