Stormpay fees
 

Anyone on here understand the stormpay fee stucture? It says it is free to send money but costs $1.25 + 15% to add money to your account from your credit card. So does that mean that if someone wants to send me $20 it will cost them $24.25? Am I understanding this right? Because if I am this is total crap. To receive money it costs $0.39 + 2.9%. That means that I receive $19.04 and the customer spends $24.25. Stormpay earns over $5! Then it costs $2 for me to withdraw on top of that.

I don't mind the charges that I incur because that's expected but those charges for the customer are absolutely ridiculous. If a product I'm selling is $20 they shouldn't have to spend $24.25.

Or am I misunderstanding the way the fees work?

anyone know?

Sounds about right. I do know that a lot of people using them very much at all, usually drops them like a hot rock.

Eventually, you'll get fucked and not kissed.

:2 cents:

LOL

I received two checks without problems and their fees for me are not all that bad but someone just mentioned these consumer fees to me. This totally sucks, I don't know what else to use now instead because I certainly don't want customers to have to pay $4.25 MORE than the cost of an item I am selling. *ugh*

Yea. I swept a few thousand to my bank by ACH too.

I'm not saying they won't send you a check on time. I'm saying KAGI can't scrub a card for shit.

I don't know what your product is, but mine is high risk for fraud. They had RU's running cards, and pinned me for well over a grand. Same thing with other friends in the traffic business.

If you're selling beenie babies or something more mainstream, they're probably all good for you. For now :)