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Old 01-04-2017, 11:25 AM
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Default Using Paypal For Daycare Payments

I have always only accepted checks/cash for daycare payments, but I am looking into possibly offering daycare parents the option to pay me through Paypal. I was just looking at the Paypal website and I see that there is a fee of 2.9% plus $0.30 USD of the amount you receive if people pay you through the "Pay for goods or services" link, but it is free if they use the "Send money to friends and family" link. Obviously I would rather not pay any fees and I don't want to pass on any fees to the dayare parents for using Paypal.

My question is, for anyone here who accepts Paypal payments, can parents pay me using the "Send money to friends and family" link so that I don't incur any fees? I don't know if Paypal has a limit for how much money you can receive using this option or if I will run into any issues with Paypal if parents use this option?

Thanks in advance!
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Old 01-04-2017, 06:00 PM
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I use Venmo which is affiliated with paypal. There are no process fees unless you use a credit card and my dcp love it. I believe a few other providers on here have used PayPal and used the friends and family feature but eventually told they had to sign up for the business or regular version with fees (not sure if it due to the amount of money or transactions). I also used to use square reader but their fees were almost the same almost paypal.
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Old 01-05-2017, 05:55 PM
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Two of my families use Venmo, and one of them uses Paypal Friends and family. I think that the main issue may be the limit on how much you can withdraw each month, but I think that Paypal lets you raise that amount.

I just barely switched to doing this and I LOVE it. Two of my families are not here every day, but this way they can still pay me on the weekend, and there's no more "I forgot my check book."

With Venmo, it just sends a message to their smart phone and it's really easy to click to pay.
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Old 01-06-2017, 08:56 PM
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Okay, I signed up on Venmo and Square cash yesterday.
SC asked during set up if I was using this for business or personal, if business it is 2.75% fee per transaction.
Venmo are free unless you get paid with credit card, then there is a 3% fee per transaction. Plus they will post on social media when ever it is used.
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Old 01-07-2017, 08:38 AM
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I just have parents pay via bank transfers or bill pay.
All my local banks (small and chain style) offer electronic bill pay options. The parent just adds my business as a weekly, bi-weekly or month payment. Money is automatically in my account immediately and there is no delay even if its a holiday or a weekend and no fees for either party.
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Old 01-08-2017, 08:13 PM
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We use Venmo. No fees.
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Old 01-08-2017, 08:47 PM
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I'm wary of pay pal. You can only withrawl so much, so money can get "stuck" on there.

I use venmo, but also accept Cash and Check. I really like venmo. I especially like it for late pick ups, its easy for them to look at the clock, see they are 10min late and immediately venmo $10. Not that is happens often, but I would rather that, than them stop at an ATM and be even later.
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Old 01-09-2017, 07:23 AM
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Quote:
Originally Posted by Meeko View Post
We use Venmo. No fees.
Quote:
Originally Posted by Controlled Chaos View Post
I'm wary of pay pal. You can only withrawl so much, so money can get "stuck" on there.

I use venmo, but also accept Cash and Check. I really like venmo. I especially like it for late pick ups, its easy for them to look at the clock, see they are 10min late and immediately venmo $10. Not that is happens often, but I would rather that, than them stop at an ATM and be even later.
Okay so with venmo what is the turnaround I'm getting cash out? Can you set it up to automatically transfer? And do both parties need to have the app or an account?
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Old 01-11-2017, 07:30 AM
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I get immediate notice of payment on my phone and funds are in my account the next day.

Both parties must have the app.
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Old 01-11-2017, 10:11 AM
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I just want to add that you can turn off the social posts. I have mine set up where only myself and the parent paying can see the transaction on their feed. You can do this in the settings so it is automatic or for each individual transaction. I charge my families on Friday, usually initiate the transfer on Saturday and the funds are in my account on Monday. I normally only do it once or twice a month. If you needed the money right away you should probably to stick with accepting paper forms of payment or using square which has faster payout.
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