USING CCNOW-- as ALternate Merch Acct

fashioncode · #**155** 06-21-2008

i think the 4.99%+0.50 is for credit card payment, and pay via paypal to CCNOW is the same 4.99%+0.5? thank you

atari4u · #**156** 06-22-2008

Does CCNOW track your shipping after you placed a tracking number and marked it as shipped? I'm asking because they say you must ship in 5 days and I won't be able to ship out till a week and half later. I did put a tracking number down but it will not show up as shipped if they track and I did it so the pending order can go into my available funds.

jerkyboy1 · #**157** 06-22-2008

Hi. I think I found out the hard way. I sell only internationally so I invoice my customers in their local currency. Well, I have not figured out how they are doing the exchange rate but I sent my buyer a $175AUD invoice and when he paid I only received $158.28USD and this was before CCNOW took their cut. I went to Xe.com and with the exchange rate I should have received $166.82USD. I don't know how the rates are being determined, can anybody help??? Thanks.

Should I only invoice my buyers in USD?

atari4u · #**158** 06-22-2008

I have on my ccnow the option to not send out the auto email to notify that the item was shipped. I did placed a tracking number in the ship field to move the item into my available credit. But now my customer is telling me that he can see that the item was marked shipped on ccnow and with the tracking number. I won't be able to ship the item out till two week later from when it was marked shipped on ccnow. I did not know that they can check the status on ccnow as they are not required to sign up with ccnow to complete the invoice. Is there a way around this?

ebayhateluv · #**159** 06-22-2008

HI:
Does your customer "KNOW" that your item will take 2 weeks to get delivered?
If theyre ok, with that wait--then I wouldnt worry about it--I'd keep it marked shipped-so that the 15 day wait for you starts today---

ebayhateluv · #**160** 06-22-2008

HI: I usually just round it to 5%, thats easiest for me, so-I get $95 deposited on every $100 i take in..

HairyOldEbayer · #**161** 06-22-2008

True, the xe conversion rate said $166.82 but companies are in business to make money. Try taking that piece of paper to an airport currency exchange booth and see if the airport rates are the same as XE.

I think the problem arises when you assume CCNOW/Paypal uses the same currency rates as XE. All they need to do is tweak that conversion rate by a few fractions and they get a nice bonus on each currency conversion.

166.52
-158.22
===========
$8.54 paid commish

That is 5.12% commish - pretty normal

So yes, invoice in Dollars so you do not have to pay for the conversion.

.

jerkyboy1 · #**162** 06-22-2008

Hi. Thanks for the reply. I understand what your thinking but nowhere on the ccnow site does it state any fees for currency exchange nor does it seem to affect buyers paying through CC. I have made three sells today and all three were paid through paypal so I assume that PayPal is somehow behind this, but I can't figure how they could possibly be taking money.

So, I did a test by going through the checkout process and surely indeed when I hit the button to pay by PayPal I'm taken to the PayPal site and right before the buyer logs in to pay it shows the total being $158.28USD before CCNOW has done anything which could possibly cause this (taking their fee)? Is it possible somehow paypal is stealing my money?

jerkyboy1 · #**163** 06-22-2008

If you sold something without telling your buyer that it was going to take two weeks to ship then he is going to be pretty pist, if he knows then it is no problem, leave it as shipped and take your $$$.

atari4u · #**164** 06-22-2008

I work with a few of my partners and we also sell on ebay. One of them actually managed to sell off our entire inventory. But we're expecting new shipments to arrive in two weeks. So I kept the listings on ebay up and I tell them that when we will be shipping and even upgrading the shipping to next day free. I guess If they can't wait then I'll just refund there money. I just don't want to be penalized for marking it shipped and having CCNOW look and see that the tracking number is not showing as that it was shipped.

HairyOldEbayer · #**165** 06-22-2008

I'm a little bit lost here. You saw $158 because that is how paypal and currency exhange services make money.

Paypal and airport currency exchanges do not follow the exchange rate on XE.

I believe, if I am correct, you are saying you feel paypal should exhange money at the same rate as on the XE site.

As I mentioned above, take a printout of the XE site, go to London Heathrow and ask at the currency exchange booths for that exact rate of exchange from XE. See what happens.

If I am missing something here let me know.

Paypal, as requested, cheerfully converted AUD currency for you into USD then gave it to CCNOW in USD and then CCNOW gets to chew on it a bit more for their cut. After CCNOW stops chewing on it they give what is leftover to you.

That is how the currency exchange companies make money. Say you and I go into business together. We open at 6am. In the marketplace if we exchange £100,000 pounds today for USD then that means we end up with an extra £5,000 based on 5% commish.

XE exchange rate 1 GBP = 1.97400 USD
Our exchange rate 1 GBP = 1.87200 USD

So in other words just by exchanging pounds for dollars we made $10,000 USD profit today for a few hours work. Good work if you can find it.

.

jerkyboy1 · #**166** 06-23-2008

oh I see what you're saying again.

What I should have mentioned which I don't know why I didn't is: I have received payments via PayPal hundreds of times and have had them exchanged into usd and they didn't take any fee, they exchanged based on the standard and the same as xe.com. The only time they have taken a fee of course is when you're accepting a payment based on their fee table, but never when just converting to another currency.

I have lost about $79 today based on this hidden fee, so I will call ccnow in the morning.

jerkyboy1 · #**167** 06-23-2008

CCNOW doesn't look at the tracking to see if a package is shipped, but it will be used as a reference if a buyer files a dispute so if you can stall your buyers you can keep the money or you can tell them what is happening and if you don't mind refunding the payments you can if they request it.

HairyOldEbayer · #**168** 06-23-2008

Well, if paypal never charged before and they are charging now for the identical service then I would say call paypal and ask why. I never in my life heard of currency exchangers anywhere in the world that work for free. If paypal does that is news to me. I have never received anything free from paypal in the last 9 years.

I am not saying paypal states "we charge $X fee to convert funds"
I am saying paypal applies less favorable exchange rates on currency conversion as does any currency exchange business that wants to stay in business.

I'm curious what paypal and/or ccnow will tell you. There appears to be one part of the story missing somewhere.

.

fashioncode · #**169** 06-23-2008

PAYPAL takes 2.5% CURRENCY exchange fee, this information can be found on paypal website.

and based on the above posting, it seems CCNOW doesn't pay Paypal any fee? let's say buyer pay 100USD to my via paypal, first the 100$ goes to CCNOW's paypal, right? and then CCNOW charges fees, and finally we get about 95$, right? so if the full 5$ is taken by ccnow, ccnow does not pay paypal any fee.

maybe the following is right?

ccnow does not pay paypal any fee, or in other words, CCNOW's paypal account is just a transferring part, it transfers the buyer's paypal payment to our seller's ccnow accounts, minus the ccnow fee.

HairyOldEbayer · #**170** 06-23-2008

To see what PP will whack you for on currency conversions go here.

https://www.paypal.com/us/cgi-bin/we...rrency-generic

As you can see it's 162.75 on 175AUD.

What the other amount is to bring it down to 158.22 before CCNOW gets a hold of it is anyones guess. Most likely the paypal transaction charge.

162.75
-158.22
=======
$4.53 (2.78% of $162.75)

When I receive $100 USD to my USD account PP whacks me for 2.9% plus 35 cents or so for the transaction fee.

In your case what I see is pretty normal PP fees.

They whack you for 2.5% currency conversion fees then they whack you for the transaction fees then they send what's leftover to CCNOW to chew on. I seriously doubt Paypal would ever transfer money to CCNOW without taking a processing fee cut and the 35 cents or so transaction fee cut.

.

fashioncode · #**171** 06-23-2008

Question : How does PayPal determine the foreign exchange rate for currency conversions?

Answer :
A PayPal is not a currency dealer and therefore must purchase foreign currencies from its bank. PayPal receives a quoted wholesale rate from its bank (twice a day) and adds a 2.5% spread above this rate to determine the exchange rate applied to transactions that involve a currency conversion.

the cited above should answer the currency exchagne quesetion, now could we be back to the original topic, is my conclusion right?

"ccnow does not pay paypal any fee, or in other words, CCNOW's paypal account is just a transferring part, it transfers the buyer's paypal payment to our seller's ccnow accounts, minus the ccnow fee"??

jerkyboy1 · #**172** 06-25-2008

Hi. Ok i figured it out. PayPal is not taking any fee whatsoever even though it looks like it is because it shows a smaller amount when exchanged to dollars right before you pay on their site. It turns out CCNOW exchanges the money from whatever currency into USD and takes about a 5.4% fee and after that they take there usual 4.99% + .50c per transaction.

I figured this out because somebody in the U.K. paid by cc in pounds giving me 187.98GBP and that fairly exchanged into dollars is about $366.33 and in the CCNOW page it shows they took a fee of about $16.95 (not stated for what) leaving me an amount of $349.44USD and then their regular fee which came out to $17.94. In the end, I received a net total of $331.50 which adds up to about $35 in fees to get the money.

The exchange problem is solved. We can all conclude from this that accepting any foreign currency using CCNOW is extremely expensive topped with their regular fees.

Bottom Line: When expecting to receive foreign currencies the total percentage taken by CCNOW along with their regular fees is about 10%.

John14789 · #**173** 07-09-2008

How long does ccnow take to tell me when to ship the item?

jerkyboy1 · #**174** 07-09-2008

depends, but if everything is ok with the order and goes through correctly any where between 1-6 hours. If their is a problem or your order goes into manual processing it is best to call them, this is usually representative of a stat code 22 on the order page. If you get a stat code 23 it means everything is good.

John14789 · #**175** 07-10-2008

What kind of order makes ccnow take longer to tell me to ship?

jerkyboy1 · #**176** 07-10-2008

Hi. It all really depends, if the item you're selling is not on the prohibited list and is not any way possible breaking any rules should go right through in the time period specified earlier. Also, a order might go stat code 22 for instance of prohibited item, typo in buyers address or information, mismatch in shipping and billing address, etc. If your order is not in stat code 22 it will probably go through rather quickly.