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Does anyone have their parents pay tuition with Pay Pal? If so are there any fees associated with it and do you pass those on to the parents?
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Yes, and I love it! Yes there is a fee, and yes the parents absorb it. 3 percent maybe? I'm not real sure, because they pay it. I LOVE Paypal. It is waaaaaay better than traditional credit card processing. -
fee is 2.9% plus .30 last I checked. It is free to send money to "friends and family" from a bank account but to pay for a service there is the fee and to send money from debit/credit card there is the same fee.
There are legalities in charging parents the fees, not sure exactly what they are but its been mentioned in the square reader threads in the past.
If I absorbed the fees I would be losing about $30/month, not willing to do that so I just have them pay by check.Comment
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I have one family who occasionally pays by PayPal. It works well for me because I have a debit card linked to my acct so I don't have to transfer it to my account and wait, etc. I can use it like any other bank acct to pay bills, buy groceries, withdrawal cash and yes I do have the parents pay the fee. While there are "legalities" with passing the fee on to the parents, you can just say you have a $X fee for online payments and it evens it out.Comment
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