Great tip thanks for finding that is very useful
PayPal has a little known feature called Mass Payments which can save your subcontractors money when you pay them.
$5,000 sent to one of my subcontractors using the normal PayPal interface cost my subcontractor $195.30 in PayPal fees and resulted in a net payment of $4,804.70.
$5,000 sent to the same subcontractor using PayPal's Mass Payment interface cost me a $1 fee, but cost my subcontractor no fee at all. The net savings was $194.30.
My mass payment transaction file for this transaction looked like this:
As you can see, this is hardly rocket science.Code:
You can use mass payments even for individual payments. There was only one payment in this transaction.
I really can't think of a reason not to use this PayPal feature.
The only difficulty to using this feature is that is only works with funds in your PayPal account. You can't use this with funds that you are automatically withdrawing from a checking account.
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I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine.
And you can't use funds from a credit card - which is all I use.
Programmer, web developer and entrepreneur.
Wow, I didn't even know this is possible
But I might use it in future.. though my payments are at maximum only $250,-
I never sended a payment which was higher than $750,- till now so.. but it makes a difference too even if it's only $250,-
I found one downside to MassPay recently.
My vendor changed their PayPal address and forgot to tell me. There's no way to cancel a MassPay.
PayPal tells me that the payment will fail and I will automatically get my $1,000 back in 30 days.
I heard this from Swank owner of webproxytalk yesterday but I was not very well informed about this. Thanks
This could easily save me at least $800 a year considering not everyone always has funds in their account.