Just got this letter from them saying that they are totally reducing fees as of May 1st. This is definetely positive
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Dear StormPay Member,
This notice contains information concerning the following subjects.
New Fee Structure (Effective May 1, 2004)
StormPay Online Auctions (Coming this week)
Please read this entire newsletter as it contains important information concerning your StormPay account.
New Fee Structure:
On May 1, 2004, StormPay's fee structure will Change. Our new fee structure will allow purchasers to pay face value of the price set on the vendors website rather than charging a 9.9% premium as we have done in the past. On May 1, 2004, Purchasers who use the StormPay system will no longer pay a fee to deposit funds into their StormPay account.
What does this mean to our valued vendors? We believe the new fee structure will mean increased sales and decreased chargebacks. Most chargebacks are a result of the purchaser not fully understanding the 9.9% added fee to their transaction.
With our new fee structure, customers pay exactly the price that appears on the website/auction where the purchase is made, resulting in less confusion and less chargebacks to our vendors.
StormPay Inc. will also zero the fees for withdrawals (check and direct deposit), as well as reduce the fees for Internation wire withdrawal to only $15 to match U.S. wire withdrawal fees.
Vendors- Please take the next two weeks to adjust your "Buy Buttons" prices to cover the new fee structure. We understand the inconvenience of having to adjust your pricing, but are sure you will reap the benefit of the new fee structure in a very short time.
New Fees (Effective May 1, 2004)
Receiving Payments (Fee Structures are based on tier levels as defined below)
Tier 1 = < 2% chargeback ratio (6.9% plus 69 cents per transaction)
Tier 2 = 2.01 to 4% chargeback ratio (8.9% plus 69 cents per transaction)
Tier 3 = 4.01 to 6% chargeback ratio (9.9% plus 69 cents per transaction)
Tier 4 = 6.01 to 10% chargeback ratio (11.9% plus 69 cents per transaction)
Withdraw Funds:
Check (Cheque) by mail: FREE
Direct Deposit to your bank account (US Customers): FREE
Bank Wire Transfer: (US and International) $20
Safe and Secure Purchasing:
E-Check: FREE
Credit Card: FREE
Money Order: FREE
Bank Wire: $15
StormPay Auctions:
Coming later this week StormPay will be offering FREE online auctions directly from within your StormPay account. No charge to list and sell your items and very minimal charges for upgrades.
If you like e-bay, you're going to love the new StormPay auctions! Start getting your auction items ready to list, and best of luck on your auction success!
Thank you,
The StormPay Staff
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Martin