Lower charges for funding via Debit Card vs Credit Card?
Richard_Cantillon
Posts: 1 Tin ✭
While a 3% charge on funding by Credit Card is probably in line with market rates, an identical fee for Debit Cards seems to be excessive.
I would be surprised if Goldmoney pays the same fee for CCs and DC to its intermediary. In the retail industry the cost to both the consumer and the retailer for use of a DC is usually a small fixed fee (perhaps 10centc or 20cents) regardless of transaction size.
Please examine the costs to Goldmoney of processing a DC transaction and institute a suitable fee structure independent of your Credit Card fee. This would of course incorporate a reasonable mark-up to contribute to your network costs. You should experience a surge in the use of this very accessible form of payment.
Also please allow CC and DC funding to be set up as recurring transactions as is/was possible on the Personal platform.
Thanks.
I would be surprised if Goldmoney pays the same fee for CCs and DC to its intermediary. In the retail industry the cost to both the consumer and the retailer for use of a DC is usually a small fixed fee (perhaps 10centc or 20cents) regardless of transaction size.
Please examine the costs to Goldmoney of processing a DC transaction and institute a suitable fee structure independent of your Credit Card fee. This would of course incorporate a reasonable mark-up to contribute to your network costs. You should experience a surge in the use of this very accessible form of payment.
Also please allow CC and DC funding to be set up as recurring transactions as is/was possible on the Personal platform.
Thanks.
Comments
If you use a PayPal account you can reduce your funding fees by 1/3. If you have a credit card or debit card that is a rewards card (they don't have to be a rewards card) you can set one of those as your preferred payment method in your PayPal account. Doing that will help reduce your funding costs even more( depending on the amount of your rewards).
This will work if you have a full holding account.
Hope that helps.
For european users (who are very aware about CC costs and also are used to very low fees if any for card transactions) there simply does not exist any reasonable way to deposit at the moment.
@Richard_Cantillon Your thinking is correct, goldmoney most likely overcharges debitcards, else someone has tricked them good....
I doubt they would miss something like this given the effects it has on core business.
My recommendation if you have a holding account and want to fund it is to use PayPal to fund the holding account or if you still have a personal account just fund that and forget about the holding account. Hopefully soon, very soon GM will have the ACH/SEPA (the equivalent in your country I believe) available for the holding account to bring it up to par with the old personal account.
Either way, debit is WAY to expensive. It's almost as expensive as buying physical so thats what i do instead until there is ways to fund that doesnt cost 3% extra. As consumers we don't have to accept fees you know? We have the choice to take our business else where.
Unless something happened recently paypal is restricted in and then back out to paypal only, totally pointless if you ask me. Holding? Well, the day it actually has the same functionality as the current free account i may have a look at it again, thus far it looks less than tempting to be honest.