Amazon Payments beats PayPal – NO transaction FEES!

I’ve been meaning to post about the Amazon Payments service for months and finally decided to take the time when I just checked my bank account and funds transferred from Amazon yesterday were already credited.

BEFORE I transferred from Amazon, I initiated a transfer from my PayPal account and it is NOT there yet — probably tomorrow, as it usually takes two days.  I have been impressed with the prompt deposits by Amazon.

So check out Amazon Payments:

If you ever ordered anything from Amazon and you have an Amazon account, simply log in!

I had NO idea that I had this payment option until a client told me earlier this year and I am THRILLED to be able to accept online payments WITHOUT paying any fee.

Yup, you read that right, there are NO fees for credit card payments as long as you send money for “goods or services”.

Goods or Services

Select this option if you are sending money for the purchase of goods or services, such as buying a digital camera or paying your babysitter.

There may be a “cash advance” fee imposed by credit card issuers if you check that option:

Cash Advance

Select this option if you are not sending money for the purchase of goods or services. You may be charged a cash advance or other fees by your credit or debit card issuer. Amazon Payments is not responsible for these fees. Contact your issuer for more information.

It’s basically the opposite of the PayPal terms as it charges a fee for goods and services while personal transactions are free (as long as you don’t use a credit card.)

I have no idea why Amazon picks up the credit card transaction fee and I sure hope they’ll continue to offer this fantastic service.

This is NOT a merchant account.

You can’ t use this account to put payment buttons on your website and there are no donation buttons.

If you are used to PayPal, Amazon sure is DIFFERENT.

At Amazon you have monthly sending and RECEIVING limits.  That’s probably to prevent using it as merchant account.

It takes a bit getting used to,  but it sure is ultra cool to be able to send and receive money using credit cards without the 3% PayPal fee.

Of course I still use the PayPal debit card for purchases to get my 1.5% cash rebate every month:

The Bank of America new $5/month fee for using your debit card and how to get PAID for using DEBIT cards.

PayPal has some good features, but it is great to have an alternative like Amazon and if you’re low on cash, a few dollars saved here and there sure make a difference.

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