SJ77 Posted March 31, 2019 Share Posted March 31, 2019 I noticed that transferwise now has an API token and webhook option available. A gateway could be developed that would be a GREAT replacement (or back up) to Paypal Payouts. Click a button and pay contributors directly to their bank accounts. Very nice! Transferwise is a great company. https://transferwise.com/ Link to comment
ahc Posted March 31, 2019 Share Posted March 31, 2019 My two cents is this doesn't seem like a great replacement for PayPal right now. This looks like another 'online bank', and after digging around on their website, it looks like it only does bank-to-bank related transfers, which can take up to 3-5 business days to complete, especially if you're not in Europe by the looks of their FAQ. The fees fluctuating on market value may also pose an issue, considering someone who is used to receiving let's say $475 from a $500 transfer might not be too happy when the market shifts and now they're only getting $450 from a transfer. PayPal has more options, the fees are standard so you know what to expect when you're waiting on a transfer, and your payment gets sent directly to your account instantly, which the user can then choose what they want to do with it. Not to mention that PayPal has a more global reach where Transferwise looks to cater to predominately the EU. I do agree it may be an okay alternative for people in the EU if they didn't want to use PayPal and only did bank related payouts, but until it adds more features and gives the flexibility that PayPal does with the money/payments, etc, it wouldn't be worth asking members to sign up for an entirely new website. I was also playing around with their transfer calculator and would like to point out that the fee rates are only competitive when sending large dollar amounts. Some of the fee rates are as high as 12%. 😨 Link to comment
SJ77 Posted March 31, 2019 Author Share Posted March 31, 2019 Can I stop you right there... replacement for “PayPal payouts” not “PayPal” Transferwise is NOT anything like PayPal. Transferwise is however a great tool for paying money from one bank to another bank. With the new API available it could be used to pay folks with a single click instead of having to do it manually. It could be a great back up to PayPal payouts. (We all know PayPal can randomly freeze accounts) it’s smart to have a backup in place FYI I use Transferwise and most of the concerns listed are unfounded. It’s fast and the fees are super low. Nobody has complained. Given the choice my folks prefer it over PayPal Link to comment
SJ77 Posted March 31, 2019 Author Share Posted March 31, 2019 24 minutes ago, Alismora said: itwouldn't be worth asking members to sign up for an entirely new website. Members DO NOT have to sign up for this. You do but not them. They tell you where to send the money. Basically allows you to offer direct deposit. Members like it because they don’t have to wait to move their money out of PayPal and into their bank. It starts by being deposited in their bank. Link to comment
SJ77 Posted March 31, 2019 Author Share Posted March 31, 2019 As far as your comment about , “only good in Europe” and “12% fees on small amounts” I sent a small amount today USD to USD $1.21 fee on a $28.83 Transfer. That’s only 4.2% and it could have been lower if I had used ACH but I didn’t I used debit. I would happy if someone developed this gateway and I think a lot of other folks would be as well. You could always simply not buy it or use it if you don’t like it. Thank you 😊 Link to comment
Recommended Posts
Archived
This topic is now archived and is closed to further replies.