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Amazon Payments, alternative to PayPal (finally!)?

post #1 of 5
9/7/11 at 8:00pm
Thread Starter 

 

I don't know if anyone has tried using this, but it seems that Amazon offers a personal payments account, similar to PayPal, where one can directly transfer funds from their bank to the account to pay others:
 
 
Personally, I am sick of PayPal. I have several transactions that are pending, and cannot believe that it takes literally DAYS (3-7 business days) for a transfer of funds from my bank to show up on my PayPal account, even though PayPal takes money from the bank on the same business day! After these transactions are complete, I am done with PayPal forever. However, that does leave a void when one wishes to purchase used items directly from individuals, and Head-Fi does have some great deals from time to time by regular members.
 
Has anyone tried using the Amazon service or has any experience with it? From what I've gleamed, it seems for personal transfers direct from bank account to another individual, there is no fee (equivalent of PayPal Gift). For fund transfers that are sales, the percentages are MUCH lower than the 5% that PayPal takes away.
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post #2 of 5
9/10/11 at 3:04pm

From what I can gather reading Amazon Payments Fees, the fees are basically the same as Paypal: 

 

 

 

Quote:
For Transactions >= $10: 2.9% + $0.30 for all transactions

 

What is this 5% you are talking about Paypal taking? I've heard many horror stories about paypal and I don't doubt it's imperfect, but I've had no troubles with it. I'm all for something better, something with reduced fees, but I don't see how this is it. Am I missing something?

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post #3 of 5
9/10/11 at 3:14pm

Paypal fees are between 2.9% and 3%, not 5%.

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post #4 of 5
9/10/11 at 9:34pm
Thread Starter 

You're right, I should have read the PayPal fees more closely instead of random things I [incorrectly] remembered from random forum posts; PayPal fees are indeed 2.9%-3%. I really do hope some other personal payment service with some muscles shows up to give PayPal a good challenge, because the time it takes for a bank transfer to your PayPal account (3 days to a week) to show up is ridiculous in the 21st century. They're no doubt collecting a few cents of interest from holding your money a few days, but multiply that by hundreds of millions of dollars a day, and that's quite a steal.

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post #5 of 5
9/11/11 at 10:09am

 

Back in December, I had my Payment showing up in my Paypal from my bank account taking days, I had to call Paypal and It was the option I was using. It has not happened since. Maybe give them call.

 

Amazon Payment , as a seller,can also take time to show up in your account to protect the buyer.

 

It is nice to have options though

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