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I did edit my previous post, there are many sites like honeyfund - one of them uses a flat 7% rate for all transactions.tuffyluvr|1442855085|3930197 said:I'm not trying to be argumentative, but I believe you are actually thinking of another service. Honeyfund never handles money--it goes directly to the couple's PayPal account, and unless the couple chooses to accept credit card payments (most don't), there is no transaction fee. The credit card transaction fee is 2.8%+.30 per transaction, which is on par with what all merchants pay to accept CCs (it's usually built into the cost of the product, but in this case there is no product, so the consumer has to pay it).
Here's the info from their website, in case you're interested:
Honeyfund is totally free! There are no transaction fees for couples or gift givers and no setup fees. This is possible because gift givers are directed to send the money to YOU, by cash or check. We don't handle any gift money here at Honeyfund.
In addition to the free service:
1. We offer upgrade packages including your choice of design templates, photo slideshows, photos next to your registry items, and more. Sign Up Now to see the latest features and pricing.
2. You may accept online payments from your gift givers via our integrated credit card solution powered by WePay (US only), or via your own PayPal account.
WePay fees: 2.8% + $0.30
PayPal fees: 2.8% + $0.30/transaction*. Learn more and sign up.
You can accept credit card payments with both free and upgraded Honeyfund accounts. Honeyfund couples who accept both offline and online payments pay average fees of just 1.8%! Guests never pay a fee.
It's true that not all recipients use the money as its intended, but the majority do use it towards their honeymoon (honestly I don't expect that they do), but I like the sentiment behind it. I mean, really, it's 6 of 1, half a dozen of the other--you're giving cash in either case. Many people my age would choose to PayPal the money anyways, as there is no waiting to cash a check, worry of losing a check, etc. I like the convenience of it.
For Honeyfund, they take 2.8% + $0.30 - straight from their website yes. And to use paypal, you need a special account - http://www.honeyfund.com/PayPalSetup a business or premier account. No idea how much those fees are.
There are fees with most things in life, but I don't like the way these websites go about them - its very sneaky. Saying it's free to use? Sure, its free to use. But if you get any money, they will have a piece of it. I don't think its the same. More conenienvt - sure, maybe. But I'd rather still give cash/cheque. You can also write on the memo line 'for your honeymoon' or something similar, lol.