Dan, I have yet to recieve my check. I withdrew it like 2 weeks ago, in the amount of 50 dimes. I would like to see the check in my mail box soon =)
Thanks,
FIREking
ID:137619
 Sep 8 2001, 5:29 pm
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Sep 9 2001, 7:12 am
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Shadowdarke
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You should carefully read the information on cashing out on this page: http://www.byond.com/products/BYONDimes.html
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Shadowdarke wrote:
You should carefully read the information on cashing out on this page: http://www.byond.com/products/BYONDimes.html Yes, it's a 50 dimes and 10% fee to withdraw...so by my calculations, for withdrawing $5 you now owe Dantom 50 cents! | |
According to the page, AFAIK, it's a 50 dime fee, PLUS a 10% fee.
Thus, if you withdrew 50 dimes, you'd actually give them 5 dimes and get nothing in return. You need to withdraw in bulk -- 250 dimes, for example, would net you 175 dimes that are mailed (250, less 50 dimes, less 10% of 250 (or 25 dimes)). My understanding could be flawed, however, and in such a case the wording of the Fee section should be seriously overhauled. | |
50 dimes is only $5
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FIREking wrote:
Dan, I have yet to recieve my check. I withdrew it like 2 weeks ago, in the amount of 50 dimes. I would like to see the check in my mail box soon =) Yeah .. what everyone else said. With the processing fee, you withdrew a negative amount of money, I believe. | |
FIREking wrote:
Dan, I have yet to recieve my check. I withdrew it like 2 weeks ago, in the amount of 50 dimes. I would like to see the check in my mail box soon =) ummmm, thats stupid, i though you guys only charged like 50 cents for taking out any amount of dimes whatever, just give me my freaking dimes back please | |
FIREking wrote: It's costs Dan and Tom money to do these transactions...so they charge enough to cover the costs and make a little (very little I suspect) for themselves. You want them to give you the dimes at a cost greater than their cost -- in other words, you are asking them to take money out of their pocket and give it to you so you can have these dimes. You effectively have no dimes in your account because you don't have enough to cover the cost of a transaction. Get some more dimes and you'll be covered. | |
ummmm, thats stupid, i though you guys only charged like 50 cents for taking out any amount of dimes Yes, that was stupid of you to put money into a system and then try to take it back out without reading the fine print.* Hopefully, Dantom can get the withdrawal process "FIRE-proofed" to prevent any more transactions like this. *In this case, the fine print was conveniently written in normal sized print. | |
Does it really cost THAT much to process withdrawal checks, or is it just because it's annoying? Myself, when I first looked at the payment model, I had assumed that that was where the profit for Dantom came in... it's absolutely free to play and develop all you want, but as soon as you try and make some real money out of it, Dantom does. Forgive my naiveness on the subject... not exactly a veteran of net commerce.
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Leftley wrote:
Does it really cost THAT much to process withdrawal checks, or is it just because it's annoying? Myself, when I first looked at the payment model, I had assumed that that was where the profit for Dantom came in... it's absolutely free to play and develop all you want, but as soon as you try and make some real money out of it, Dantom does. Forgive my naiveness on the subject... not exactly a veteran of net commerce. The $5 flat fee is mainly for the hassle, "shipping & handling" if you will. The credit card transactions themselves cost us money to maintain and carry out, and at least at this point any sort of "profit" we make in the BD cash-outs goes right back into the system. In the future if the BD commerce really opens up, this may be a viable source of income. All of those who aren't comfortable with our "stupid" system are free to leave whenever they want. | |
All of those who aren't comfortable with our "stupid" system are free to leave whenever they want. Frankly, I think anyone who looks to BYOND to do their online banking should thank their lucky stars that they're losing a few bucks to support a nice system instead of getting fleeced by scams and hoaxes. | |
I don't suppose if someone withdraws $5 you actually bother sending them a $0.00 check or a -$0.50 check, do you? :oP
If not, then I'd say you should thank FIREking for his generous monetary donation to Byond :o) | |
Dantom's percentage plus $5.00 is really a very reasonable rate. Consider that they handle all credit card transactions for you (credit card companies charge a fee for this). Consider that they also provide automated order tracking and 'mini-banking.' Now factor in that there is no minimum balance, service or start up fees, nor do you lose money to non-withdrawal service charges. All in all, it is a very reasonable structure that would be *very* attractive to anyone who plans to process a significant amount of order money. Look at it this way: Say you planned on having 50 customers who each shell out $5 a month ($250 total revenue). For a mere $30, all your transactions are handled (including credit cards) and a check is on its way- Gross profit $220. Consider that having someone keep your records manually at minimum wage (good luck) would probably run you $6.00 + state and federal taxes PLUS credit card transaction fees (say 2-4% of your total). So assuming you only paid the worker for one day (about $80) and credit fees only ran 2% that month, you would still be shelling out about $55 more than you would have if you just let Dantom handle the work.
The hard truth is that it takes money to run any successful commercial enterprise because of transaction costs. Thus the old saying that it takes money to make money. The question becomes: how much do you want it to take? -James | |
Jmurph wrote:
Dantom's percentage plus $5.00 is really a very reasonable rate. Consider that they handle all credit card transactions for you (credit card companies charge a fee for this). Consider that they also provide automated order tracking and 'mini-banking.' Now factor in that there is no minimum balance, service or start up fees, nor do you lose money to non-withdrawal service charges. All in all, it is a very reasonable structure that would be *very* attractive to anyone who plans to process a significant amount of order money. Look at it this way: Say you planned on having 50 customers who each shell out $5 a month ($250 total revenue). For a mere $30, all your transactions are handled (including credit cards) and a check is on its way- Gross profit $220. Consider that having someone keep your records manually at minimum wage (good luck) would probably run you $6.00 + state and federal taxes PLUS credit card transaction fees (say 2-4% of your total). So assuming you only paid the worker for one day (about $80) and credit fees only ran 2% that month, you would still be shelling out about $55 more than you would have if you just let Dantom handle the work. I agree, the system they have running is very good, its not too much. Mayby because people dont make enough as it is right now, 50 BD seems like a lot. But (look at James post, hehe) and its very reasonable. Alathon | |
well im glad i got ripped for $5.00 bucks
that really doesnt make sense to me, shouldnt the web page tell me that i was basically getting $0.00 i would like to request that it does, maybe a limit on how much to draw out. Like $10, meaining 5 dollars comes back to you. I didnt understand the print, or whatever, the wording made it sound like it was just taking 5% of whatever i withdrew, im sorry maybe im just stupid or something. At any rate, maybe it should say The fee for withdrawal is $5.00 subracted from the amount you withdraw. or something to that effect. I think its also unfair that since i do not have a check yet, i cannot "undo" the transaction. I haven't gained any money, and DANTOM hasnt lost any money, so what does it hurt to put the dimes back? | |