If you find yourself puzzled by the discrepancy between your expected balance and the actual amount received post-transaction, this article aims to clarify the situation. This explanation is particularly relevant for members who may have initiated a transaction without thoroughly reviewing our comprehensive guide on SWAPD fees available at SWAPD Fees Explained.
Why is there a larger deduction than anticipated in my transaction?
The primary deduction encompasses the SWAPD service fee, which covers:
- Management of Checkout Tickets
- Verification of Stats
- Transfer and securement of properties
- Safeguarding against chargebacks
In addition to the above, each transaction incurs supplementary fees detailed on our SWAPD Fees Explained page. If you have landed on this page post-sale, it indicates a missed opportunity to familiarize yourself with our fee structure as outlined in the checkout ticket process. It’s imperative to note that SWAPD mandates agreement to these terms, failing which transactions are subject to cancellation.
For a detailed understanding of our service fees, please refer to our Fee Chart.
Transaction Costs Involving PayPal
Transactions via PayPal incur an additional 6-10% on top of our standard SWAPD fee. This is due to the integration of the company account in the payment process, which brings in another layer of PayPal fees. Despite increasing the total cost, this arrangement is pivotal in shielding our clients from chargebacks, as any related loss is absorbed by our company, not the clients. PayPal’s charge ranges between 2.9% to 5.5%, varying based on account type and the country of origin of the funds.
Example for a 500 USD Transaction (Using maximum fee rates):
- Buyer sends 500 USD to SWAPD. PayPal’s 5% deduction leaves 475 USD.
- SWAPD’s 9% fee (calculated pre-PayPal) equals 45 USD, resulting in 430 USD.
- The seller receives the balance, but an additional PayPal fee of 5% (21.50 USD) is deducted, leaving them with 403.50 USD.
To mitigate these fees, sellers are advised to adjust their pricing accordingly. The security and peace of mind provided by the prevention of chargebacks justify these fees.
Transactions via Bank Wire
For bank wire transactions, an additional cost of 30-90 USD is expected. Typically suited for payments exceeding 1000 USD, bank wire fees range from 15-45 USD. This method is preferred for all transactions above 1000 USD due to its cost-effectiveness, as the fee remains constant regardless of whether you are transferring 1000 USD or 10,000 USD.
Example for a 1000 USD Bank Wire Transaction (Using maximum fee rates):
- The buyer sends 1000 USD, with our bank deducting 45 USD, leaving 955 USD.
- SWAPD’s 9% fee (calculated pre-wire) is 90 USD, resulting in 865 USD.
- The seller’s bank may deduct an additional 15-45 USD upon receiving the funds.
Sellers are encouraged to account for these costs in their pricing.
Crypto Transactions
Crypto transactions are generally cost-effective, often only requiring minimal fees. However, the inherent volatility of the cryptocurrency market means the value of payments can fluctuate significantly. SWAPD does not assume responsibility for any market-related changes in the value of crypto payments during transfer.
For further inquiries or assistance, feel free to contact our administrative team via private message or email support@swapd.co.