Alexxis DeCuir Posted May 30, 2019 Share Posted May 30, 2019 (edited) Cashout fees to transfer cash to paypal are rising to 5%. Thoughts? Edited May 30, 2019 by Alexxis DeCuir Link to comment Share on other sites More sharing options...
Coffee Pancake Posted May 30, 2019 Share Posted May 30, 2019 If you increase the price of everything you sell by 2.5% to cover the increase in fees .. will those extra few L$ make any difference to your sales .. will anyone even notice? Shouldn't prices for new items in SL always go up in price to combat inflation if cashing out is the goal. 1 Link to comment Share on other sites More sharing options...
Desudesudesuka Posted May 30, 2019 Share Posted May 30, 2019 There isn't much to say about that change besides that it sucks for us and we've gotta deal, as CoffeeDujour has said. Good thing to mention that price increases are worth considering. Link to comment Share on other sites More sharing options...
ananoelle Posted May 30, 2019 Share Posted May 30, 2019 4 minutes ago, CoffeeDujour said: If you increase the price of everything you sell by 2.5% to cover the increase in fees .. will those extra few L$ make any difference to your sales .. will anyone even notice? Shouldn't prices for new items in SL always go up in price to combat inflation if cashing out is the goal. I think people will notice but most wont care too much. I have my favourite creators and if they increased prices Id still buy from them. 3 Link to comment Share on other sites More sharing options...
Coffee Pancake Posted May 30, 2019 Share Posted May 30, 2019 It's not a huge deal. If your thing costs $250 L (1 USD), then the new price to cover the fees would be ... $257 rounded up ... that's less than half what you loose in marketplace fees on the same item (L$13), and as you're under no obligation to keep SLM and in world prices the same anymore, it's totally ok to just direct people in world for a discount and still make more money per sale. 2 Link to comment Share on other sites More sharing options...
LustyLexxi Larimore Posted May 30, 2019 Share Posted May 30, 2019 It's a bit of a big deal to small businesses inworld who want NOT to have to change their pricing. I'm a stream provider inworld and that doubled processing fee adds up. I cashout the total cost of my servers, software payments, billing system, etc all at once which makes a difference. Like what I just cashed out was only $7 in the process fee, that same amount will be now $14.00. I know I'm not the only one who feels this way because they are small too and those fees hurt while trying to maintain your pricing to keep customers happy and not broke when purchasing from them.. 1 Link to comment Share on other sites More sharing options...
Seba Serpente Posted May 30, 2019 Share Posted May 30, 2019 It is a big deal to increase things to not get hurt. You would buy $.99 cents french fries in a heartbeat, you woudnt buy $1.10 fries that easilly. Is deep inside the human mind to take some numbers more seriously than others even tho the difference is near insignificant. 1 1 Link to comment Share on other sites More sharing options...
Isilmeriel Posted May 30, 2019 Share Posted May 30, 2019 It's irritating but not apocalyptic, except that the processing fees were just increase in Jan 2018 from the original 1.5% that had been stable for years. Another drastic increase in such a short window is cause for concern if this annual fee increase is going to become a pattern. 1 Link to comment Share on other sites More sharing options...
Desudesudesuka Posted May 30, 2019 Share Posted May 30, 2019 3 hours ago, Seba Serpente said: It is a big deal to increase things to not get hurt. You would buy $.99 cents french fries in a heartbeat, you woudnt buy $1.10 fries that easilly. Is deep inside the human mind to take some numbers more seriously than others even tho the difference is near insignificant. I use .99 psychological pricing, and if I had to I would try 1.09 for a similar effect. But I'd rather not ruin the prices to try to mitigate SL becoming less and less profitable. I like offering items to customers at low and gimmicky prices sometimes. It's not as easy as price raising just to deal with a fee increase though. Most of us will be in competition with others, and it's quite possible to have price matched competitors. Raising your prices isn't a choice to make lightly, it will cost sales. Link to comment Share on other sites More sharing options...
Seba Serpente Posted May 30, 2019 Share Posted May 30, 2019 Lets make a new Second Life Mechant mafia that will meet twice a year to jack up / fix prices. Thats the solution to this madness! 1 1 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 30, 2019 Share Posted May 30, 2019 Let's make a new third party online Marketplace much like the old XStreet where we can sell our SL goods for US$/EUR/GBP. 4 Link to comment Share on other sites More sharing options...
drusilladarkwillow Posted May 31, 2019 Share Posted May 31, 2019 Well businesses raise their prices every year. McDonalds does it, Burger King, grocery stores. We all still pay the price as we gotta eat or wear clothing. It is what it is and it's apart of the economy. There will always be a few who decide to not pay it and there will be those who are loyal who will still keep shopping. Either way, nothing will change as those who won't pay it probably wouldn't keep coming back to you anyways. I know that some items have increased at my favorite shops slowly over time and I still shop there. I enjoy their products and I'm willing to pay that price. It doesn't change the quality of the work a single bit and some of it I believe is too cheap personally. 2 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 i'd like to see what's gonna happen if either McDonalds or Burger King raise their prices by 100%... 2 Link to comment Share on other sites More sharing options...
drusilladarkwillow Posted May 31, 2019 Share Posted May 31, 2019 2 minutes ago, Elvina Ewing said: i'd like to see what's gonna happen if either McDonalds or Burger King raise their prices by 100%... People will still eat there. Minimal wage is going up, McDonalds said that they were going to get rid of their cashiers and put in self check-outs which they did. The older customers complained about it, they kept one register for those who pay with cash or would rather go to them to order their food. I pay $2 more for my meal now then what I did last year. We all adjust to it. I'm was playing around with numbers and cashing out, for me, it's not that much of a difference. For the bigger merchants who file their secondlife income on their taxes, they have already stated that it'll be added in with their taxes. I want to say that the ones who are effected the most by it are those who are living off of their income from their sales, it'll just make things a little bit tougher for them and a bit more work to get things where they need it. Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 2 minutes ago, drusilladarkwillow said: For the bigger merchants who file their secondlife income on their taxes, they have already stated that it'll be added in with their taxes. I want to say that the ones who are effected the most by it are those who are living off of their income from their sales, it'll just make things a little bit tougher for them and a bit more work to get things where they need it. exactly. And that on top of already steadily declining sales is only adding insult to injury. And before you start with "improve your product, release new stuff regularly, keep up", i already do. This is how i managed to thrive for 11 years. But there has to be someone to sell to, even if you are the most brilliant and talented creator (i am far from that but i continuously been learning and striving to get better). The platform as a whole has been steadily declining over the past years, and the sales only reflect that. But i digress... This new 5% cashout fee is where i draw the line for me. I will not quit and not stop but i will now start actively looking for other sources of income. SL will become secondary, and depending on how well i do elsewhere might completely disappear from my priority list. I can bet there are many more merchants like me, and some probably even been put into much dire positions than me where their entire livelihood is at stake. What will happen when more and more good creators are driven out of SL? Do you think more new ones will come in their place? I honestly doubt that. High profits in SL belong to the past. Newcomers will struggle soooo much more than we had to, to stay afloat, and honestly: a good and self-respecting 3D creator can do so much better elsewhere with their skills. It's just not attractive anymore, and LL has made sure of that. 6 Link to comment Share on other sites More sharing options...
Fox Wijaya Posted May 31, 2019 Share Posted May 31, 2019 16 minutes ago, Elvina Ewing said: What will happen when more and more good creators are driven out of SL? others will take their place happely 17 minutes ago, Elvina Ewing said: Newcomers will struggle soooo much more than we had to, to stay afloat, thats already a fact for many years, established creators/stores always had a pré position, it takes years, good quality or good copy skills to get the same reach as the oldies do. And there are too many to get there. 1 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 7 minutes ago, Fox Wijaya said: others will take their place happely and where do you think those others will come from? 1 Link to comment Share on other sites More sharing options...
Mollymews Posted May 31, 2019 Share Posted May 31, 2019 (edited) 1 hour ago, Elvina Ewing said: i'd like to see what's gonna happen if either McDonalds or Burger King raise their prices by 100%... i think this is not quite the right comparative in the McDonalds case. I am the McDonalds customer and the SL merchant is the McDonalds franchisee. McDonalds Corporate have increased their fee from 2.5% to 5.0% of the franchisee's turnover as your customer then I buy a SL Burger from you. Yesterday it costs 100L. Today it costs me110L. A 10L price increase. As Coffee mentions 7L of this goes to McDonalds Corporate and 3L is retained by you, the franchisee, adding to your profit line. Or the price might now be 115L, adding 8L to your profit line a 10L, 15L or 20L even increase in your SL Burger price is not going to deter me from buying your SL Burger, when I like your SL Burger as I always have Edited May 31, 2019 by Mollymews 100 1 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 are you suggesting that i have to increase the prices on my items to offset the 5% cashout fee? No can do. I can't afford losing even more sales. I see lots of people here on the forum shout "go raise your prices merchants, we the customers understand, we will still support you". The truth is: this is only your own opinion. You can only speak for yourself. To see if the majority of my customers agrees with you i will have to make a poll or just go ahead and try it out, and if you prove to be wrong and most people will not like the raise so much that they go elsewhere to shop then i will lose even more sales and valued customers. In the current dire position i cannot afford to lose customers/sales. So thanks, but no thanks, i decided to absorb the losses. Again. 2 1 Link to comment Share on other sites More sharing options...
Mollymews Posted May 31, 2019 Share Posted May 31, 2019 14 minutes ago, Elvina Ewing said: The truth is: this is only your own opinion. You can only speak for yourself i speak with money in my purse. Money I spend in SL on products that I like and want 1 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 so does everybody else. There are as many purses as opinions, and i don't want to lose my customers' purses because they happen to disagree with my price raise. Link to comment Share on other sites More sharing options...
Mollymews Posted May 31, 2019 Share Posted May 31, 2019 1 minute ago, Elvina Ewing said: so does everybody else. There are as many purses as opinions, and i don't want to lose my customers' purses because they happen to disagree with my price raise. its all good what you decide to do. And its all good what other merchants choose to do for themselves also i just wanted you to know that there are people like me who are not going to be deterred by 10-15% increases in prices of stuff we like and want 4 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 thank you Mollymews 1 Link to comment Share on other sites More sharing options...
Fox Wijaya Posted May 31, 2019 Share Posted May 31, 2019 41 minutes ago, Elvina Ewing said: and where do you think those others will come from? like that is relevant, fact is there will be others jumping in, you know the world turns... it will also when i or anybody, even creators, leave. 1 Link to comment Share on other sites More sharing options...
Elvina Ewing Posted May 31, 2019 Share Posted May 31, 2019 1 minute ago, Fox Wijaya said: like that is relevant, fact is there will be others jumping in, you know the world turns... it will also when i or anybody, even creators, leave. haha ok, if you think so. The reason Blueberry and Truth are so huge and famous is because their work is brilliant. If there were others that can match their skills, they would have already been big and famous themselves. There are, too, but not many. If Truth decides to quit tomorrow do you think there will be others to replace her? Magicka and others like it are already there, and the new Truth will not come out of nowhere. Simply because it is not attractive anymore to create for SL for 3D artists with Truth's skills, as i already said up above. So, the result: SL ends up be a poorer place because Truth (and others like her) left, and no one new and equally good have come by. 2 Link to comment Share on other sites More sharing options...
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