"Speedy new pay outs"

[Charlotte Bartlett]

I wondered how other merchants are getting results so far on timing  with the new payout system/approach.

My previous cash out routine was Sunday evenings and by Thursday money was in my PayPal (and my bank is good by Friday in my account) - cost 1 USD.

New cash out with the increased fees but "improved timeline".     Cash out still on Sunday evening.  Money arrives Wednesday afternoon (so will be in my bank by Thursday) - cost now based on the new charges.

So for a 150% increase in fees I get a whole 24 hours earlier and still 3 business days (4 calendar days)?  

My account doesn't need fraud checks to slow it down - I have coming up to 10 years of cash out history so pass their Know Your Customer fraud requirements.

Not impressive.  I would be ok with the fee if it was real-time cash out for established merchants where they have our tax information and verification they already did last year on file + where it is to the same paypal account that has been established for (in my case) 9+ years.     

Got to love "improvements".  :smileyfrustrated:

[Jinxui]

Haven't had the chance to try it out yet, but given what you're saying it would seem like a minimal improvement of about zero worth.

 

That's quite disappointing if that's the case.

[Flew Voom]

1.5% fee (minimum $3.00 USD fee, maximum $15.00 USD fee )

 

That is what I see. It always was 1 USD fee for a paypal transfer. What is dogs name justifies $3 USD up to 15$ USD? I have never seen such fees from any company for a simple paypal transaction! LL keeps amazing me.

 

The transaction page also does not say bfore hand how much 'fee' they will grab away before you do the transaction. I't like using a slot machine and see what 'fee' you will get.

 

I just did the checkout now and have to pay 9 USD for a single transaction. That is basically steaing. From 1 USD for a transaction to 9 USD for the same single transaction. They already make plenty money from the lindex when I change LS$ to USD.

 

Bad business practice.

[Rya Nitely]

Now it also takes about 2 days to sell at 249 so we can add this onto the payout time.  Unless you choose to sell at 250, and then that's a further decrease in your cash out amount. We are paying more and gaining nothing.

[Rya Nitely]

People have been asking for faster payouts for years, and this is what they give us

It's like they took advantage of the constant requests for faster payouts to get more money out of us. And still not give us faster payouts. When people asked for faster payout nobody meant 3 days or even 2. We wanted 24 hours.

Edit to say: Within 24 hours -  then at least we can say we're getting something for the exorbitant fees. Instead of feeling ripped off ;(

[HunniHope]

Cashing out on a Sunday doesn't count as its not classed as a business day and therefore processing does not begin until Monday. So cashing out on Monday & receiving the money into (for example) paypal on Wednesday is 2 Business days processing. Paypal transfers withdrawals to my bank within 2 hours.

Previously if I cashed out on Monday I wouldnt see it in paypal until midnight (ish) Friday (GMT), and shown in my bank account Saturday morning (occassionally it wouldnt show until the following Monday in paypal, making it an 8 day turnaround). Personally I got no qualms about paying the increased fee and receiving funds 3-5 days faster.

 

Edited to add: Anyone who has ever held a Business Account with a Bank will know and see just how many hidden charges that those Banks like to sting you with. Another thing to consider, certainly with using paypal (cant speak for other processes cos i never used skrill etc) is that when making a payment to someone Paypal charges a fee either to receiver or seller ... those charges add up. It's poor business practise to not pass on fees in some way or another.

[Magnet Homewood]

I cashed out the other week, and it did take only 2 days to process.

The thing is, I never asked for quicker processing, and the stage where you go to sell your $L for $ is the stage that draws it out, like Rya says - I think I had one order sitting for a week before I decided to cancel and changed the exchange rate by 1$L and it almost immediately got filled.

So at the end of the day, the whole procedure (not counting actual sales, which also can fluctuate) may take a couple of days to over a week, depending what the market is like.

Nothing has changed for me in the quickness of this, but I am paying $2 more for the appearance of it.

[DartAgain]

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Rya Nitely wrote:

Now it also takes about 2 days to sell at 249 so we can add this onto the payout time.  Unless you choose to sell at 250, and then that's a further decrease in your cash out amount. We are paying more and gaining nothing.

People have been asking for faster payouts for years, and this is what they give us

It's like they took advantage of the constant requests for faster payouts to get more money out of us. And still not give us faster payouts. When people asked for faster payout nobody meant 3 days or even 2. We wanted 24 hours.

Edit to say:

Within

24 hours -  then at least we can say we're getting something for the exorbitant fees. Instead of feeling ripped off ;(

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“It’s like we’re stealing the same money over and over. In Fact it’s not like stealing money at all, it’s like recycling" -- Mad Money

 

 

[Pamela Galli]

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Rya Nitely wrote:

Now it also takes about 2 days to sell at 249 so we can add this onto the payout time.  Unless you choose to sell at 250, and then that's a further decrease in your cash out amount. We are paying more and gaining nothing.

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My Lindex order took 19 hrs to cash out midweek this week.

But it now will take me weeks, not days, to get my money in the bank because if I don't wait and process credit in a couple of lum sums I will incur a ridiculously high fee.

 

[Charlotte Bartlett]

I agree/disagree.

Yes Sunday is a non business day, but therefore at 8am Monday morning the process is started - the money reached paypal late on Wednesday after my bank had closed.  

That's effectively 3 business days from start to finish inclusive.   So what exactly are they NOW doing for 3 days with that money.    The old excuse was to keep the 1 USD fee they used that slower Paypal method from memory back in 2007.   Later came the "oh and we do fraud checks".

So now what is causing the delay if we are paying full whack on fees (and as somebody rightly pointed out above) already paying out by taking a haircut on the lindex which can be hundreds of USD dependent on sale amount.

It's great you are satisfied with an up to 5 days for processing, but I find that rather lacking so differ on that opinion, based on the reality of moving electronic money.

 

[Graylon Ash]

I did a pay out to Paypal on the 6th. It still has not shown up as of the 16th. I'm not real happy with paying more for the same old crappy service. It has always taken longer than a week for my payouts to arrive at paypal. I don't understand why. I have been uysing this service for 6+ years and it has always been this way.

 

[OzwellWayfarer]

Between new cashout fees, decreased sales and an exchange rate that is now 250 for the "fast sell", I am pretty disenchanted with the way things are going right now. 

It seems they are squeezing us to pay for the new shiny Sansar.

Couple with that the funny new "pay $600 up front for cheaper tier in the future" and it seems like LL maaaaaay have a cashflow problem going on.

[Cake Gravois]

Could not agree with you more. 2 Business days means within those 2 business days. You know if our payment to Linden Lab or any other utility was due withing "2 business days" they would expect it by the close of the second business day. Not on the third business day. I have said it before and I will say it again. They need additional staff to satisfy the payout demand. There is no excuse for consistantly failing to meet expectations that they, themselves set. 

As a side note... they go by "business days" but I have frequently received payment on Saturdays and during all hours of the day and night. I try to imagine what business hours payment processing staff keeps but I could not guess to save my life.

 

 

[Spica Inventor]

So how many of you will be spending more money in world and taking less out because of this new 'fee'? ;-)

[Sybil Hallison]

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OzwellWayfarer wrote:

it seems like LL maaaaaay have a cashflow problem going on.

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^^This!

If the new fees are for a faster service, then it should have given us the option to choose between "Standard Shipping" or "Fast Delivery" like when you buy goods online (just saying). 

From the looks of it, it seems like the SL economy is sinking along with LL's financials, so the new payout fee policy is a win-win senario for LL. And I explain myself:

If I don't want to pay the full 1,5% for an amount of money, then I should pile up my USD and make a big withdrawal. By piling up, the USD stay in the LL's disposal for much more time which translates to financial liquidity and additional interest. If I don't want to wait, then I pay a cumulative ridiculus fee which translates to a pure profit for LL...makes sense...if you are LL anyway...

For me that I used to make big withdrawals anyway the extra 14USD per transaction have a huge impact on my monthly income. Now combine that, with the selling price of L$ going at 249L$/USD and the fact that I have to exchange my L$ only through Lindex so I have to pay an extra 3% fee on paypal/skrill to turn USD to euros...That translates to a monthly loss of more than 110$/month

[Spica Inventor]

"so the new payout fee policy is a win-win scenario for LL."

LL forgot about the 'take the marbles and go home factor' again it would appear.

Which would make it a lose-lose in reality. ;-)

Financially influenced behavior modification tactics always are when they are in effect band-aids on carotid arteries imho.

[Charlotte Bartlett]

I am running test 2 today

Cashed out at 9.35 PDT.  

Will post back when they settle the funds. 

[Charlotte Bartlett]

We have success. Money hit PayPal on Tuesday evening. Making it within 2 business days. So perhaps tied to starting it in a Monday not Sunday? Will keep testing the times to see if maintained.

[Darrius Gothly]

(General Reply)

I have a PayPal account that has been open virtually since PayPal came into existence. As such I get a few nice perks, including free transfers to my bank accounts. So for me there is zero cost to complete the step from PayPal to local cash. However ...

I also have and use a PayPal Debit Card. I can walk up to any ATM and make a cash withdrawal if I need cash fast. I seldom do that as most ATM's tack on a rather ridiculous fee of their own. However ...

I handed the card to my oldest son the other day so he could take our car and fill it up with gas. The station is about 1 mile away. Before he returned, I had an email advising me of the amount he charged on the card. It was just that fast. There were no additional fees charged; my PayPal balance was debited by the exact amount of the gasoline purchase. Electronic money is cheap to move around.

So here we have Linden Lab, purporting to have increased the speed of cashouts yet (so far) doing not that much better. They have increased their fees by a rather hefty amount. They have improved their service not one bit.

I have just added them to the growing list of companies that have increased their fees this year without providing any improvement in service or product. That list includes: Health Insurance, Cable TV, Supermarket, Local/State Tax Authority, Pharmacy, Gas Station, etc. etc.

Oh .. and did I mention that "Fixed Income" was indeed "Fixed" this year (in the USA) because according to the gubment "The Cost Of Living" did not increase at all in the last year.

*FACEPALM*

[Codex Alpha]

I believe with this move that they are discouraging those who withdraw smaller amounts (like I do as a beginner).

A recent transaction brought the net worth  down by $.25 per 1000L, so the net is less.

[Darrius Gothly]

Well .. in keeping with my oft-stated intention of saying good when good sayings are due ...

I began a cashout late Sunday night ... and the money just arrived in my PayPal account. It was my first cashout after the new system was implemented and was VERY much faster than in the past. Previously I would have had to wait until about this time of day .. but 3 days from now.

Granted, it wasn't a lot of money (just over $50.00US) and the new fee of $3.00US was a bit more chop than I really would prefer but ...

I LIKE IT! NICE! Well done Linden Lab.

 

 

Now, can you make it happen in minutes instead of a whole freaking DAY?!? *grinz*

[Tamarsk]

Well, color me disappointed. I submitted a cash out on Sunday night - but as of Thursday afternoon - nada! Perhaps it was the Sunday thing?

[Tamarsk]

Within an hour of my last post - the payout arrived - 4 business days all told

[Darrius Gothly]

I am given to understand that the more Cashouts you complete without issue, the faster they become. The word is that LL is now using a 3rd Party Experience-based service. That service builds up a "Trust Profile" based on a number of factors .. apparently including your history with them and your location.

With luck the 4 days may decrease as you complete more Cashouts. Cross your fingers and keep us posted. It will be interesting to see how "intention" matches up with "reality".

[Charlotte Bartlett]

So now we are seeing speedier payouts...

I noticed the Lindex on limit sells is slowly taking a nose dive - even selling at 251 is hard pushing us nearer to 253?

This is very different to earlier months as we transitioned out of 248 to 249.    Pennies on the dollar but with larger cash out / across all merchants it's not a small amount of cash.    Purposeful devaluation or just reflective  of specific activities over the past few months (e.g. people cashing out for the sim discounts etc to USD?)...