Ouch… processing fees

Here is the painful story of attempting to invest $250 into Mega Money Hybrid:

Part 1 – Payza charges 3.5% for credit card processing

Had I chosen money order, it would be free and take 4-5 days.

Part 2 – EgoPay charges 0.59 + 3.9% to transfer from Payza

Part 3 – My $250 is now $231.25

Well, if the taxman doesnt get you, the payment processors will!

So the overall rate is 7.4% + 0.59 for a transfer. Solid Trust Pay is only 5.5% and takes about the same time.

So back and forth will take 14.8% + $1.08.

So let’s assume this $231.25 doubles to 462.00. It will be about $400 after these fees. then let’s assume the government taxes me at 30%. That means I get $280 for myself after forking over bread to the payment processors and government taxation… hmm.

I used to hate Liberty Reserve

I admit it. At one point, I swore I would never use it again because I could never get in touch with them. But they charge a maximum of $3.00 regardless of the size of transfer! Imagine routing thousands back through these others. But then again, imagine routing that much and not being able to call into someone if you have an issue…

So as usual, we have a rock and a hard place. With either route, you are dealing with a party that is intentionally not disclosing who they are to anyone, yet expecting you to trust your money to them.