Author Topic: Paydivvy.com out of beta? (Read 30356 times)

HarryPotterFan · « **on:** May 24, 2011, 01:59:30 PM »

Anyone use Paydivvy.com for the churn. Out of beta and the terms state:

New social payment system officially open for registration (was in closed invite-only beta):

paydivvy.com

Fees
8.1 Fees Overview. Some fees are expressed as a percentage of the payment amount. All fees are in U.S. Dollars unless otherwise stated. Any time a payment is made to a third party, the payment is made from your PayDivvy Balance. If you do not have an available PayDivvy Balance, PayDivvy will initiate a charge to your Default Payment Method to Load your PayDivvy Balance and then immediately transfer the funds from your PayDivvy Balance to the third party. If you use your credit card as the Payment Method, your credit card company may charge you a cash-advance fee.

Payment using a PayDivvy Balance: Free
Payment using a Bank Account: Free
Payment using a Debit or Credit Card: Free

Anyone willing to try it out?

AsherO · « **Reply #1 on:** May 24, 2011, 02:50:01 PM »

Quote from: HarryPotterFan on May 24, 2011, 01:59:30 PM

Anyone use Paydivvy.com for the churn. Out of beta and the terms state:

New social payment system officially open for registration (was in closed invite-only beta):

paydivvy.com

Fees
8.1 Fees Overview. Some fees are expressed as a percentage of the payment amount. All fees are in U.S. Dollars unless otherwise stated. Any time a payment is made to a third party, the payment is made from your PayDivvy Balance. If you do not have an available PayDivvy Balance, PayDivvy will initiate a charge to your Default Payment Method to Load your PayDivvy Balance and then immediately transfer the funds from your PayDivvy Balance to the third party. If you use your credit card as the Payment Method, your credit card company may charge you a cash-advance fee.

Payment using a PayDivvy Balance: Free
Payment using a Bank Account: Free
Payment using a Debit or Credit Card: Free

Anyone willing to try it out?

This is great. One of the examples they use is rent, which could add up to quite a bit...

Zeeeeks · « **Reply #2 on:** May 24, 2011, 03:17:37 PM »

Quote from: AsherO on May 24, 2011, 02:50:01 PM

This is great. One of the examples they use is rent, which could add up to quite a bit...

Will this work to cash out AMEX GC's?

AsherO · « **Reply #3 on:** May 24, 2011, 03:50:17 PM »

Quote from: Zeeeeks on May 24, 2011, 03:17:37 PM

Will this work to cash out AMEX GC's?

It might.

am32 · « **Reply #4 on:** May 24, 2011, 04:01:53 PM »

Quote from: AsherO on May 24, 2011, 02:50:01 PM

This is great. One of the examples they use is rent, which could add up to quite a bit...

Very interesting... I wonder if it could be used for this... would love to use a CC to pay rent with no additional fees...

sawlw · « **Reply #5 on:** May 24, 2011, 04:10:44 PM »

Not getting it,don't They warn about cash advance??

joeyjava · « **Reply #6 on:** May 24, 2011, 06:08:37 PM »

just as a clarification would you be able to pay off one cc thru another using this or would it still register as a balance transfer??

BAHayman · « **Reply #7 on:** May 24, 2011, 07:18:58 PM »

Quote from: AsherO on May 24, 2011, 02:50:01 PM

This is great. One of the examples they use is rent, which could add up to quite a bit...

I've set up a $50 rent payment to myself for the 3rd of June (first available date) and it says it will charge my credit card (has cash advance limit set to $0) on the 29th... if this works it will be awesome

txtmax4 · « **Reply #8 on:** May 24, 2011, 10:19:55 PM »

Quote from: bahayman on May 24, 2011, 07:18:58 PM

I've set up a $50 rent payment to myself for the 3rd of June (first available date) and it says it will charge my credit card (has cash advance limit set to $0) on the 29th... if this works it will be awesome

Keep us posted.

am32 · « **Reply #9 on:** May 24, 2011, 10:21:09 PM »

Quote from: bahayman on May 24, 2011, 07:18:58 PM

I've set up a $50 rent payment to myself for the 3rd of June (first available date) and it says it will charge my credit card (has cash advance limit set to $0) on the 29th... if this works it will be awesome

Sent them an email asking about cash advances and got the following response:

Quote

Hi,

We code all transactions as ecommerce transactions and we have yet to hear, or see, any user transactions result in a cash advance fee. That being said, each credit card issuer is different and we cannot guarantee that it won't happen.

Best,
The PayDivvy Team

txtmax4 · « **Reply #10 on:** May 24, 2011, 10:38:47 PM »

Any transaction limit?
Any monthly/yearly limit?

skyguy918 · « **Reply #11 on:** May 25, 2011, 12:53:04 AM »

So essentially, among the many possible benefits of this site is paying one's rent via cc with no fees?

AsherO · « **Reply #12 on:** May 25, 2011, 07:27:59 AM »

Quote from: skyguy918 on May 25, 2011, 12:53:04 AM

So essentially, among the many possible benefits of this site is paying one's rent via cc with no fees?

FWIU there has to be a recepient account set up as well.

Bp · « **Reply #13 on:** May 25, 2011, 07:39:44 AM »

@AsherO
its seems that they charge your card 5 days or more prior to the payment date,that's how they make money, its just like setting up payees with a bank, only instead of pulling from your bank account, they pull from your CC. it looks like they mail a check to the recipient

AsherO · « **Reply #14 on:** May 25, 2011, 07:46:14 AM »

Quote from: Bp on May 25, 2011, 07:39:44 AM

@AsherO
its seems that they charge your card 5 days or more prior to the payment date,that's how they make money, its just like setting up payees with a bank, only instead of pulling from your bank account, they pull from your CC. it looks like they mail a check to the recipient

If their business model is based on that five day spread they'll be hard pressed to make a profit. Processing fees are 2-3%, and they a five day spread to compensate for that?

am32 · « **Reply #15 on:** May 25, 2011, 07:47:46 AM »

Quote from: AsherO on May 25, 2011, 07:46:14 AM

If their business model is based on that five day spread they'll be hard pressed to make a profit. Processing fees are 2-3%, and they a five day spread to compensate for that?

I was thinking the same thing... I can't see how they'll ever make money...

AsherO · « **Reply #16 on:** May 25, 2011, 07:49:25 AM »

Quote from: am32 on May 25, 2011, 07:47:46 AM

I was thinking the same thing... I can't see how they'll ever make money...

Dotcom boom 2.0?

Bp · « **Reply #17 on:** May 25, 2011, 07:49:42 AM »

@AsherO
@am32:
+1 I have the same Q,

However I really don't care if they make a profit or not! As long its free we can milk it to no end!

BAHayman · « **Reply #18 on:** May 25, 2011, 08:37:24 AM »

Quote from: AsherO on May 25, 2011, 07:27:59 AM

FWIU there has to be a recepient account set up as well.

Whatcha mean?

BAHayman · « **Reply #19 on:** May 25, 2011, 08:46:23 AM »

http://2minutefinance.com/2011/05/19/paydivvy-demo-finovate-spring-2011-conference/

Interesting... In the above video the CEO mentions a 3.5% fee for paying by CC.