Author Topic: Paydivvy.com out of beta? (Read 27889 times)

Dan · « **Reply #20 on:** May 25, 2011, 09:59:42 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?

+1.
If you can make 3% in a year you're doing OK in this era of cheap money.

Zeeeeks · « **Reply #21 on:** May 25, 2011, 10:06:23 AM »

Quote from: bahayman 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.

This makes more sense

skyguy918 · « **Reply #22 on:** May 25, 2011, 07:52:03 PM »

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

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

I didn't try it yet but it looks like the pay rent option lets you just input the landlord's info as if you were sending them a check.

AsherO · « **Reply #23 on:** May 25, 2011, 07:53:52 PM »

Quote from: skyguy918 on May 25, 2011, 07:52:03 PM

I didn't try it yet but it looks like the pay rent option lets you just input the landlord's info as if you were sending them a check.

We've gotta make the best of this while we can

Bp · « **Reply #24 on:** May 25, 2011, 08:11:28 PM »

they told me in writing that a rent payment with a CC is 100% free!!

am32 · « **Reply #25 on:** May 25, 2011, 08:29:00 PM »

Will using a virtual card protect against potential cash advance fees? I'm thinking of giving it a shot... they can't charge a credit card fee without revealing it before you make the payment.

AsherO · « **Reply #26 on:** May 25, 2011, 08:31:08 PM »

Quote from: am32 on May 25, 2011, 08:29:00 PM

Will using a virtual card protect against potential cash advance fees? I'm thinking of giving it a shot... they can't charge a credit card fee without revealing it before you make the payment.

I think the fees would be charged by your CC issuer. So say you use a Citi virtual number, Citi would charge you the fee. The question is, can you process a cash-advance using a virtual number? If not then you're safe.

BAHayman · « **Reply #27 on:** May 26, 2011, 04:03:41 PM »

So they charged me for the $50 test rent payment to myself, just called Citi and they do see the pending charge and confirmed that it is classified as a purchase and not a cash advance. Looks like were good to use it without a fee (from Citi at least) until PayDivvy adds the fee sooner or later...

am32 · « **Reply #28 on:** May 26, 2011, 04:22:30 PM »

Quote from: bahayman on May 26, 2011, 04:03:41 PM

So they charged me for the $50 test rent payment to myself, just called Citi and they do see the pending charge and confirmed that it is classified as a purchase and not a cash advance. Looks like were good to use it without a fee (from Citi at least) until PayDivvy adds the fee sooner or later...

Read their terms and seems like they have very strict rules against using this for non-legit payments, like unloading a GC. I bet they'll start charging for credit cards eventually but as of now it says they are free...

Interestingly enough, you need an SSN to verify your account... not sure why...

BAHayman · « **Reply #29 on:** May 26, 2011, 05:10:11 PM »

Quote from: am32 on May 26, 2011, 04:22:30 PM

Read their terms and seems like they have very strict rules against using this for non-legit payments, like unloading a GC. I bet they'll start charging for credit cards eventually but as of now it says they are free...

Interestingly enough, you need an SSN to verify your account... not sure why...

in the video below the ceo mentions (2 minute mark) a 3.5% fee for credit card. so for a legit use like paying rent this is great until that fee is implemented. (i only did a $50 test to see if it would post as a cash advance or not)

Smokey Joe Robinson · « **Reply #30 on:** May 26, 2011, 05:15:37 PM »

Quote from: bahayman on May 26, 2011, 05:10:11 PM

in the video below the ceo mentions (2 minute mark) a 3.5% fee for credit card. so for a legit use like paying rent this is great until that fee is implemented. (i only did a $50 test to see if it would post as a cash advance or not)

How long will it be before that fee is implemented? No reason to set it all up for nothing.

AsherO · « **Reply #31 on:** May 26, 2011, 05:16:23 PM »

Quote from: bahayman on May 26, 2011, 05:10:11 PM

in the video below the ceo mentions (2 minute mark) a 3.5% fee for credit card. so for a legit use like paying rent this is great until that fee is implemented. (i only did a $50 test to see if it would post as a cash advance or not)

+1

Like I said:

Quote from: AsherO on May 25, 2011, 07:53:52 PM

We've gotta make the best of this while we can

myb821 · « **Reply #32 on:** May 26, 2011, 05:47:37 PM »

So can u send urself money or how does it work

youthink · « **Reply #33 on:** May 26, 2011, 08:09:23 PM »

Quote from: bahayman on May 26, 2011, 04:03:41 PM

So they charged me for the $50 test rent payment to myself, just called Citi and they do see the pending charge and confirmed that it is classified as a purchase and not a cash advance. Looks like were good to use it without a fee (from Citi at least) until PayDivvy adds the fee sooner or later...

Not sure how you did that. I can't seem to send a payment without scheduling it for at least a week in advance. The site seems kind of buggy to me.

BAHayman · « **Reply #34 on:** May 26, 2011, 08:17:58 PM »

Quote from: youthink on May 26, 2011, 08:09:23 PM

Not sure how you did that. I can't seem to send a payment without scheduling it for at least a week in advance. The site seems kind of buggy to me.

Ya i scheduled it for June 3rd and they pulled from my cc today.

txtmax4 · « **Reply #35 on:** May 26, 2011, 09:37:54 PM »

Quote from: bahayman on May 26, 2011, 08:17:58 PM

Ya i scheduled it for June 3rd and they pulled from my cc today.

What date did you schedule it?
Where's the money going to end up now?

elikay · « **Reply #36 on:** May 26, 2011, 09:57:43 PM »

Do they do a hard pull

smurf · « **Reply #37 on:** May 27, 2011, 01:10:18 AM »

Quote from: elikay on May 26, 2011, 09:57:43 PM

Do they do a hard pull

Quote from: bahayman on May 26, 2011, 08:17:58 PM

Ya i scheduled it for June 3rd and they pulled from my cc today.

I'm sure he meant that they withdrew money

myb821 · « **Reply #38 on:** May 27, 2011, 08:09:33 AM »

Quote from: smurf on May 27, 2011, 01:10:18 AM

???I'm sure he meant that they withdrew money

how can u send urself money i dont get it

AsherO · « **Reply #39 on:** May 27, 2011, 08:11:59 AM »

Anyone here think I can (or can't) get away with a completely legit $2,000 payment with this service? I need to pay someone with CC and they charge an extra 3.5%, I want to use this to get around the fee (and fulfill spend requirements).