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Why not Paypal option?

Discussion in 'Model 3' started by WilliamZ, Apr 8, 2016.

  1. WilliamZ

    WilliamZ Member

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    When you can make resv using Paypal for S and X, why not offering the option to the 3. It may not be an important option. But why not. I been asking around and got no answer back for anyone yet.
     
  2. Chrisuk83

    Chrisuk83 Member

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    Maybe paypals high fees don't help, around 5% I think
     
  3. WilliamZ

    WilliamZ Member

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    No, I know for fact it is not 5%. I would guess, it is similar to credit card processing, which will be in the 1~3% range. I don't think this is the reason since Mr. Musk also has a PayPal background.
     
  4. Xminus6

    Xminus6 Member

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    True, Elon was one of the founders of PayPal, but if you listen to any recent interview with him on the subject you'd glean that he's not really a fan of the current iteration of the service.
     
  5. wallet.dat

    wallet.dat Member

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    PayPal is for old tech analog money. It would make more sense for Tesla to accept Bitcoin instead :)
     
  6. deonb

    deonb Active Member

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    They would sell it immediately for USD. Whoever they sell it through will take more off the top than Visa/Mastercard does, so not really any point to it.
     
  7. Robbit

    Robbit Member

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    Coinbase & BitPay would be more than happy to sign Tesla with a no fee option.
     
  8. Darryl

    Darryl ModelXTracker.com Co-Adm

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    I don't think the question should why not PayPal but why PayPa? You don't know what financial arrangements Tesla has worked out with the credit card companies. With the amount of transactions it makes them a Level 1 merchant which allows them to negotiate the fees. Since most people link a credit card to PayPal and since Tesla can probably negotiate fees less than what PayPal pays the credit card companies, PayPal maynot be competitive. Of course when you pay for full amount of the car credit cards won't be allowed as most states prohibit the purchase of a vehicle on a credit card. In the end you will either have to write a check or get a loan or lease. Even though a lot of people lease through Tesla the leasing terms are not good but if you want to lease you have no other option.
     
  9. SageBrush

    SageBrush Active Member

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    I'm new to leasing, please excuse a newb question:

    Any downside(s) to paying more upfront if the lease interest rate is high ?
     
  10. vberber

    vberber Member

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    I was wondering the same thing, but oh well, used my chase sapphire instead :)
     
  11. bmw_b

    bmw_b Member

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    At the time of the payment PayPal checks your credit card balance/retrieves approval. That takes time. When I reserved my Model 3 it seemed to just take my data without check.

    I guess they used a store n check later service to bypass the payment check at that very moment to handle the sheer volume of reservations and did the check later. Therefore we got the reservation confirmation with 24 - 48h only.
     

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