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Here’s a quick tip from your friendly neighborhood cow bloggers; save money if you’re using PayPal. We’re pretty certain that you guys are frequent PayPal users. Perhaps you’re siteflippers, advertisers or you could even be selling virtual gold in World of Warcraft. We don’t know. What we do know is that PayPal is charging everyone way to much for any stinking transaction that goes through them. The new internet dictionary we’ve set up as an experiment proves it. PayPal is taking every cent from our transactions - good thing we didn’t set it up to make us a profit.

Anyway, here’s a quick tip that can save you a nice bit of cash. PayPal offers a service called “Mass Pay“, something not a whole lot of people seem to know. Any transaction that’s done by Mass Pay will only cost you a dollar. That’ll save you about $30 on a $1000 transaction for example! Might not sound as much, but try adding it all up. Some of you could save $1000 per year, depending how much you’d use PayPal.

Mass Payment allows anyone with a Premier or Business account to send multiple payments instantly—saving time, money and the hassle of having to individually send funds to every payment recipient.

Click the links on the left of this page to learn more about Mass Payment.

Mass Payment can be used for such things as:

* Affiliate commissions
* Customer rebates
* Pay-to-surf rewards
* Employee benefits
* Lottery prizes
* Survey incentives

If you didn’t know this, now you do. If you did know this - we’re sorry for wasting your time. It just seems that a lot of folks aren’t aware of this and are there for wasting dollars that could have been put to better use.

Here’s the details from PayPal:

Start making payments by following these simple steps:

Step 1: Collect payee information
Conventional check runs require three basic pieces of information: the name of the payee, the payee’s street address, and the payment amount.

However, with PayPal’s Mass Payment, you need only the recipient’s email address and the payment amount.

Step 2: Create the file of payees
Create a tab-delimited text file. List the recipients’ email addresses in the first column and the payment amounts in the second column. In the third column, enter the three-letter code for the currency in which the payments will be sent:

* EUR for Euro
* USD for U.S. Dollar
* GBP for Pound Sterling
* CAD for Canadian Dollar
* JPY for Yen
* AUD for Australian Dollar
* NZD for New Zealand Dollar
* CHF for Swiss Franc
* HKD for Hong Kong Dollar
* SGD for Singapore Dollar
* SEK for Swedish Krona
* DKK for Danish Krone
* PLN for Polish Zloty
* NOK for Norwegian Krone
* HUF for Hungarian Forint
* CZK for Czech Koruna

Note: Payments in different currencies must have separate Mass Payment files.

Optional: Create a fourth column to list recipient IDs for tracking and reconciliation purposes. A fifth column allows you to send a customized note to each recipient.

View a sample Mass Payment file

Step 3: Sign up for a Premier or Business account
Create a Premier or Business account with PayPal, or upgrade your existing Personal account.

Note: You must confirm your email address and checking account before using Mass Payment.

Step 4: Fund your account
Fund your account by transferring money from your bank to your PayPal account. Credit cards cannot be used for Mass Payments. Your PayPal account must have sufficient funds to cover the Mass Payment and fees.

Step 5: Make the payments
To make a payment, click Mass Pay at the bottom of any PayPal webpage. Next, click Make a Mass Payment on the Overview page. Locate and upload your Mass Payment file when prompted and customize the email your recipients will receive. Click Continue and then Send Money to instantly process the Mass Payment.

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