Nimbit is using PayPal's new "Adaptive" and "Chained" payment technology to process fan payments directly through your PayPal account. All transactions, commissions and splits are are processed through your PayPal account, giving you instant access to your money. This is a good read...worth 3 minutes!
PayPal is a great banking company and builds very powerful software. But, with the technology comes some complexity with setting up accounts and with all banks comes a higher levels of limitations to insure security. By far, PayPal offers the best service we can bring you to process transactions quickly and economically. So when setting up a sophisticated connection to a marketing platform like Nimbit there are a bunch of settings and requirements that are unavoidable. In this article we attempt to answer some of the mysteries that effect our users and well as share any wisdom we have learned about using PayPal. Don't be afraid.
#1 Be sure to enter your Payee info correctly!
You must enter your primary PayPal eMail address with exactly the same Caps and lower case letters as your PayPal account login address.You must enter your name exactly as it appears in your PayPal account.
#2 Allow the same currency as your Nimbit account.
You need to make sure that your PayPal account is set to accept the same currency that your Nimbit store is set to.
So if your NImbit account is set to Euro's be sure your PayPal account currency settings include accepting Euros!
Go here: https://www.paypal.com/us/cgi-bin/webscr?cmd=_profile-currencies
#3 Grant Nimbit API access.
In the final step of setting up a Payee, we request that you grant Nimbit API access. Granting NImbit access allows us to automate the process of refunding a fan. If you don't grant us API access, you will have to manually refund your fans through your PayPal account and you will forfeit your Nimbit commissions.
Please Note: Access can only be granted by the primary email address on your PayPal account. That means IF you have more than one eMail address associated with your PayPal account, make sure that the main PayPal address, matches your NImbit primary payee. Then it will all work!
To be clear, all this allows Nimbit to do is grant a refund for a transaction that was processed through a Nimbit store. It does NOT allow us to charge you an additional fees and does NOT allow us any view or privileges into your PayPal account.
#4 Check Your Limits!
Everyone's PayPal account has initial sending, receiving and withdrawal limits until you provide them with some information to help the get to know you. After PayPal confirms your info, they free up your limits. If you are going to have a lot of sales at one time, be sure to check your limits and get PayPal the info they need to lift any limits on your account.
Go here to check your limits: https://www.paypal.com/us/cgi-bin/webscr?cmd=_show-limits&req_from=view_limits
#5 Notifications (Are you getting to many?)
PayPal notifies you of every transactions. We recommend that you set up an automated folder in your eMail inbox to sort those emails from your regular mail. We think it's a good practice to have a confirmation of a sale outside of your PayPal and Nimbit accounts. But, you can customize as well as turn off your notifications in your PayPal account. Go here: https://www.paypal.com/cgi-bin/customerprofileweb?cmd=_profile-notify
#6 Additional Payees (splits)
In Plus and Premium accounts you can add more Payees to split the income from a product, your Payees will need to properly upgrade their accounts in order for a product to be sold in the store. You should have them grant Nimbit API access or you will have to hunt them down to get any refunded transaction splits back from them. If you get them setup with the necessary permissions, Nimbit automates the entire process for you. When you add an additional Payee to a product, the Payee will get send their split of the income automatically from your PayPal account.
#7 Understand PayPal Commissions
A normal PayPal business account charges 2.9% + .30¢ per transaction.
So on a $10 charge, the PayPal service fee is .30 + .29 = $0.59
If the majority of your transactions are under $10, you might consider opening a PayPal micro-payment account.
The fees are 5% + .05¢ per transaction.
You will need to open a new PayPal account. https://www.paypal.com/us/webapps/mpp/digital-goods
Once you have the account, change your Payee address to this new account
#8 Nimbit Commissions
Nimbit commissions have been lowered across all products. For the most updated schedule always check the Terms of Service.
As of July 1st:
After your PayPal account charges have been processed, the following service fees will be deducted from your set sales price and the amounts that are collected by the Company (“Service Fees”).
All Digital & Physical (Merchandise) Products: 5-10% Service Fee (percentage depends on your current subscription plan).
Fan Funding, Contributions and Tips: 5-10% Service Fee (percentage depends on your current subscription plan).
eTickets:3% Service Fee along with a $1.00 per ticket handling fee.
#9 Test your store with a Credit Card purchase NOT your paypal account!
Everybody likes to test out their store once it is setup but beware: PayPal does not allow you to buy something from yourself! So if you attempt to buy something from yourself using the same account that is your Payee.....Poof!...It doesn't work AND PayPal doesn't do a very good job of telling you why it doesn't work. Don't assume your store is broken, be sure to use a completely different PayPal account from your Payees or the "guest credit card" checkout to test.
We can’t wait for you to get started with your new Nimbit Direct-Pay system so you can take more control and make more money. If you need help or have questions, please click HELP/CHAT in your Nimbit Dashboard or email email@example.com.
Thank you for choosing Nimbit, The Power of Direct-To-Fan!