The Work Vault Fees
We promise to keep them low.
We have started! Our Fees Have now dropped to 7%. It’s only a start, but we are working hard to reduce them further.
Running The Site:
The bulk of our costs come from running and maintaining the site. We are constantly in development with the aim of bringing the end user the best experience. In fact if you have any suggestions you would like implementing then send us an email at: info@theworkvault.com and let us have your thoughts.
Right now the fees are set to 10% 7% to ensure we don’t run at a loss (but it’s close). When we can we will reduce these costs and pass the saving on to you. We didn’t build this site to become rich we built it to help students gain the experience they need and help businesses find low cost high end work safely and securely.
Our costs are split across the following:
- Hosting & Domain
- Development
- Servers (email sends etc)
- Administration
- R&D
- Marketing
PayPal & The Work Vault:
The bit we don’t control is PayPal. Since we are so new and are currently operating under their lowest monthly sales limits we are charged 3.4% + 20p on every transaction.
We use PayPal because PayPal allows any business or individual with an email address to securely, conveniently and cost-effectively send and receive payments online. Their network builds on the existing financial infrastructure of bank accounts and credit cards to create a global, real-time payment solution.
However this security and convenience comes at a cost. You can see from the table below what PayPal charges us. When our monthly sales figures change and we are given the reduced transaction fee we will pass the savings onto you.
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| Monthly sales | Transaction fee | ||
| … | … | … | … |
| Up to £1,500 | 3.4% + 20p | ||
| … | … | … | … |
| £1,500.01 – £6,000.00 | 2.9% + 20p | ||
| … | … | … | … |
| £6,000.01 – £15,000.00 | 2.4% + 20p | ||
| … | … | … | … |
| £15,000.01 – £55,000.00 | 1.9% + 20p |
———————————————————
Additional Fees:
When credits are withdrawn from the site we don’t make any charge to cover the cost of the PayPal transaction, this is covered in the service fee. However if a member purchases credits and then decides to remove them without using them on a project we may have to take the service fee that we are charged by PayPal and a small service fee for administration. We do try to avoid this extra cost and advise businesses to only purchase the credits they need, we will advise you via email of the total amount minus the fees before you agree to remove them.
We know people say that “profit isn’t their driving force” but with The Work Vault that’s true. We believe in what we are building and we will ensure we make is as viable for everyone as possible. If you have any questions regarding your credit and fees then please get in touch and we will help where we can.