Re: New Feature: Cash Prize Photo Competitions
I've had to make a quick change to the prize split between site and winner.. This has now been changed to 70% to the winner and 30% to paypal and the site.
I should imagine that most people would only by 1 credit at a time if the competitions are set to 1 credit (£1) per entry as I based my original calculations on buying 2 credits a time. At 80% for the winner we would have made a loss when people on purchased 1 credit at a time.
Here are the figures straight from paypal after I made a £1 credit purchase:
Total Amount:
£1.00 GBP Fee amount:
-£0.23 GBP Net amount:
£0.77 GBP
As you can see we'd be loosing .03 pence on each single credit purchase. By changing the split to 70/30 the paypal fees will be covered, the site gets .07 pence and the winner still gets a nice 70% of the total.
If more than one credit are purchased at the same time then yes, the site is able get a few more pence but also paypal also get more so a 70/30 split is what we must go for.
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Paul
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