u-he

Teksonik · Post by **Teksonik** » Tue Jan 20, 2009 9:54 pm

Shareit has always added a few dollars to the conversion in my transactions no matter who the vendor. I think they are ripping people off. A few dollars times a few thousand customers add up. A call to their support number got nowhere and I could tell they had been asked about it before. Class Action lawsuit time.

MitchK1989 · Post by **MitchK1989** » Tue Jan 20, 2009 10:19 pm

Teksonik wrote:Shareit has always added a few dollars to the conversion in my transactions no matter who the vendor. I think they are ripping people off. A few dollars times a few thousand customers add up. A call to their support number got nowhere and I could tell they had been asked about it before. Class Action lawsuit time.

Oh come on.

Share-it is just supposed to have a bank account for every world currency in existence and then pay their employees in random currencies depending on the day? You think they're not charged for exchanging funds from crap like the GBP and turning it into euros or USD with which to pay server bills, make payroll, etc.?

Here's the truth of the matter: YOU CANNOT EXCHANGE CURRENCIES AT FACE VALUE. Share-it doesn't get to exchange currencies for free for you just because they're a business. They have to pay for their bank transactions just like we do.

If U-He charges in USD, the funds must be converted by a bank to USD if you pay in anything else at SOME point in the chain, and that costs money.

geroyannis · Post by **geroyannis** » Tue Jan 20, 2009 11:29 pm

MitchK1989 wrote:If U-He charges in USD, the funds must be converted by a bank to USD if you pay in anything else at SOME point in the chain, and that costs money.

I get that, I'm just curious how much is that cost after all? Here we are talking about a 14% commission!! PayPal also charges some money for the conversion but nowhere near share-it's fees.

MitchK1989 · Post by **MitchK1989** » Wed Jan 21, 2009 12:03 am

geroyannis wrote:
MitchK1989 wrote:If U-He charges in USD, the funds must be converted by a bank to USD if you pay in anything else at SOME point in the chain, and that costs money.
I get that, I'm just curious how much is that cost after all? Here we are talking about a 14% commission!! PayPal also charges some money for the conversion but nowhere near share-it's fees.

You're seeing a charge of about 5% plus the fact that share-it's rates are always behind the times.

Yes, share-it does have a lot of issues, but it's not like they're deliberately defrauding anyone...

I guess you just have to put up with it or find another way to pay, since share-it isn't going to change their business model, no matter how many complaints we have

I always pay in USD even though I'm canadian, because they have tendancies to do things like convert from the euro price to the cnd price rather than using the USD (and the euro price is usually a little higher) plus they charge more for currency conversion than my visa...

eduardo_b · Post by **eduardo_b** » Wed Jan 21, 2009 12:24 am

MitchK1989 wrote:
Teksonik wrote:Shareit has always added a few dollars to the conversion in my transactions no matter who the vendor. I think they are ripping people off. A few dollars times a few thousand customers add up. A call to their support number got nowhere and I could tell they had been asked about it before. Class Action lawsuit time.
Here's the truth of the matter: YOU CANNOT EXCHANGE CURRENCIES AT FACE VALUE. Share-it doesn't get to exchange currencies for free for you just because they're a business. They have to pay for their bank transactions just like we do.

The issue is really more one of transparency I think. Typically, exchange conversion fees are posted or at least available, whereas with Share-it they are not. Of course they have costs, and they will pass them on to their customers just the way airlines do (can you say fuel surcharge). The only issue is not knowing what those charges are and if they're reasonable relative to typical conversion fees.

geroyannis · Post by **geroyannis** » Wed Jan 21, 2009 12:38 am

MitchK1989 wrote:
geroyannis wrote:I get that, I'm just curious how much is that cost after all? Here we are talking about a 14% commission!!
You're seeing a charge of about 5% plus the fact that share-it's rates are always behind the times.

I don't know how you got that 5%.
Tuesday's average exchange rate was $99 to 75EUR. On the other hand share-it exchanges that $99 to 85.56EUR (excl.VAT). My calculator says that 85.56 is 14% on top of 75. How did you come up with just 5%?

Also I checked the exchange rates since the 10th of January and really they haven't changed much. The average is still 0.75EUR to $1.

MitchK1989 · Post by **MitchK1989** » Wed Jan 21, 2009 1:15 am

geroyannis wrote:
MitchK1989 wrote:
geroyannis wrote:I get that, I'm just curious how much is that cost after all? Here we are talking about a 14% commission!!
You're seeing a charge of about 5% plus the fact that share-it's rates are always behind the times.
I don't know how you got that 5%.
Tuesday's average exchange rate was $99 to 75EUR. On the other hand share-it exchanges that $99 to 85.56EUR (excl.VAT). My calculator says that 85.56 is 14% on top of 75. How did you come up with just 5%?

Also I checked the exchange rates since the 10th of January and really they haven't changed much. The average is still 0.75EUR to $1.

Really? I was assuming that there must've been some fluctuations to account for this. Could they be using a rate behind even January 10th? Either that or there has to be some other fee on top of that. They don't charge that much for USD -> CAD (maybe 6% or something), so it must be more EU wackiness.

geroyannis · Post by **geroyannis** » Wed Jan 21, 2009 1:40 am

I've been following the exchange rate between Euro and USD and it hasn't changed much in the last couple of months at least.

On top of that my payment keeps getting rejected from share-it. I tried just now for the third time and I have to wait and see if it gets through. Maybe it's a sign that I'm not meant to play with Uhbik

bmrzycki · Post by **bmrzycki** » Wed Jan 21, 2009 4:10 pm

geroyannis wrote:I've been following the exchange rate between Euro and USD and it hasn't changed much in the last couple of months at least.

On top of that my payment keeps getting rejected from share-it. I tried just now for the third time and I have to wait and see if it gets through. Maybe it's a sign that I'm not meant to play with Uhbik

Urs is out of the country right now for NAMM so his checking of this forum has been limited for the last few days. Urs is a great guy and I'm sure he'll work with you to find a solution. Sit tight and I'm sure there will be a resolution to this.

Urs · Post by **Urs** » Wed Jan 21, 2009 5:37 pm

I'm going to try to add PayPal to the payment methods, but I'm a bit concerned about a lot of legal stuff there. I havn't found anything in their sdk that allows for proper VAT management like ShareIt does.

That said, the issues with currency conversion and ShareIt really bug me.

Checking the USD-EUR exchange rate though, it went from 1.25 to 1.44 and back within 2 months. I wouldn't be surprised if that plays a role here...

Cheers,

Urs

geroyannis · Post by **geroyannis** » Wed Jan 21, 2009 6:14 pm

Urs wrote:I'm going to try to add PayPal to the payment methods, but I'm a bit concerned about a lot of legal stuff there. I havn't found anything in their sdk that allows for proper VAT management like ShareIt does.

I have to say the only purchase I've made through PayPal that included proper VAT was a purchase from Soniccouture. Maybe if you contacted them?...

heavensdaw · Post by **heavensdaw** » Wed Jan 21, 2009 8:33 pm

Please try and sort it out before the deadline on the introductory offer..... I know it's only a tenner, but it every little bit helps! Especially atm....

Hd

Teksonik · Post by **Teksonik** » Wed Jan 21, 2009 9:01 pm

MitchK1989 wrote: Share-it is just supposed to have a bank account for every world currency in existence and then pay their employees in random currencies depending on the day? You think they're not charged for exchanging funds from crap like the GBP and turning it into euros or USD with which to pay server bills, make payroll, etc.?

Here's the truth of the matter: YOU CANNOT EXCHANGE CURRENCIES AT FACE VALUE. Share-it doesn't get to exchange currencies for free for you just because they're a business. They have to pay for their bank transactions just like we do.

If U-He charges in USD, the funds must be converted by a bank to USD if you pay in anything else at SOME point in the chain, and that costs money.

And they tell potential customers that where during the transaction? You get a final price that always more than expected and have the choice to back out but they need to disclose any fees up front. When I called their customer service they made no mention of exchange rate fees only mentioned they are based in Germany.

Teksonik · Post by **Teksonik** » Wed Jan 21, 2009 9:08 pm

From the FAQ's

"We offer the following billing currencies for most product purchases:
Euro, US Dollar, British Pounds, Australian Dollar, Japanese Yen, Canadian Dollar, Swiss Franc, Norwegian Krone, Swedish Krona
When ordering online, you can view product prices in other currencies by selecting a different display currency."

No mention of service charges at all. I assume they pay electric bills as part of doing business should I be charged extra for that as well?

Here's the FAQ link that comes up under Legal Notice at the beginning of a purchase.........

http://ccc.shareit.com/ccc/index.html?s ... 8bfa8386a0

( By the way none of this is directed at you Urs. Doing business with you has been a pleasure)

Again from the FAQ's

What is this charge on my credit card /debit card statement?

You have placed an order for a product-typically, a software product-via the Internet. Your credit card has been charged by share-it!. You should have received a confirmation by e-mail at the time the credit card was charged.
share-it! handles payment processing for tens of thousands of publishers via its own systems.
To identify orders that are listed on your credit card statement, please click here.
If you still have questions about your credit card charge, please contact our customer service.

No mention of service charges. Notice the "please contact our customer service" part? Tried that got no answers

Notice also: "share-it! handles payment processing for tens of thousands of publishers via its own systems."

A few extra coins for every transaction adds up.

Prices noted in the offer are non-binding and may be subject to currency fluctuations

Again no mention of a servce or exchange fee. "Subject to currency fluctuations"...........seems like it always fluctuates in their favor.................

Teksonik · Post by **Teksonik** » Wed Jan 21, 2009 9:24 pm

I'm sorry Urs, I shouldn't be carrying out my crusade on your forum. Like I said doing business with you has been a pleasure and I'm sure we'll do business again the future.

u-he

KVR Audio

shareit currency conversion