Upon exploring other convenient means for me to load my coins.ph wallet, I learned that I can save a lot in my cash-in fees by buying from SM Bills Payment Center. Cash-in fee is what you pay the cash facility that will enter the purchased amount to your wallet so you can make your payments/transactions through coins.ph.
In my experience with 7-Eleven, they charge 2% on top of the purchased amount. For Php 2,000 I’m charged with additional Php 40.
For SM Bills Payment center, I will be charged Php 20 for a Php 2,000 load. I initially liked to load Php 10,000 and the fee was just Php 40. I think for a minimum of Php 4,000 and up, the fee is fixed at Php 40.
So if I’ll earn Php 500 as the 5% rebate from the Php 10,000 (assuming that I’ll load prepaid telephone subscriptions with the whole amount), then I’ll get a clean Php 460 when that cash-in fee is subtracted.
That’s a decent earning, right? I’ll just have to establish my customer base and process as much transactions as possible.
I’m actually dreaming of selling Php 100,000 worth of bills payment/loads/etc. in a month. So that would give me about Php 4,600 additional income in a month.
May I succeed! 🙂
About my SM Bills Payment Center experience:
I did my money order thru the coin.ph app. The complete instructions was sent to me through email. It said I should pay a total of Php 10,040 at any SM Bills Payment Center (which is very rampant in my city) through the biller Dragonpay within two days. So I did it in SM City North EDSA Department Store. That was around 2PM and my wallet was loaded with Php 10,000 at around 8 PM. That was pretty fast! I am so satisfied with how these things are going. I think I’m all set up. I can have my transactions full-blast!