Is it advisable to get payout after minimum amount 10$?

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@smilyn (2964)
United States
June 19, 2008 11:08pm CST
I have been here at mylot for few months..After a great hardwork, I have neared the minimum payout amount. I have only few more cents to reach the payout. I'm confident that I can reach the payout before the end of this month.Now is it advisable for me to get the payment at 10$ itself? Because I know Paypal deducts some percentage of this earning during the transaction.How much will I get after this deduction? Can fellow mylotters who have recieved the earnings already advise me regarding this. Or shall I change the minimum payout to 50$? Which is advisable?Help me with your responses..
7 people like this
17 responses
@a_manick (880)
• India
20 Jun 08
I don't think there is any transaction fee charged by PayPal. I have got my first payment of $10+ and nothing was deducted. So, you could just follow the minimum payout unless you want to leave the money with myLot. Thanks.
3 people like this
@smilyn (2964)
• United States
20 Jun 08
oh..Your earnings has not been deducted for the transaction fee..then it would be fine for me to get the payout at 10$ itself..
3 people like this
• China
20 Jun 08
What? I ONLY got 3.3USD by now,almost 400 posts makes 3.3USD?? I do not why.that is upset me;
3 people like this
• United States
21 Jun 08
You only got 3 dollars for making like 400 posts?! Are you serious?! Have you only been posting or have you also started discussions?
1 person likes this
• United States
20 Jun 08
Definitely get it as often and as quick as you can. Why wait? Not to mention, I've been on sites before that all of sudden just shut down.
3 people like this
@smilyn (2964)
• United States
20 Jun 08
oh..I think this will not happen to mylot..But still it is a good valid reason which I can follow with other sites..
3 people like this
@richiem (3647)
• Philippines
20 Jun 08
I haven't received payout to my paypal account but as far as i know, if you registered on a personal account in paypal and not on a business account, you will receive your payout from mylot without charges. But they charge around $1-$2 if you would withdraw or transfer it to your local bank. My advice for you is: you don't have to change your minimum payout. When you receive your payout, it will stay in your paypal account. you have it ready for any emergency or anything that may come up and you need the money.
3 people like this
@smilyn (2964)
• United States
20 Jun 08
I have a personal account only at Paypal. I think I can go for the payout at 10$ itself.
3 people like this
@aseretdd (13712)
• Philippines
20 Jun 08
My minimum payout here is $10... but i usually get $13 per month... i have a moneybookers account and the charge $2.50 if i tranfer the money to my bank account... that is why i only do that every other month to save of the transaction fee... just do whatever is more comfortable for you... some members changed their minimum payout to $20 or even $50... but whatever the minimum payout is... the important thing is that mylot pays...
@smilyn (2964)
• United States
20 Jun 08
yes, we loose almost one quarter of the earning as the transaction fee.. That is why I have a second thought for redeeming the earnings..
2 people like this
• India
20 Jun 08
Hey dear mylotters, i don't have any idea of minimum payout on mylot, what is the minimum amount we got to earn? Do help me out!!
2 people like this
@smilyn (2964)
• United States
21 Jun 08
Dear Ramya,the minimum payout that mylot offers is 10$.Your current earnings can be found at the left side under the menus. You can also change the minimum payout as 50 or 100$ as you wish.
@allen0187 (27980)
• Philippines
20 Jun 08
hi smilyn. i just reached payout this month and i'm expecting it by july 15. i highly suggest you cashout at $10 just for the purpose of getting referrals. once, you get your payout, you can use your payment proof to get referrals. anyway, that's just my suggestion. i'll be doing that and i believe nothign will eb mroe effective in getting referrlas taht peopel seing an actual payment proof. for the next cut-off, you can adjust your minimum payout to the amount that you prefer. hope this helps.
2 people like this
@smilyn (2964)
• United States
20 Jun 08
oh..That is a great idea indeed..I think I can follow your suggestion..
2 people like this
• Philippines
20 Jun 08
good day.. I am also reaching my payout this month and hope to get it by july 15
1 person likes this
• Japan
20 Jun 08
if you are not in need of the money i suggest that you just keep it. consider it an investment :) right now i have $0.006 i will keep it until i die HAHAHA..
@smilyn (2964)
• United States
21 Jun 08
ha..ha..you are right...And my best wishes to you to earn more at mylot..HAppy mylotting..
@subha12 (18462)
• India
20 Jun 08
it depends on your need. also how often you can reach taht min payout amount. I am some for whom reaching 10$ is not fun. so i have kept it at 10$ only. I still get paid after certain interval atleast.
2 people like this
@smilyn (2964)
• United States
20 Jun 08
For me too,it was not easy to spend lots of time at mylot. Hence it took months to achieve the payout..May be I can work more hard in the future..
• Philippines
20 Jun 08
My minimum payout was set at $10, but I usually reached more than $10 during payout. I used moneybookers which deducts more or less $2.50, so definitely $10 is not enough for you to be able to withdraw because the minimum withdrawal for moneybookers is $10. :-)
2 people like this
@smilyn (2964)
• United States
20 Jun 08
I think Moneybookers charge more fee than Paypal..
1 person likes this
@pitstop (5182)
• India
21 Jun 08
I am not a very active member - so it takes me 2-3 months to get 10$. I find it easier to get the payment at 10$ as 50$ will take me a long time - almost a year!
1 person likes this
@smilyn (2964)
• United States
21 Jun 08
yes,when you opt for a higher payout,it takes a longer time..I think we can't resist to wait for that long..
@djmarion (4903)
• Philippines
21 Jun 08
i set my payout to minimum of $10 so i automatically receive my money at payout time to my paypal account, as a fellow myloter i advise you to set your minimum to $10 and let it be transfered to your paypal or moneybooker account for safety. its your hard-earned money and no matter how we love mylot there are no guarantees that it will stay forever, it can cease anytime so its safe for you to get your money the moment you reach the minimum. if you are thinking of high transfer charge from your account processor to your local bank you can just keep your money on your paypal or moneybooker account and just let it accumulate there then just transfer it when it reach your desired amount. that's what i do to my money, i just keep it in my paypal and wait for my other payout then withdraw it when i need.
1 person likes this
@smilyn (2964)
• United States
21 Jun 08
thanks for your sincere advice..I too have decided to go for a payout when I reach a minimum of 10$.
@mcc371 (918)
• United States
21 Jun 08
I have my payout set at 10$ and I have been paid in the past by mylot and it was on time. I wish my other sites that I go to were this good at paying. I have had lots of fun here as well which I think it makes it easier to earn.
@smilyn (2964)
• United States
21 Jun 08
yes, mylot is very prompt in paying..That is why it has a good traffic.
@marina321 (4561)
21 Jun 08
Don't PayPal only charge you when you tranfer the money to a bank account and it's under £50? That's what I thought it was and didn't think you could change this. I would advise you keep the money till you reach the $50 and then move to your bank account. PayPal can be accepted for many transactions and by merchants online so you can always use the money when you need to. How many ways are you using to earn online? There's many various free ways apart from myLot that you could also use that would make the $50 not seem so far off.. Have a look at my blog, the link is on my profile page and have a go at my best paying sites and see if you'd like to have a go, they're all free to join!:)
@smilyn (2964)
• United States
21 Jun 08
Even many other mylotters told that paypal does not deduct any charge for mylot earnings..I think they deduct the fee only while transferring the amount to my local bank account..This is my first payment in mylot.I will also check out other links through your profile page.
@KrauseHome (33863)
• United States
21 Jun 08
I have mine set to only $10 so that I usually get payout each month on here. For me, it does not matter if it is only $10 but it makes me quite happy to be able to reach payout and know I have Free money in paypal waiting for me. Congratulations by the way for reaching $10, and hoping this will be your first of many.
1 person likes this
@smilyn (2964)
• United States
21 Jun 08
yes, this is my first earning over here..So I'm bit excited..And I too have decided to accumulate my earnings at my paypal account.Thanks for your wishes.
@jashley1 (746)
• United States
20 Jun 08
I'm sticking with the $10 and I'm excited about it - I'm having it go right to Pay Pal and then I can just let it accumulate in there until I really need it. That is great that you've almost reached payout at not even 300 posts! You must be posting lots of content and lengthy posts? Well congrats to you!
1 person likes this
@smilyn (2964)
• United States
21 Jun 08
I too feel it would be a better idea to accumulate the earnings in paypal rather in mylot..By the way thanks for your wishes..
@onthetop (193)
• United States
20 Jun 08
well first of all i will congratulate on being reaching to dollar ten mininmum payout. as far as setting payout limit is concern , it will depend upon person to person ... but in my opnion is to set the minimum pay out to ten dollars so that whenever you reach you get paid out and once it paid out then it is yours and you are on safe side for being losing money in case os site stop paying or got bankcorrupt , hope this will not happen but want to be on safe side .... as far as getting payment is concern use paypal account and when mylot pay the amount it doesnt deduct anything for transaction, means the whole money is yours ... now the thing comes how you with draw money from payapl to your self .... there are many option like , withdrwaing in credit card , or in bank or through check withdrawing in credit card, paypal doesnt charge anything ... withdraw in bank , there are different charges and withdraw limitation for every country , you have to check out for your country , but its free for USA banks and you get the money in two to three days maximum five days ... as we talk about withdrawing through checks .. there is minimum cheque balance is required to withdraw and yes offcourse a fees is charge in this type of withdrawal ..... hope this information will helps you keep going and good luck for getting your payment.
1 person likes this
@smilyn (2964)
• United States
21 Jun 08
wow..thanks for your detailed response. Your response gave me much clear ideas about paypal payments.I'm to withdraw my earnings after I reach a minimum of 10$.
@lingli_78 (12852)
• Australia
20 Jun 08
well, i don't think that paypal will charge the transaction fee if you didn't transfer the money to the bank account... i know that it doesn't because so far i always let the money from mylot sits in my paypal account and i never lose any money... i prefer the money to sit in my paypal account rather than in mylot... so i will advice that you stick the minimum payout to $10 and just let the money sits in your paypal account until it reaches $150... then it will be free to transfer to your bank account... take care and have a nice day...
1 person likes this
@smilyn (2964)
• United States
21 Jun 08
that is a good idea indeed..Let my money be safe at my paypal account..I can withdraw them to my bank acount after I reach 150$..
@salonga (28073)
• Philippines
20 Jun 08
You better just upgrade your minimum to 50$ to avoid deduction if that is the case with paypal. I really don't also like those bank charges but we can't avoid anyway. I just hope mylot will find a way to just transfer the money directly to our personal savings account.
@smilyn (2964)
• United States
21 Jun 08
yes, I too feel if mylot can have other payment modes like check..But oops in that case, minimum payout will be increased..