Today Linden Lab announced that it is going to speed up credit processing.
This is great news, something I’ve been asking for and bothering Lindens with a while.
In these days having to wait up to 5 working days for your money seems a bit much and slow, especially if those days include a weekend.
I understand that it is not easy and the government has put lots of pesky rules and laws in the way, but still, we can get cash from eBay trough paypal within minutes.
So it is great news that now they have improved this;
We’re happy to announce that we will significantly improve how quickly we’re able to process a majority of credit requests.
Based on current data, we estimate that the upgrades we’ve made will allow approximately 75% of process credit requests to be completed within 2 business days.
Still not a couple of hours, but an improvement nevertheless.
But this may not always work;
For a minority of requests, the process may still take 5 business days. Because we’re dealing with sending real money to users around the world, we may require additional information and perform other processes that could impact the time needed.
A good rule of thumb is that the better we know you as a customer, the more likely it is we’ll be able to quickly process your credit requests.
So I guess the proof of the pudding is in the eating.
I’m hoping to cash in a few Linden Dollars in a few days, so I’ll be counting the seconds to see how long it will take now.
Let me know how long it takes for you.
But there is a sting in the tail…
Only the sun rises for nothing (a Dutch saying).
Better faster credit processing comes at a price.
In addition to taking time, processing credit and paying real money to users’ PayPal and Skrill accounts incurs costs to Linden Lab. Each transaction actually costs us more than the $1 (USD) fee we have been charging. To address that and in light of the significant investments we’ve made to improve the related systems and processes, we will be making some adjustments to the fee structure, beginning next month.
As of April 5, 2016, instead of charging a flat fee of $1 (USD) per transaction, we will charge a fee of 1.5% of the transaction value, with a minimum fee of $3 (USD) and a maximum of $15 (USD). Additionally, the fee for purchasing L$ on the LindeX will increase 10¢, from $0.30 (USD) to $0.40 (USD) per transaction.
Which of course is not good news.
Most people in SL don’t make any money at all and amongst those who do only a minority actually make big bucks.
For the average ‘credit processor’, a few dollars is quite a lot, it adds up.
Either way, here you have it.
Both good and bad news I guess.
I can’t help asking myself if LL is going to make a profit on the cashing out now, if so it would create another source of revenue and might give them another reason to lower our tier… subtle hint…
I wonder if perhaps they could have given us the choice between fast or regular credit processing.
If you’re not in a hurry, you choose regular and safe yourself up to $14 a month, if you are in a hurry, you get it faster but you pay extra.
You can read the full announcement by clicking here.