Paypal rates going up!

[redbird4]

Just got an email message from Paypal that starting August 2, 2021 to send/receive money for goods and services:

Current = 2.90% + 0.30c
Aug 2 = 2.89% + 0.49c

But this link has it a bit higher @ 3.49% + .049c :

Why PayPal Raised Its Processing Fees -- and Why It Could Backfire | The Motley Fool

Is the fintech giant's price hike a show of strength or a fatal mistake?

www.fool.com

Maybe it has something to do with Venmo?

PayPal steps up efforts to make money off Venmo with new fee changes

PayPal Holdings Inc.'s Venmo is making several changes to its platform, with plans to increase the fees for instant deposits that users make to their bank...

www.marketwatch.com

 

[David K.]

Thanks for the news! I wonder if the Tool fee calculator will need to be updated in August? Best regards, David

 

[Mike121]

Thanks for the news! I wonder if the Tool fee calculator will need to be updated in August? Best regards, David

I'll make sure to get it updated starting on August 2.

 

[Loyalty32]

Cardinals fans always with the bad news...

 

[KCLJ520]

Dang. Thanks for letting us know,that could run into some real money in time!

Blessings,

Kevin

 

[metsman1986]

I think it's inflationary............This will be passed on to the consumers, unfortunately; never going down, just the cost of business..........They have us by the throats............

 

[redbird4]

Thanks for the news! I wonder if the Tool fee calculator will need to be updated in August? Best regards, David

Sure thing! I would think the Paypal site's fee calculator would be automatically updated. But the way things seem to get done these days who knows?

 

[redbird4]

I'll make sure to get it updated starting on August 2.

It truly is great to have one right here on the site. Much appreciated Mike!

 

[redbird4]

Cardinals fans always with the bad news...

Craig........Use the Force.......leave the Darkside.......

 

[redbird4]

Dang. Thanks for letting us know,that could run into some real money in time!

Blessings,

Kevin

It seriously does. Which means, as Metsman said the consumers will pay. Sellers will start charging more so I guess when buying on Ebay (since they're doing away with Paypal) we'll all have to start using their system to pay.

*sigh* Just another day.

 

[redbird4]

I think it's inflationary............This will be passed on to the consumers, unfortunately; never going down, just the cost of business..........They have us by the throats............

Agree 100%.

 

[cmcjr99]

actually 3 separate rates in the new plan depending on funding source...

from a bank account or debit card will go to .0259 (2.59%) + 49....for transactions below $49 , this will end up as an increas , but for transactions over $50 it will be a very small decrease...

from a credit card , the rate will go up to .0299 (2.99%) + .49...this is a definite increase of 19 cents plus 9 cents per $100'''

the biggest change is the one for those paying with digital funds (by my understanding of the letter that will include pay pal balance though i am hoping that will actually go into the first category instead) ...that one will be going up to .0349 (3.49% + .019...that comes out to 50 cents per hundred increase plus the extra 19 cent pr transaction....

 

[redbird4]

actually 3 separate rates in the new plan depending on funding source...

from a bank account or debit card will go to .0259 (2.59%) + 49....for transactions below $49 , this will end up as an increas , but for transactions over $50 it will be a very small decrease...

from a credit card , the rate will go up to .0299 (2.99%) + .49...this is a definite increase of 19 cents plus 9 cents per $100'''

the biggest change is the one for those paying with digital funds (by my understanding of the letter that will include pay pal balance though i am hoping that will actually go into the first category instead) ...that one will be going up to .0349 (3.49% + .019...that comes out to 50 cents per hundred increase plus the extra 19 cent pr transaction....

Thanks for the info. It may actually make more sense to pay straight from your credit/debit card (on Ebay anyway) to avoid the extra fees. I'm still not 100% sold on paying that way though I do use cc/debit card on other sites (like Amazon).