PayPal is increasing fees for some of its newer products, affecting how much PayPal merchants pay per transaction.
This price increase takes effect on August 2nd. The new, higher rates apply to the company’s newer products, such as PayPal Checkout and Pay with Venmo.
This is how the new Rules of Fees work:
- For PayPal digital payments with PayPal Checkout, Pay with Venmo, PayPal Credit, PayPal Pay in 4, PayPal Pay with Rewards and Checkout with crypto, the new rate for online transactions is 3.49 percent plus $0.491 per transaction.
- For personal payments with PayPal and Venmo QR code transactions over $10, the interest rate is 1.90 percent plus 10 cents, for transactions under $10, 2.40 percent plus 5 cents. For certain personal direct debit and credit transactions, the interest rate is 2.29 percent plus 9 cents.
- The interest rate on online credit and debit card transactions will be 2.59 percent plus $0.491 per transaction excluding chargeback protection, and with chargeback protection, the interest rate will be 2.99 percent plus 49 cents.
- The fee for charity transactions will be 1.99 percent plus 49 cents.
- Rates Stay unchanged for U.S. merchants with non-standard pricing
For more information, you may view the original story from The Verge.