Paypal raises rates

[Nutmeg Coin]

I got this notice of rate increases from paypal today:

 

"At PayPal, we work hard to ensure your payments are simple, secure and fast. We innovate and invest carefully to deliver services beyond payment processing, including fraud protection and seller protection, to help keep our merchants secure. We drive improved customer conversions and extend credit to both merchants and their customers to help businesses grow. We also aim to make it as clear as possible how these products work, how they are priced, and how much value they deliver to you.

 

"In that spirit, we are simplifying the prices we charge for PayPal transactions. Effective October 1, 2015, we will remove the tiered merchant rates for US domestic and international Purchase Payments*. This means your rate will increase if you are currently receiving a merchant volume discount. Your new rate will be the standard rate of 2.9% + $0.30 USD for domestic transactions and 3.9% + fixed fee** for international transactions. Please note that card-processing rates on PayPal Payments Pro and Virtual Terminal are not changing.

 

"We value our partnership with you, and we commit to investing in new capabilities to help you grow. At a time when the ecommerce industry is affected by unprecedented levels of fraud due to stolen cards, PayPal has expanded our seller protection to help keep you safe from fraud so that you can sell with more confidence. PayPal Working Capital delivers more than $2 million of new loans to small businesses every single day. To drive international growth of your customer base, we continue to build overseas to make it easy to get paid from millions of customers outside of the U.S. Our investment in new product features such as One TouchTM have been proven to increase consumer conversion. These few examples are just the beginning of our long-term commitment to help you grow your business." https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?utm_campaign=NA_2015_PayPalPricingChange&utm_medium=email&utm_source=Eloqua&elq_cid=3949956&elq=18953bc33b154836a15c70422d5b1ecc&elqCampaignId=1166&elqaid=4685&elqat=1&elqTrackId=c126a281f7274433b4e7ab15c7143e11

 

It is going to be harder to sell high ticket items with those percentages. I imagine business will be going to other options, too bad that paypal doesn't have a lot of competition.

[RWB]

The solution is to do less volume....or accept credit cards at a lower rate than PickPocket.

[brg5658]

I love how they always word things as if they are doing you a favor...eBay did this same thing back when they got rid of the tiered fee schedule.

 

"In that spirit, we are simplifying the prices we charge for PayPal transactions."

 

=====================

 

The writing was on the wall I think. Greed seems to get the better of most companies like this. The 2.9% plus $0.30 is what those of us without high volume seller accounts have been paying for years. In the end, these fees usually get passed on to the buyer, not the seller. So, I'm not sure it really matters for sellers as much as you're making it out to seem.

 

PayPal knows they are convenient and almost universally accepted, so they kind of have us all wrapped around their little finger.

[Nutmeg Coin]

It should be the end of Apmex's weekend specials with gold bullion coins at a few bucks over gold spot, since ebay and paypal are now separate, I don't see anyway they can offer major companies sweatheart deals to be passed on to get new customers.

[coinman1794]

I got this notice of rate increases from paypal today:

 

"At PayPal, we work hard to ensure your payments are simple, secure and fast. We innovate and invest carefully to deliver services beyond payment processing, including fraud protection and seller protection, to help keep our merchants secure. We drive improved customer conversions and extend credit to both merchants and their customers to help businesses grow. We also aim to make it as clear as possible how these products work, how they are priced, and how much value they deliver to you.

 

"In that spirit, we are simplifying the prices we charge for PayPal transactions. Effective October 1, 2015, we will remove the tiered merchant rates for US domestic and international Purchase Payments*. This means your rate will increase if you are currently receiving a merchant volume discount. Your new rate will be the standard rate of 2.9% + $0.30 USD for domestic transactions and 3.9% + fixed fee** for international transactions. Please note that card-processing rates on PayPal Payments Pro and Virtual Terminal are not changing.

 

"We value our partnership with you, and we commit to investing in new capabilities to help you grow. At a time when the ecommerce industry is affected by unprecedented levels of fraud due to stolen cards, PayPal has expanded our seller protection to help keep you safe from fraud so that you can sell with more confidence. PayPal Working Capital delivers more than $2 million of new loans to small businesses every single day. To drive international growth of your customer base, we continue to build overseas to make it easy to get paid from millions of customers outside of the U.S. Our investment in new product features such as One TouchTM have been proven to increase consumer conversion. These few examples are just the beginning of our long-term commitment to help you grow your business." https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?utm_campaign=NA_2015_PayPalPricingChange&utm_medium=email&utm_source=Eloqua&elq_cid=3949956&elq=18953bc33b154836a15c70422d5b1ecc&elqCampaignId=1166&elqaid=4685&elqat=1&elqTrackId=c126a281f7274433b4e7ab15c7143e11

 

It is going to be harder to sell high ticket items with those percentages. I imagine business will be going to other options, too bad that paypal doesn't have a lot of competition.

 

Paypal is no longer Ebay, and it no longer makes sense for them to offer a special deal to Ebay sellers of high volume.

[tommy44]

Didn't effect me, I'm not a high volume seller and have been paying those rates for years. Just figure it in as part of the cost of doing business. Even with your own merchant account with a credit card company you can't get a much better deal unless you have high volume.

[James_OldeTowne]

I got this notice of rate increases from paypal today:

 

"At PayPal, we work hard to ensure your payments are simple, secure and fast. We innovate and invest carefully to deliver services beyond payment processing, including fraud protection and seller protection, to help keep our merchants secure. We drive improved customer conversions and extend credit to both merchants and their customers to help businesses grow. We also aim to make it as clear as possible how these products work, how they are priced, and how much value they deliver to you.

 

"In that spirit, we are simplifying the prices we charge for PayPal transactions. Effective October 1, 2015, we will remove the tiered merchant rates for US domestic and international Purchase Payments*. This means your rate will increase if you are currently receiving a merchant volume discount. Your new rate will be the standard rate of 2.9% + $0.30 USD for domestic transactions and 3.9% + fixed fee** for international transactions. Please note that card-processing rates on PayPal Payments Pro and Virtual Terminal are not changing.

 

"We value our partnership with you, and we commit to investing in new capabilities to help you grow. At a time when the ecommerce industry is affected by unprecedented levels of fraud due to stolen cards, PayPal has expanded our seller protection to help keep you safe from fraud so that you can sell with more confidence. PayPal Working Capital delivers more than $2 million of new loans to small businesses every single day. To drive international growth of your customer base, we continue to build overseas to make it easy to get paid from millions of customers outside of the U.S. Our investment in new product features such as One TouchTM have been proven to increase consumer conversion. These few examples are just the beginning of our long-term commitment to help you grow your business." https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?utm_campaign=NA_2015_PayPalPricingChange&utm_medium=email&utm_source=Eloqua&elq_cid=3949956&elq=18953bc33b154836a15c70422d5b1ecc&elqCampaignId=1166&elqaid=4685&elqat=1&elqTrackId=c126a281f7274433b4e7ab15c7143e11

 

It is going to be harder to sell high ticket items with those percentages. I imagine business will be going to other options, too bad that paypal doesn't have a lot of competition.

The reason I despise both PayPal and eBay today is that I was using eBay long before PayPal existed, so I remember the "good old days". When PeePee first came along, the eBay site used to have a huge blurb emblazoned on the site that said:

 

"PayPal, free and always will be"

[Nutmeg Coin]

It is hard to imagine significant volume in numbers or in volume without electronic payments which made Thiel a billionaire. Checks and cash are always a possibility for transactions which may have been preferable in this transaction: https://forums.collectors.com/messageview.aspx?catid=26&threadid=951814&enterthread=y

 

Sellers get paypal payments and usually get cash into their accounts the next business day, properly done with a paper trail verificaition and full rights on the part of both buyers and sellers.

[Conder101]

the eBay site used to have a huge blurb emblazoned on the site that said:

 

"PayPal, free and always will be"

I think that was Paypal's line from back before ebay bought them. At that time ebay was warning their customers that Paypal was a scam and that they shouldn't use it.

[RWB]

Didn't the Papal folks just visit the US? Did they raise the rates to pay for the Papal journey? Why use the Vatican Bank for these things? Hmmmm...tiz a quand-are-ree.

[messydesk]

... At that time ebay was warning their customers that Paypal was a scam and that they shouldn't use it.

After eBay bought them, every other online payment method became a scam that customers were forbidden from using.