PayPal has made the latest updates on 30th June 2021 about their price changes. They claim this change will be effective for PayPal accounts of US residents on 2nd August 2021 which might influence the small or medium businesses.
The key changes are shown in the table below:
The standard rate for receiving domestic transaction
Fixed fee for commercial transactions (based on currency received)
To sum up, compared with the current rate which is 2.9% plus $0.30, online transaction fees will rise to 3.49% plus $0.49. It is not a small gap between 2.9% and 3.49%, as a result, some merchants will choose to leave PayPal and find a solution to work with PayPal competitors such as Stripe or Square.
However, with a large number of users as well as better seller protection than others, PayPal is still a good long-term solution.
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Anita Nguyen