This benefits PayPal because business accounts are likely more lucrative than customer accounts-they transact larger amounts and carry fees.
PAYPAL FEES ON GOODS AND SERVICES UPDATE
The fee update minimizes the amount that sellers pay to accept payments for goods and services, which can make PayPal more attractive to businesses.
Why the change? PayPal said both updates aim to simplify its platform for users-but there's likely more to it than that. Goods and services transactions typically involve some type of sale and require the seller (or payment recipient) to pay a fee. Key context: PayPal customers can mark transactions as "friends and family" or "goods and services." Friends and family payments are personal, nonbusiness transactions between two US PayPal customers. Under the new terms, a $225 goods and services payment will cost $6.73, versus $6.99 under the old structure.īoth changes will take effect on July 28, 2022. The goods and services seller fee will change from 2.89% plus a $0.49 fixed fee to 2.99% with no fixed fee for payments coming from US customers. Account icon An icon in the shape of a person's head and shoulders.
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