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PayPal raises fees for most domestic transaction types to 3.49% + $0.49

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Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#171

Post by addicted »

runeks wrote: post #47
saurik wrote: post #23

Earlier quoted context omitted.

I don't know if they support it for accounts that are receiving contributions instead of payments (and I have no clue what is going on now with this new change today: I need to research this), but PayPal has also offered a "micropayments" tier that costs 5%+$0.05 instead of the 2.9%+$0.30, which is much better for small transactions. You had to activate it with customer support, though.

> You had to activate it with customer support, though. I wonder why that is. Are they offering this service at a loss? If not, why not offer it to everyone automatically?

The answer is obvious. They want people to pay the higher amount, and this gives them a way to pacify anyone who complains.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#173

Post by apexalpha »

tinus_hn wrote: post #133
Sander_Marechal wrote: post #131

Earlier quoted context omitted.

Yes there is, talk to your bank. Consumer protection is way better in the EU. I use the same Dutch bank that the OP uses (ING) and I can revert many transactions from right inside the app.

You can revert automatic transactions (as these are unauthorized and can be done by parties that know just your account number) but it is impossible to revert iDeal payments.

This isn't true. There is a delay between the iDeal transaction and the money being transferred. If you call your bank immediately, like my mum after being scammed, they can revert it.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#174

Post by anyfactor »

I despise Paypal. But you don't have a way to sell except for Paypal. I prefer moneygram with Visa Direct but it takes ages for the transaction to complete and often times you have to call the customer service for that. I am trying to switch to wise but it is difficult to convince clients moneygram and wise is worth the hassle.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#175

Post by chiefalchemist »

Bombthecat wrote: post #45
nine_k wrote: post #38

Earlier quoted context omitted.

I blame the increased cost of compliance. And also the fact that they are one of the few established and widely accepted payment / transfer systems, so their customers aren't going to flee in droves.

I'm not sure if you can blame compliance for that. PayPal is back since a very very long time already... And its getting bigger and bigger by the day, so it should scale. Not increase cost.. I'm pretty sure they do it: A) for the stock B) because they are a monopol (almost)

C) Or they're seeing more transactions that maybe be fraudulent, or not. And their users (sellers, and perhaps to some extent buyers) are asking such transactions be allowed. The increase is to cover the increase in risk.

Note: Not defending the increase. Only pointing out there's a possible upside for their market. Yes, at a slightly higher price.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#176

Post by smaryjerry »

Symbiote wrote: post #82
axelthegerman wrote: post #67

Earlier quoted context omitted.

It's not about more or less expensive or higher/lower VAT. It's about whether or not we should pay a 3+% cut to the payment processor when there are clearly other options. Nothing in this world is free, question is who pays for it and how much. Of course US credit card transaction fees also fund cashback and other reward systems

UK credit card transactions also used to fund cashback and rewards, but when EU rules from a few years ago limited the fees all that ended. Society no longer funds rich/middle-income people's air miles, which is an improvement.

No one else is funding other peoples money in any significant way. The problem with cash back and miles programs is consumers don’t realize the business they just bought something from is paying the fees which then amounts to the cash back. Essentially forcing the consumer to pay a higher price but it’s their own money coming back to them later. In the mean time the banks hold more cash in their pocket and earn interest until you redeem your rewards and benefit even more when people don’t use their rewards and points, some people never redeem them, similar to gift cards. Then the banks want to seem like the good guys giving your own money from the fees of stuff you bought back to you. It’s all a big unnecessary loop when the price of goods could have just been lower in the first place.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#177

Post by Grimm665 »

smaryjerry wrote: post #170
Grimm665 wrote: post #164

Earlier quoted context omitted.

This seems overblown, I've had credit cards for over ten years in the US, using them in person and online, and the only time I've ever had a fraudulent transaction was an hour after my wallet was stolen, which like yeah, kind of expected. I'm not sure what you mean by "happens once every couple of years for most people."

Your personal experience is not statistically relevant data. It is a major problem here in the US, not just fraudulent transactions, but people signing up for credit cards in your name since the equifax data leak, people creating fake ids to be used to reset your accounts in person, constant phone calls attempting to scam people, and even letters in the mail withhuge print saying “last notice - important - pay now” w…

Well the post I was replying to specified credit card fraud as the rampant issue, the list your provided seems to just be general financial fraud. I agree that financial fraud in general in the US, and probably globally, is a huge problem.

Maybe I'm wrong and all of that can be blamed on credit card fraud, but I'm not so sure.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#178

Post by smaryjerry »

jokethrowaway wrote: post #125
jiggunjer wrote: post #117

Earlier quoted context omitted.

Monopoly in what? I've never used paypall in any physical or online payment.

It's the prisoner's dilemma. Merchants using PayPal can't charge more on PayPal transactions so they increase the price of all their items for all customers. For card transactions they pocket the extra profit and likely then use it to pay PayPal fees and refunds. A similar mechanism happens for credit card chargebacks. All customers pay for this feature. When given the choice between credit card or PayPal, customers…

It seems like we need a law that requires a credit card processing fee to be shown on the receipt like sales tax. People would then start gravitating to the cheapest processors due to competition being obvious to consumers.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#179

Post by ikr678 »

ajkdhcb2 wrote: post #42
brnt wrote: post #37

Earlier quoted context omitted.

You can only transfer to a number, you can't (easily) charge back already effectuated transfer, nor can you (with a consumer account) debit a number. All of these things are covered. Buyer protection has rarely been something one needs. Some (many nowadays?) banks offer insurance for this.

>Buyer protection has rarely been something one needs. I disagree, I think it is the biggest factor. I used it several times and I know other people who have too. >you can't (easily) charge back already effectuated transfer I promise if you try to do something involving bank transfers without doing some form of 'Know Your Customer' you'll get people try to use bank accounts that are compromised in some way. You'll be…

The countries with more advanced banking generally have stronger consumer protection laws across the board. Less need for buyer protection as a service of your credit card or non-bank payment platform, when the regulatory environment discouraging bad actors with fines/enforcement action.

Re: PayPal raises fees for most domestic transaction types to 3.49% + $0.49

#180

Post by woodruffw »

fragmede wrote: post #162
oneplane wrote: post #100

Earlier quoted context omitted.

On the other hand, account numbers are not a significant 'secret' or something like that. They are just as 'safe' to share as phone numbers.

For anyone in the US, if I have your bank account number, I can steal your money. I strongly advise you not to share your account number with me or anyone else. I have to commit fraud in order to steal your money, making it a crime, but stealing's a crime in the first place, so that's not going to deter thieves.

My understanding is that this is no longer true: only a relatively small set of trusted entities can perform a direct debit (check or check substitute not present) from an account number without having to perform additional verification. The ones that I’ve personally seen are utilities and colleges; I tried to do the same with a friend once (so he could pay me back for something without having any fees) and our banks refused the transaction because our account names did not match.
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