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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

#211

Post by smaryjerry »

Grimm665 wrote: post #177
smaryjerry wrote: post #170

Earlier quoted context omitted.

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.

Most of the examples I gave are done to steal your credit card information and make purchases and transactions under your credit and without your knowledge, not just sell you once for $10 that you have to dispute later once you talk to a friend or relative and find out it’s a scam. In those cases the credit card companies end up eating the cost, although when they find out this has happened to you specifically several times or in very large amount then, often through no fault of your own, you will get kicked off the credit card so they can save money.

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

#212

Post by jsilence »

Reason077 wrote: post #90
dr_dshiv wrote: post #59

When I moved to the Netherlands, I was at first irritated that my credit cards weren't accepted anywhere. But as the debit (maestro) card transactions are often free [1], paying 3%+ to a card service does seem exorbitant. For online payments, the Dutch use the IDEAL system, which is even easier than online credit cards. This also prevents vendor lock-in, like Amazon. And, the banking apps make it super easy to send m…

Merchant fees for both debit and credit cards are significantly lower in all EU countries (and UK), compared to the US, thanks to the interchange fee regulation (IFR) that caps interchange fees at 0.2% for debit card and 0.3% for credit cards. This translates into much lower merchant fees. Even a tiny startup with zero transaction volume can easily get less than 2% on their physical card transactions (using something…

"Also, merchants are banned from adding surcharges for debit and credit card transactions in the EU & UK."

Any pointer to this legislation would be appreciated.

The local swimming pool lately started adding the transaction fees to the ticket after the sale.

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

#213

Post by belltaco »

op00to wrote: post #157
throwaway473825 wrote: post #137

Earlier quoted context omitted.

Note that high fees aren't a prerequisite for consumer protection. European credit cards offer full protection, despite having capped interchange fees.

Do they? Can I get an immediate refund for anything if I don’t like the item? I can with my Amex. No questions asked under $1000.

>I can with my Amex. No questions asked under $1000

So you don't try to return the item for a refund first?

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

#214

Post by ValentineC »

xur17 wrote: post #189
dr_dshiv wrote: post #59

When I moved to the Netherlands, I was at first irritated that my credit cards weren't accepted anywhere. But as the debit (maestro) card transactions are often free [1], paying 3%+ to a card service does seem exorbitant. For online payments, the Dutch use the IDEAL system, which is even easier than online credit cards. This also prevents vendor lock-in, like Amazon. And, the banking apps make it super easy to send m…

> Looking back, I have to imagine that this 3%+ tax on all American transactions must put a weight on the system. I 100% agree. It's pretty absurd that all merchants have to pay a 3% fee on the vast majority of their transactions with no real alternative. And I realize crypto gets a bad rap around here, but I really do think stablecoins offer an interesting way around this. It's an open standard that anyone can build…

> And I realize crypto gets a bad rap around here, but I really do think stablecoins offer an interesting way around this. It's an open standard that anyone can build on top of and integrate with which means we could have a healthy market with many payment processors, and wallet providers.

I looked at stablecoins for a stingy friend's side gig (they were using Square Cash for payments until they got shut down), but it was too complicated just trying to explain and onboard a bunch of regulars with varying financial circumstances onto a single service.

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

#215

Post by arcticbull »

pkulak wrote: post #207
arcticbull wrote: post #16

Earlier quoted context omitted.

Except it exhibits absolutely monstrous volatility. [edit] That's a lot like saying you can't beat the "$0 commission" at the airport currency exchange - true, but misleading. They wreck you elsewhere (in that case, in exchange rates). The truth is if Nano were "just as good" as sending dollars back and forth except free everyone would be using it. The fact they're not, this many years in, means you're missing someth…

Sure. There's always a downside to everything. OP wanted a solution for small donations, and Nano is still the best option. It's worth it to take on some volatility risk so that the people donating know that all their donation goes directly to you, and anyone in the world can donate any amount with or without a bank account, just by showing a short address on your site's page. And no, it's not at all like an airport…

Significant volatility is not a property of any decent currencies. I respectfully disagree with your assertion of the supremacy of nano for small donations on the basis of volatility.

Your statement that understanding of volatility is sufficient is [edit](incomplete IMO). Ask anyone holding Dentacoin haha.

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

#217

Post by xadhominemx »

dr_dshiv wrote: post #59

When I moved to the Netherlands, I was at first irritated that my credit cards weren't accepted anywhere. But as the debit (maestro) card transactions are often free [1], paying 3%+ to a card service does seem exorbitant. For online payments, the Dutch use the IDEAL system, which is even easier than online credit cards. This also prevents vendor lock-in, like Amazon. And, the banking apps make it super easy to send m…

> Looking back, I have to imagine that this 3%+ tax on all American transactions must put a weight on the system.

90% of the credit card take gets paid back out in the form of rewards, so it’s not really a tax

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

#218

Post by JCharante »

Scoundreller wrote: post #101
dessant wrote: post #7

PayPal is awful for small transactions, I regularily get donations for my projects that are literally 0 USD, because all of it is eaten away by PayPal fees, and even for a 5 USD donation you end up losing around 15% of the transaction amount. Do you know of any other service that is suitable for microtransactions, besides cryptocurrencies?

I doubt it’s a common thing, but if I can send cash in the mail, I just do that. I always have extra stamps and cash is king. Can be zero paperwork for the recipient if they just pocket it (ok by me when it’s a solo project). Sometimes works out really well if I have spare US$ or EUR sitting around (I’m in Canada). Maybe some donations get lost or stolen, but zero-fees makes it a net benefit in my mind.

How much does a stamp cost, 29 cents?

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

#219

Post by Invictus0 »

xadhominemx wrote: post #217
dr_dshiv wrote: post #59

When I moved to the Netherlands, I was at first irritated that my credit cards weren't accepted anywhere. But as the debit (maestro) card transactions are often free [1], paying 3%+ to a card service does seem exorbitant. For online payments, the Dutch use the IDEAL system, which is even easier than online credit cards. This also prevents vendor lock-in, like Amazon. And, the banking apps make it super easy to send m…

> Looking back, I have to imagine that this 3%+ tax on all American transactions must put a weight on the system. 90% of the credit card take gets paid back out in the form of rewards, so it’s not really a tax

It's a tax on the people paying with debit, who finance the credit card fees by paying higher prices with no rewards paid back. Credit cards are regressive.

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

#220

Post by xadhominemx »

Invictus0 wrote: post #219
xadhominemx wrote: post #217

Earlier quoted context omitted.

> Looking back, I have to imagine that this 3%+ tax on all American transactions must put a weight on the system. 90% of the credit card take gets paid back out in the form of rewards, so it’s not really a tax

It's a tax on the people paying with debit, who finance the credit card fees by paying higher prices with no rewards paid back. Credit cards are regressive.

Debit interchange is regulated, and much lower than credit.
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