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

Post by Reason077 » Tue, Oct 05, 2021, 7:45 PM UTC

jsilence wrote: post #212

Reason077 wrote: post #90

Earlier quoted context omitted.

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.

Post by unglaublich » Tue, Oct 05, 2021, 8:10 PM UTC

tinus_hn wrote: post #95

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…

The problem with iDeal is that there is 0 consumer protection. If you pay for an order using a credit card and it’s a scam, you do a chargeback. If you pay for an order using iDeal and it’s a scam, the money is gone the moment you pay. There is no way to get the money back.

Post by unglaublich » Tue, Oct 05, 2021, 8:16 PM UTC

krageon wrote: post #149

throwaway473825 wrote: post #134

Earlier quoted context omitted.

I'm yet to find a European that complains about the EU's caps on interchange fees for debit and credit cards. Is a regulation like this unfathomable for most Americans?

Folks in the US are so used to corporations stepping on them a balanced discussion about this (where both parties agree that you being exploited is not okay, but maybe disagree on the solution) is no longer possible.

Post by mariushn » Tue, Oct 05, 2021, 9:11 PM UTC

dr_dshiv wrote: post #103

Reason077 wrote: post #98

Earlier quoted context omitted.

People use PayPal, Venmo, Revolut, etc mostly for convenience. You just need a phone number or email to send a payment, compared to a bank/wire transfer where you first need to obtain the account number you’re sending to. All of these services (including PayPal) charge no fees for personal payments. Just to merchants for commercial transactions, which often come with buyer protection, free credit/payment plans for th…

My bank app, ING, lets me send a payment request link as a text, via whatsapp, etc. Which is a nice way of not needing account numbers to send money.

Post by s17n » Wed, Oct 06, 2021, 12:07 AM UTC

maccolgan wrote: post #74

s17n wrote: post #32

Earlier quoted context omitted.

There's no way to do peer to peer direct bank transfers in the US. Also, in the US, credit card providers accept all liability for fraud, as a consumer there's no way you will ever lose money to credit card fraud.

ACH does work, but it's just not accessible via an API and such.