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Paypal forcing everyone to pay for credit card transactions on 11/13/01

191 Views 4 Replies 5 Participants Last post by  [email protected]
Paypal just informed me that after 11/13/01 ther will be no more free credit card transactions:(

I get a lot of people to paypal me because it is so easy(and free) to set up, when you keep below the amounts that require you to register.

I didn't read all the details but this is how I interpret it:

Now I am going to get charged 2.9% + $.30 to recieve a payment made by credit card. So it will cost me $3.20 to recieve $100. Thats more than using an ATM at another bank. This isn't too bad but I am inherently cheap and hate to pay for anything.:D

Sending Money will still be free.

Am I intrepreting this correctly?

Any other suggestions?

Below is link to paypal's fee page
Paypall fees
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If you send money from your bank account it's still free. If you send with a credit card the person receiving the money will get the percentage and fee taken out. That's how credit card companies make money. Don't ask what it's like for a business to accept credit cards. I take a hit every time I run it through the machine. I would much rather accept cash only, but CC's are much more convient even though they become costly at times.
If you keep transactions on Pay Pal to a minimum you aren't charged. Pay Pal is a business that makes transactions so easy that we can't expect something sooo convenient to cost nothing.
I've been a registered preferred business member on PayPal for a long time and always get those fees taken out when I get CC transactions. It's not too terribly bad considering most retail stores extract between 3%-7% depending on type of credit card per transaction.
Considering I don't buy much online, and especially don't buy expensive products online, this wont' bother me terribly.
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