Starting July 28! PayPal's US goods and services fee structure has changed!

According to foreign media reports, PayPal recently announced that it will make two adjustments to the peer-to-peer pricing structure in the United States in the coming weeks. It will simplify PayPal's fee structure for goods and services and change the way U.S. business accounts receive payments. Customers will see these changes starting July 28, 2022.

1. PayPal’s Fee Structure for Goods and Services

Currently, PayPal's goods and services fee is 2.89% + $0.49. From July 28, 2022, the goods and services fee will be 2.99%, with no fixed fee ($0.49). PayPal also gave an example: if a buyer buys a piece of furniture for $225, under the new fee structure, the seller only needs to pay $6.73, but under the old fee structure, it will be charged $6.99.

In addition, PayPal will provide customers with purchase protection. For buyers, if the ordered items are not received, or the items are significantly different from the description, PayPal will reimburse the buyer's full purchase amount and any shipping costs, subject to terms and restrictions. For sellers, PayPal's purchase protection policy can protect online sales, minimize claims and chargebacks, and help prevent fraudulent purchases.

2. Receiving Payments from U.S. Business Accounts

Starting July 28, 2022, U.S. business customers will only be able to send "friends and family" peer-to-peer payments to consumers' accounts. PayPal said the update helps ensure that both buyers and sellers can make eligible purchases of goods and services and drives consistency across the platform while eliminating "confusion about which payments are eligible for buyer and seller protection." This will enable PayPal to help businesses save business data and distinguish between personal and business revenue.

Business customers can continue to use business-specific features such as automated reporting, invoicing, multi-employee access, and more. Currently, business account holders who use PayPal to receive payments not related to their business can use or create a personal account to receive payments, which will not be charged seller fees.

Editor ✎ Nicole/

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