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Paypal hikes Commercial Payment Fees




Paypal has sent out notices to account holders informing them of the new rates for commercial transactions starting September 10, 2013.

The existing rates for Paypal users in the Philippines are between 2.4% – 3.4% and a fixed fee of Php15 per domestic transaction and 2.9% – 3.9% plus a fixed fee of Php15 for cross-border (buyer is outside the Philippines) transactions.

Starting September 10, 2013, these are the new rates imposed by Paypal.


 

The new rates represents a 0.5% increase for both domestic and international transactions (or a 15% change). To translate this in real-world scenarios, if you’re paying Php10,000 via Paypal, the usual fees would be Php15 + 3.4% * Php10k or Php355 (domestic). With the new rate, the total fee is Php405.

For international transactions, that’s from Php405 to Php455 for the same transaction amount as above.

Paypal explains that the increase in merchant fees will help the company improve its services, increase risk avoidance and better customer service.

Merchants in the following countries are affected: China, Hong Kong, Taiwan, Philippines, Vietnam, Indonesia, Thailand, Malaysia, Singapore and India.



Abe is the founder and Editor-in-Chief of YugaTech. You Can follow him on Twitter @abeolandres.

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9 Responses

  1. pulubi says:

    naman ! wala lahat na lang nagmamahal….. ano na lang ba ang libre?

  2. fits the bill says:

    Another reason to hate PayPal. I had bad experiences with them when they held my client’s payment to may account. I e-mailed them regarding the issue but the only thing I received is an automated response that my message is being read by their reps.

    Those PayPal execs are just a bunch of heartless people who don’t give a damn about its faithful users. They can take control of your PayPal account whenever they like or worse get your account closed by surprise without any chance to retrieve your funds.

    I have enough of PayPal’s so-called security policies and fee increase!

    • rockz says:

      I agree with you… After na suspend yung account ko coz they mistakenly tagged as illegal account, winidraw ko funds ko and move on.. Til now im no longer using their services sa odesk ko…. And will never come back to Paypal.

  3. snowden says:

    baka papunta yan sa mga fake NGO’s!!!!

    • Ray says:

      seriously? put more sense into your comment, hindi yung para ma isingit lang isang issue na walang kinalaman naman sa topic. Nag mukha ka lang tanga.

  4. Jes says:

    Laki din ng itataas. Ramdam.

  5. Reader says:

    And they targeted countries where PayPal is increasingly being used…quite ironic actually. This will stifle growth.

  6. teekals says:

    Using Paypal is still the most cost-effective way for small online business like us to get paid using credit cards. Are there better alternatives? Because I haven’t found any.

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