Thursday , March 30 2023

PayPal is increasing its fees next month

Accepting PayPal for a domain sale? Get ready to pay a larger transaction fee.

A chart showing PayPal's new payment rate of 3.49%

PayPal is raising rates on digital payments next month.

You’d think that increased competition in the FinTech space, particularly with payments, would drive costs down.

But PayPal is increasing rates next month for digital payments. Businesses previously paid a 2.9% fee (plus 30 cents) per transaction. This will increase to 3.49% plus 49 cents on August 2.

This applies to digital payments, such as when a domain name seller accepts PayPal for a domain transaction.

The company is lowering its fee slightly for online credit and debit card transactions if merchants don’t want chargeback protection.

PayPal has an added advantage over other payment processors such as Stripe. In many cases, people are paying from funds already in their PayPal account. This is simply a database transaction that doesn’t require going over a merchant network, but PayPal still keeps 3.49% per transaction.

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