PP just announced changing F&F payments and the fees - READ THIS

PayPal

We’re removing the variable rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States when you send money using PayPal balance or your bank account and introducing a new flat fee of $2.99 or $4.99 per transaction depending on the recipient’s country. However, when you send money using your credit card, debit card, or PayPal credit you will be charged the new flat fee per transaction depending on the recipient’s country + 2.9% of the transaction amount + a fixed fee based on the currency.


$2.99-$4.99 per transaction if ur sending to someone NON-US.

GG using paypal for any sort of small gold buying/small transactions.

Want to send $5 to ur friend in the UK? It'll cost you $10 lmao.

Want to send 5-10 payments out to pay for small gold quanitys or buy some small items/currency? Yep its going to cost you $3-$5 PER SEND.

 

yikes - not good!

 

Considering it’s geared towards friends and family, not business use, that seems fair because it’s heavily abused. Now businesses can’t abuse it. I don’t see a problem lol. If they’re really friends they could just use Venmo

 

This will have a massive impact on any smaller virtual products where users send F&F to one another.

Sure its heavily abused but this will impact ALOT of markets across the world.

$5 to send a payment for 100m 07? $5 to send a payment for an ebook? $5 to send $20 to my friend in the UK?

I just listed 1-2 markets, there's HUNDREDS.

You watch - Gold sites will start requiring that any gold being sold via paypal is like 200m+.

OR the $5 cost will be put on consumers.

Its always been "our price + we cover paypal fees" - That policy is literally going to drop dead now.

Gold only has 10-20% margins, if u paid $5 to send a $100 payment for 07 to someone in a NON-US country, u legit just lost 1/4-1/2 ur margin.

It will be common place for gold sites to now say "Price here, fees on you" - that "fees on us" thing will vanish so quick.

Because think about it, if u buy 10x100m a day as a moderately sized site, that's $30-$50 in SENDING FEES ALONE, on 10-20% margins you only make $100-$200 off that entire 1b! It's legit 25%-50% of your profit in sending fees!

 

This is actually complete bull shit PayPal is going down hill fast. paypal are so greedy

 

I agree, the /transaction(s) seem pretty fair. F&F wise.

 

People were avoiding fees by paying via friends and family, this isn’t greed this is patching a loophole.

 

So just use for "goods and services"???? friends and family is not meant for business use, why are you making a big deal out of it

 

This is one of the stupidest things I've ever seen posted on this site and that's saying something.

If you think that's a "simple" solution to the millions of online small business's you deserve a kick to the fucking nutsack.

 

So you're saying paypal should allow everyone to use a loophole that they're actively punishing people for doing so? How high are you?

 

I too want to send money under fraudulent terms and have it backed by a reputable company with customer service. For free.

Paypal made $3.75B in 2017
Paypal Executives shared $49M in 2017

PayPal reported to employ 18,000 employees in 2016 so we can assume its around 19,500 in 2018.

Paypal pays these employees an average salary of $111,771.

That comes out to be $2.18B a year for employee expenses.

Leaves about $1.52B to be used for other expenses, bonuses, company picnics, taxes, buildings, etc.

$1.52B seems like a lot but when you're a worldwide business its not a lot.

 

Gross, fuck paypal tbh. Id rather take an amazon giftcard

 

seems like there making plenty to me its called greed

 

It’s called patching a loophole that people have been exploiting. After paying employees they left 30% revenue to otherwise pay off additional fees, taxes, legal class actions suits, etc. if you cant see that then get out of the Gold selling business.

 

Well this blows. I wonder if this will make them gain or lose money in the long run, hmmmm

 

I see this benefiting the crypto space greatly. Sounds like Paypal is squeezing out some profit before they dont exist in 5-10 years

 

Time to use Bitcoin/Litecoin/Ethereum. Dangerous move by Paypal when cryptos are becoming easier and easier to obtain and use.

 

I will reiterate what he said - it's used for friends and family gifts, not business use. Why would PayPal willingly let morons consistently abuse the system and get around it? It's not a proper business tactic AT ALL - HINT FROZEN PAYPAL ACCOUNT - to abuse PayPal hence they are fixing it.