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Paypal Will No Longer Refund Processing Fees When You Refund A Transaction.
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Started by SamPool,

59 posts in this topic

SamPool

SamPool

Posted
Posted (edited)

Paypal is going to forgo the $0.30 cents (that they use to charge in the past with refunds) but keep the original 2.9% of the transaction amount they charged originally. 

 

  

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full

 

  • We’re changing how we treat refunds. If you refund (partially or fully) a transaction to a buyer or a donation to a donor, there are no fees to make the refund, but the fees you originally paid as the seller will not be returned to you.

These changes will go into effect on May 7, 2019. If you agree to these changes, you don’t have to do anything. If you don’t agree with these changes, you may close your account. If you close your account before May 7, 2019, the changes will not apply to you.

 

Edited by SamPool
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SamPool

SamPool

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Posted
13 minutes ago, MadJimJaspers said:

This is horrible. Paypal keeping 3% just because they can is beyond overreach. Just another nail in the ebay coffin (along with the new 4/2019 tax update). 

Paypal is not longer owned by ebay.  What I hear is ebay is coming up with there own payment service.  

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Naphtha

Naphtha

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Posted
Just now, SamPool said:

Paypal is not longer owned by ebay.  What I hear is ebay is coming up with there own payment service.  

Understood, but it is still the preferred payment method. Retailers with refund policies will either drop it or put the 3% onto the buyer. Imagine buying a TV and then being told you owe money when it arrives broken. 

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ygogolak

ygogolak

Posted
Posted
2 hours ago, MadJimJaspers said:

Understood, but it is still the preferred payment method. Retailers with refund policies will either drop it or put the 3% onto the buyer. Imagine buying a TV and then being told you owe money when it arrives broken. 

eBay announced last year they were ending their relationship with PayPal in 2020 when their contract is up.

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Robot Man

Robot Man

Posted
Posted

My wife also mentioned the are doing away with “friends and family”. Probably due to miss use by members. They have become THE electronic payment metheod and they know it and are taking advantage of it. No matter how much money people make, they want more. Time for a compettitor for PayPal...

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MustEatBrains

MustEatBrains

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25 minutes ago, Robot Man said:

My wife also mentioned the are doing away with “friends and family”. Probably due to miss use by members. They have become THE electronic payment metheod and they know it and are taking advantage of it. No matter how much money people make, they want more. Time for a compettitor for PayPal...

Really?  How did she come upon the info, is it anywhere in the public space?  thx.

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Pitboss

Pitboss

Posted
Posted (edited)

You can find the Policy Updates at the bottom the Paypal page.

From the policy update today:

We’re removing the flat rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States and introducing a new variable fee of 5% based on the amount you send with a minimum of $0.99 and a maximum of $4.99 per transaction. We’re also removing any variation depending on the recipient’s country. 

 

Edited by Pitboss
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Kreton

Kreton

Posted
Posted (edited)
1 hour ago, Pitboss said:

You can find the Policy Updates at the bottom the Paypal page.

From the policy update today:

We’re removing the flat rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States and introducing a new variable fee of 5% based on the amount you send with a minimum of $0.99 and a maximum of $4.99 per transaction. We’re also removing any variation depending on the recipient’s country. 

 

This reads to me that it will impact foreign transactions.  I do not see anything related to F/F for US transactions.

Edited by Kreton
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Red84

Red84

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2 minutes ago, 01TheDude said:

Interesting way to put yourself out of business.

Good luck with that Pay Pal-- guess I need to check into Venmo or some other option. They act like moving money electronically is actual WORK. BS

Agreed. This will alienate too many sellers who will not be effectively fine 3% if a buyer has second thoughts. Bad business decision on their part. Its not like they create a product that no one else can create. They process financial transactions.

Hey Amazon.  Want to make some more money and not have to ship anything either?!?!

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LordRahl

LordRahl

Posted
Posted
5 minutes ago, 01TheDude said:

Interesting way to put yourself out of business.

Good luck with that Pay Pal-- guess I need to check into Venmo or some other option. They act like moving money electronically is actual WORK. BS

You know who owns Venmo right?

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ADAMANTIUM

ADAMANTIUM

Posted
Posted

I though that eBay was taking over and now when you sell, it goes straight into your bank account?

Bypassing this 3% fee all together for a seller...

I assume a buyer can still use PayPal to buy and it will go straight into your banking info on ebay?

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