PayPal adjusts its Goods & Services payments fee structure
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PayPal (PYPL) will roll out in July two changes to its peer-to-peer pricing structure in the U.S., specifically, for Goods & Services payments, the company said Wednesday in a statement. Both will take effect on July 28.
Its Goods & Services seller fee will be 2.99%, with no fixed fee, for customers in the U.S. Currently, the fee is 2.89% + $0.49. For example, if a customer buys a piece of furniture for $225, the seller will now pay $6.73 under the new fee structure as compared with $6.99 under the previous structure.
In addition, Goods & Services transactions may be eligible for Purchase Protection, the company said.
PayPal (PYPL) is also adjusting the ways customers send money to Friends & Family and make payments for Goods & Services. U.S. customers will now only be able to send Friends & Family peer-to-peer payments to consumer PayPal (PYPL) accounts.
"This update helps ensure that eligible purchases of Goods & Services will be protected for both parties and will drive consistency on our platform, while also removing confusion around which payments are eligible for buyer and seller protections," the company said.
The change will also enable PayPal (PYPL) to help businesses properly reconcile data-keeping and organize personal and business income. "Business account holders who currently use PayPal to receive non-business-related payments can use or create a personal account to receive personal payments without seller fees, while using their business account to receive commercial payments," it said.
Last year, PayPal (PYPL) raised rates for merchants on payments made through PayPal Checkout, Pay with Venmo, and PayPal Credit.