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PayPal Rates Increasing August 2nd

    PayPal announced that it is increasing its processing rates for PayPal Checkout and their other payment products on August 2nd, 2021. If you rely on PayPal in any way for your credit/debit card processing for your business/organization, you need to read this!

    What All is Changing and What are The New Rates?

    Several of PayPal’s products are increasing their credit card processing fees. The most notable one is PayPal check out, which is one of the most used card processing product. The rate is increasing to 3.49% plus $0.491 per transaction from their previous rate of 2.9% plus $.30 per transaction. 

    Here’s a full breakdown ofthe new PayPal credit card processing fees below:

    • PayPal digital payments with its PayPal Checkout, Pay with Venmo, PayPal Credit, Pay in 4, PayPal Pay with Rewards, and Checkout with crypto: 3.49% plus $0.491 per transaction
    • Online credit and debit card transactions will be 2.59% plus $0.491 per transaction without its chargeback protection and will be 2.99% plus $0.49 with chargeback protection.
    • Charity transactions will be 1.99% plus $0.49 per transaction

    Do I Have Any Options?

    If you rely primarily on PayPal Checkout, you should be concerned with the rising prices of card transactions. While this is an increase of just over a half of a percent, it’s still going to cost the average small business at least $600 more in card fees.

    This doesn’t have to be a major concern for your website, especially depending on your website implementation. For any of clients using our website platform, we have at least two credit card processing services that we can recommend that retain PayPal’s previous rate of 2.9% plus $.30 per transaction and do not require a monthly service fee in addition to the card transaction rates.

    Not Sure What To Do Next?

    We can help you navigate this rate increase. Contact us and we can schedule a free initial consultation to go over what your options are!

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    Erik McNair

    Erik McNair is a digital marketing professional living in Arlington, OH. As co-owner of McNair Media, he has focused on developing and executing SEO and marketing strategies in a manner that supports the client’s consistent business growth and enhances brand equity and awareness. He attended and graduated from Georgia College & State University in Milledgeville GA with a degree in Mass Communications with a concentration in Telecommunications. He’s a certified Google Adwords, Google Analytics, and Bing Ads marketing professional. Outside of marketing, Mr. McNair is an avid technologist. He’s always running the latest software betas and testing out new and exciting products. He occasionally writes about thoughts on technology, but his main focus has been on growing and establishing McNair Media.