This week, it could well be worth taking a few moments to consider whether you’re getting the best Merchant Rates from PayPal for processing your payments. Especially if you’re taking more than £50k a month through PayPal.
As you may be aware, if you’re taking more than £1500 a month through PayPal, you should be getting a better deal than the standard PayPal rack rate. That’s the PayPal Merchant Rate.
The catch with these Merchant Rates is that you need to apply. It’s an online process and well worth doing if you haven’t before. Take a look at the table below for details on what’s on offer. You can find the Merchant Rate link on your PayPal dashboard.
However, it seems that it’s all change for bigger merchants. We’re grateful to an eagle-eyed Tamebay reader for getting in touch and telling us about this.
Now, it seems, that if you’re taking more than £55k a month that you’ll need to get on the blower and have a chat with PayPal to negotiate a fee. See below. (This is a screengrab taken over the weekend.)
For the record, the previous fee for £55k and above was 1.4% + 20p. So let that be your starting position!
Let us know how you get on.