PayPal have been in touch with users with changes to their legal agreement you have with them. You can find the relevant page here for your reading pleasure. Needless to say there’s a lot of it in there but not much of consequence. Most of it is Paypal covering itself. But there are a few things worth picking out. You may have noticed other details. Let us know.
You need not take any action. By keeping your account open you’ll be assenting to the changes.
Funding sources
Section 3 looks at how you fund your PayPal account and predominately of interest to shoppers. This section in part 3 is worth noting: “By linking a debit card, credit card or (in certain cases) pre-paid card as a Funding Source, you are providing PayPal with a continuous authority to automatically charge that card for the amount necessary to purchase E-money required in your Balance to cover a Payment Order (plus transaction fees payable to us) when the card is the applicable Funding Source for that Payment Order pursuant to this Agreement. You can stop the continuous authority in respect of any card by removing that card as a Funding Source in your Account Profile.”
Cross-border Fees
In part 17 they say: “We are increasing the Fee for Receiving Cross Border payments (Selling) from a sender in the Rest of World region from 1.8% to 2.0%.” That’s a fee rise for many selling transactions.
PayPal Mass Payments
In section 18 of the document, there are increases to fees and charges regarding mass payments. Not only will the fees increase but also the cap on the fee will be increased too. This will likely not affect many people but if you use the service you’ll be paying more.
One Response
Following their massive profits, it’s obvious that Paypal would feel the need to hike their fees, isn’t it.
The bank continuous authority thing is sinister – you cannot stop this. Whatever the problem, you will not be able to get your bank to stop it, unless Paypal cancels it.
It’s hardly news, but Ebay users are still forced to offer Paypal in order to trade on Ebay. This enables Paypal to do what they like – Ebay sellers will just have to swallow it.
An investigation into this monopoly situation is long overdue to protect internet sellers.