PayPal cut fees for Canadian users
by Sue Bailey
PayPal have just announced that they are cutting fees for Canadian users. The transaction fee for receiving payments has been cut from CA$0.55 to CA$0.30: fantastic news for all sellers, and perhaps especially those who sell lower priced items where those transaction fees can hit hardest.
For larger merchants who do a lot of business with the US, there’s even better news: currency conversion fees to move US dollars to Canadian bank accounts are being cut for merchants who do more than $3,000 monthly sales. Those who sell up to $125,000 a month will see currency conversion rates cut from 2.5% to 1.5%, and those who sell more than $125,000 a month will be charged 1%. Sellers will need to apply for merchant rates before they will qualify for this fee structure (IMO, this is one of the most outrageous PayPal policies there is; merchants should auto-qualify for merchant rates without having to ask for them).
A full schedule of fees can be found on PayPal’s website.
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