Sep 9, 2021

PayPal raises fees between UK and Europe

PayPal is introducing new fees for payments between businesses in the UK and those in Europe, from November. British businesses will be charged a 1.29% fee for payments from the European Economic Area and vice versa. PayPal said it was now incurring extra costs, such as the rise in interchange fees between the UK and EEA.European rules capping credit and debit card interchange fees at 0.2% and 0.3% no longer apply to UK businesses. The new charges apply to the whole of the UK, Guernsey, Jersey, Gibraltar, and the Isle of Man.Most businesses will see their current 0.5% fee raised to 1.29% - still lower than PayPal's standard 1.99% for the rest of the world - but some of those with their own customised agreements with PayPal will have their existing rate raised by 1.29%.The new fee was first mentioned on the same day the company announced it would accept cryptocurrency Bitcoin but details were not released until this week. The Federation of Small Businesses said any rise in payment-platform fees "Is unwelcome news for small businesses and entrepreneurs".

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