New PayPal Update

Author: Shiloh Hills

PayPal is an online payment platform that allows users to pay for goods and services. The company remains one of the top and most reliable online payment processors, especially when it comes to protecting its users and facilitating e-commerce payments. 

Users can also send and receive money from friends and family. Currently, Paypal has over 350 million active users in over 180 countries, making it a top choice for users looking for a simple way to transfer funds.

To provide more value and make transactions safer for its users, PayPal updated its features and policies. In this post, we’ll review some of these updates.

PayPal Latest Updates

• NFTs

Non-Fungible Tokens (NFTs) have been added to the company’s list of ineligible items for the seller’s protection policy. As a business owner, the seller protection program is one of the benefits of using Paypal for your online sales payment.

The seller protection policy protects you (seller) if a buyer falsely claims they did not receive the goods and cancels the transaction. Or if they claim the transaction was a mistake. However, PayPal’s new protection policy will no longer protect you if the transaction involves the sale of NFTs that are worth more than $10,000. The update took effect on March 21, 2022.

• Cash Back Card Rewards

With PayPal’s new update, you can now earn an unlimited 3% cashback when you pay with your card. You can also earn a $100 cash back bonus if you spend more than $500 within 90 days of opening your account. The company announced that the updates to its PayPal Mastercard will be available to new cardholders soonest. While existing cardholders will receive automatic updates. However, you must use PayPal as your primary payment method to get the most out of this update.

For new users, here’s how to apply for the upgraded PayPal Mastercard:

• Register for the waitlist using the PayPal app.
• PayPal will notify you via email when your card is available

• Processing Fees

PayPal has revised its payment processing fees. These changes will apply to both personal and business accounts. Among the updates are:

• Reduced percentage fees
• The implementation of fixed fees for application transaction rates
• Additional percentage-based fees for international transactions

In addition to these updates, there are optional fees for online card payment. They include:

• Chargeback protection – which can help you save money.
• Advance fraud protection – which protects you against potential scams.

PayPal is very open about its processing fees, you can check its merchant and consumer fee pages to see what changes have been implemented. 

Conclusion

PayPal continues to expand its services to make online payments more convenient and secure for its users. Now, users can earn cash rewards by using PayPal to make payments, thanks to the recent updates. Furthermore, PayPal maintains its transparency by releasing updates on its processing fees. Finally, users do not need to do anything to activate these updates because they are automatic.