PayPal is introducing new fees for payments between businesses in the UK and those in Europe, from November.<\/p>\n\n\n\n
British businesses will be charged a 1.29% fee for payments from the European Economic Area and vice versa.<\/p>\n\n\n\n
Most currently pay about 0.5% in similar charges, which have remained unchanged since before the UK left the EU customs union and single market.<\/p>\n\n\n\n
PayPal said it was now incurring extra costs, such as the rise in interchange fees between the UK and EEA.<\/p>\n\n\n\n
European rules capping credit and debit card interchange fees at 0.2% and 0.3% no longer apply to UK businesses.<\/p>\n\n\n\n
And both Visa and Mastercard have announced they will raise them fivefold from mid-October.<\/p>\n\n\n\n
‘Highly competitive’
\nThe EEA is made up of the 27 remaining European Union states plus Iceland, Liechtenstein and Norway.<\/p>\n\n\n\n
And the new charges apply to the whole of the UK, Guernsey, Jersey, Gibraltar, and the Isle of Man.<\/p>\n\n\n\n
Bitcoin comes to UK PayPal – but not for payments
\neBay sellers can no longer use PayPal
\nMost 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%.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
PayPal said it was “simplifying” its cross-border fees.<\/p>\n\n\n\n
“In a highly competitive market, this will make it easier for these businesses to compare PayPal’s pricing with that of other providers and to better appreciate the value we provide,” it said.<\/p>\n\n\n\n
‘Stronger support’
\nThe Federation of Small Businesses (FSB) said any rise in payment-platform fees “is unwelcome news for small businesses and entrepreneurs”.<\/p>\n\n\n\n
“Since the start of the year, around one in four small exporters have stopped exporting to the EU, citing amongst other reasons the costs involved in selling to EU-based customers,” vice-chairman Martin McTague said.<\/p>\n\n\n\n
And over the past three months, a little over 40% of small exporters said the value of their exports had dropped.<\/p>\n\n\n\n
“We need to see stronger support for small exporters from the government, including a relaunched SME [Small and Medium Enterprises]Brexit Support Fund and a reformed Tradeshow Access Programme,” McTague added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. Most currently pay about 0.5% in similar charges, which have remained unchanged since before the UK left the EU … Continue reading “PayPal raises fees between UK and Europe”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3480","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/comments?post=3480"}],"version-history":[{"count":1,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3480\/revisions"}],"predecessor-version":[{"id":3481,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/posts\/3480\/revisions\/3481"}],"wp:attachment":[{"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/media?parent=3480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/categories?post=3480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tech-battery.com\/batteriesblog\/wp-json\/wp\/v2\/tags?post=3480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}