PayPal, the American payments platform responsible for processing over $451 billion in transactions last year alone, has announced a number of policy changes that will take effect on the 19th of April this year.
Some of these are simple clarifications to users such as the possible requirement of a backup payment method in case the primary one fails during a transaction, and some others outline clearer references to Venmo, its digital wallet service, in its clause for sellers.
A rather major change comes in the form of its discontinuation of the 'Pay After Delivery' option in the United States.
Pay After Delivery, an incentive for potential buyers with a self explanatory name, allows their money to be transacted after the goods are delivered, with PayPal paying the seller the necessary amount at the time of transaction. That is now set to change, with PayPal now making April 18th the last date on which this option can be used, with no clear indication from PayPal on whether or not it intends to replace it with a different option.
Another prominent change in policy concerns quick money withdrawals from a PayPal business account via debit card - rather than a $0.25 flat-fee for each withdrawal, PayPal will now charge 1% of the transaction amount.
PayPal will also be changing its variable rates for transferring PayPal balance or money from your bank account to non-U.S. countries, replacing them with a $2.99 or $4.99 fixed fee, depending on which country the money will be going to. Money sent using your credit card, debit card, or your PayPal credit will see an additional fee of 2.9% of the said amount and another fixed fee based on the currency.
There are a number of other, minor changes that may interest you that you can check out here.