Your Online Business and PayPal Fees
PayPal is
undoubtedly one of the world’s largest online payment system with almost 227
million accounts currently in use.
Even among online sellers, it is a popular
option for accepting payments. But, like every other payment system, there are
charges associated with the transaction that you need to consider into the cost
and pricing of your business and transactions.
Gladly, with
Shopify Payments, there are ways for the customers paying through PayPal that
help them to check out without paying the heavy fees.
Account Fees
You don’t need
to pay any setup fees to create a PayPal account. Create your account for free
and link it to your credit card or bank account and you will be able to accept
25 currencies from 202 countries of the world.
PayPal Express is supported by
Shopify merchants and is a gateway to easily incorporate into your store.
Calculate Seller Fees
PayPal charges
may vary for different regions of the world and depend upon whether you are
purchasing or selling something. For purchasing products and services in the US
there is no fees to use PayPal, but to sell products and services you will be
charged not only a percentage from your transaction but also a fixed fee.
You
need to pay 2.9% of your transaction amount along with $0.30 USD of the flat
fee. For example for a payment of $50 USD, you will be charged $1.75 USD ($1.45
+ $0.30). Therefore, in the end, you will get $48.25 of that $50.
As for outside the US, while receiving payments you will be charged 4.4% per transaction along
with the fixed fees based on your currency.
PayPal Express and Shopify Payments
If in your
store, you are using Shopify Payments to accept credit card payment you will
have to pay the credit card fees at every transaction according to your payment
plan.
Users get confused and uncertain about the payment stats and whether they
will be double charged for using PayPal Express and Shopify Payments together
as their payment gateway.
Luckily, you will not be double charged for using
them together but only pay the fees for that payment gateway that your customer
choses at the checkout.
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