Per the PayPal "Changes" Page . . . .
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
Effective July 28, 2022:
- U.S. business accounts will not be able to receive personal transactions from U.S. PayPal accounts.
- U.S. PayPal accounts will not be able to send personal transactions to U.S. business accounts.
- The rate for the “Send/Receive Money for Goods and Services” payment type will be 2.99% (with no fixed fee). This pricing change will result in fee increases for some transactions. You can preview the Merchant Fees page that will be effective on July 28, 2022, following such changes.
What this means for you business:
If you pay US (Small Biz Thoughts Technology Community, ITSP University, etc.), be aware: U.S. PayPal accounts will not be able to send personal transactions to U.S. business accounts. I'm sure this has to do with regulations around keeping business and personal straight.
But, to be honest, it's a really great idea to keep business and personal expenses separate as much as possible, even for a small business.
The rate for the “Send/Receive Money for Goods and Services” payment type will be 2.99% (with no fixed fee). This pricing change will result in fee increases for some transactions. You can preview the Merchant Fees page that will be effective on July 28, 2022, following these changes.
It might help to go to PayPal now (ASAP) and review all recurring purchases. Make sure you know what might "break" at the end of the month. You can then make alternate arrangements. If you wish to continue paying with PayPal, you'll need to update your account. If you only have a personal account, you may need to set up a business account, and vice versa.
Obviously, there will be more details. Just be aware that the change is coming. And follow that link to learn more as details are released.
:-)
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