PayPal is updating certain PayPal agreements that apply to US customers. These changes will go into effect on September 3, 2019.
Amendments to the PayPal Account User Agreement and the PayPal Cash and PayPal Cash Plus Terms & Conditions
- PayPal is changing the PayPal currency conversion spread to 3.75% (previously 3.25%) for transactions that involve a PayPal currency conversion when the PayPal user pays for goods or services or sends money.
- The company is also changing the PayPal currency conversion spread to 3.0% (previously 2.5%) for all other transactions involving a PayPal currency conversion.
Amendments to the PayPal Website Payments Pro and Virtual Terminal Agreement
- PayPal is changing the PayPal currency conversion spread to 3.0% (previously 2.5%) for all transactions involving a PayPal currency conversion.
- The company is also providing the terms and conditions for its Account Updater functionality. When made available, Account Updater will allow merchants to update their US customers’ eligible card data stored with PayPal to enable the seamless processing of recurring billing, recurring payments, and/or other eligible transactions.
No action required
As usual, there is no action needed by PayPal users regarding these changes.
Users who do not wish to accept these user agreement changes will need to close their account before September 3, 2019.
READ MORE: PayPal comes back to eBay
Will these changes impact your business significantly? Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.