Isn’t competition great? Paypal announced today that as of August 2, 2021 it is lowering the fees it deducts from the payments made by buyers to sellers.
The fee reduction is about 15% to 20%, depending on the fee, which means I have just gotten a pay raise from those who donate or subscribe to Behind the Black using PayPal. This does not mean I want everyone to use PayPay. Right now I actually prefer new subscribers use Patreon, simply because it makes me less dependent on PayPay should it decide my commentary is “evil” and must be blacklisted.
The reductions make these fees lower than Paypal’s new competitors, such as Patreon, or from the conservative right, such as David Rubin’s Locals.com and Dan Bongino’s AlignPay. However, I expect them all to quickly drop their fees as well to match PayPal. And as long as PayPal continues to treat its conservative customers like dirt, expect this competition to continue to heat up.
Lowering its price won’t help if PayPal doesn’t stop playing partisan politics. It really has only two options for maintaining its market dominance. Either it can stop acting like a petty authoritarian dictator and canceling conservative vendors, or it can team up with the government to get its competitors banned or shut down. Which do you think it will eventually choose?