In this lesson you will learn:
- PayPal fees associated when receiving payment
- Updating your payout settings
When a collaboration task is completed on #paid, payment is queued and sent to the creator to their preferred payout (PayPal or Direct Deposit). Learn more
If PayPal is your primary payout method on #paid, please note that PayPal applies a transaction fee when receiving payments in your PayPal account. Additionally, while payouts are made by #paid in USD, the currency may automatically convert in your PayPal account based on the default currency you've set to receive payments in.
PayPal applies the following fee(s) on transactions:
- 2.90% fee to all transactions
- Fixed fee based on the currency received
- $2.99 CAD or $4.99 fixed fee for International transactions
To learn more about PayPal's fees and terms, click here.
More information on PayPal Fees
1. PayPal applies a 2.90% fee to all transactions
For example, if you earned $500 USD on #paid, PayPal automatically applies a $14.50 USD fee (2.90%) to your PayPal account when receiving payment.
2. PayPal applies a fixed fee based on the currency received in your PayPal account
For example, if your PayPal account is set to receive payment in CAD, PayPal automatically applies a fixed fee of $0.30 CAD.
See a breakdown of fixed fees (based on currency received) below:
3. PayPal applies a $2.99 CAD or $4.99 fixed fee for International transactions
For international transactions (payouts made to creators outside of Canada), PayPal applies a $2.99 CAD or $4.99 CAD fixed fee.
$2.99 CAD fixed fee for recipients in United States, Europe I, Europe II, and Northern Europe.
$4.99 CAD fixed fee for any other market/region.
For a US creator earning $500 USD and receiving payment in USD on PayPal, PayPal applies the following fees...
$14.50 USD (2.90% fixed fee)
$0.30 USD (Receiving in USD)
$2.99 CAD (Fixed fee for International transactions)
Please visit PayPal's website to learn more about PayPal's fees
Updating your Payout Settings
If you would like to update your payout preference to Direct Deposit, you can update your payment settings in Account Settings > Settings > Payout Preferences.