Paypal Merchant Fees Increase August 1, 2021: Switch To MyWell
Paypal is effectively increasing its merchant fees that it will be charging us, starting on August 1, 2021.
If we can get the remaining 48% of our monthly automatic Paypal donors to switch over to the MyWell giving portal*, we will save nearly $200 a year in fees.
Here is a chart showing amounts donors are still giving through Paypal monthly:
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PAYPAL CURRENT FEES, AUGUST 1, 2021 NEW FEES VS. SWITCHING TO MYWELL GIVING PORTAL
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| Current | New | Paypal | Paypal | MyWell donation | Amount saved | (per donor at | |
| Gift Amount | Calculation | Calculation | Current Fee | New Fee | via elec. check | each month | this gift rate) |
| $100 | 2.2% +.30 | 1.99% +.49 | $2.29 | $2.48 | $0.30 | $2.18 | |
| $35 | 2.2% +.30 | 1.99% +.49 | $1.07 | $1.19 | $0.30 | $0.89 | |
| $25 | 2.2% +.30 | 1.99% +.49 | $0.85 | $0.99 | $0.30 | $0.69 | |
| $20 | 2.2% +.30 | 1.99% +.49 | $0.74 | $0.89 | $0.30 | $0.59 | |
| $10 | 2.2% +.30 | 1.99% +.49 | $0.52 | $0.69 | $0.30 | $0.39 | |
| $5 | 2.2% +.30 | 1.99% +.49 | $0.41 | $0.59 | $0.30 | $0.29 |
Notable: for those donating $100 a month, this takes our fee from $2.48 to 30 cents!
For those donating $5, how do you feel about the fact that Paypal takes over 1/10 of that starting next month?
https://www.theblast.fm/home/donations/
To switch over to MyWell, click on the button that looks like the above picture, found in the lower right corner of our website. (Or click on the handy link next to it).
*Assuming everyone gives via electronic check, with the exceptions of: if your gift amount is $7.50 or less or if you are outside the USA, please donate with a debit card on the MyWell portal, as the fees will be even less than $0.30.
Thank you for helping to maximize your contributions to The Blast Ministries, Inc.!
