PayPal is
to close its
Merchant Referral Bonus Programme on 12 August 2012.
The programme started in 2003 and allowed
existing owners of a business account to receive a reward when they
referred a new merchant to register for a business or premium
account.
Go deeper with GlobalData
In the US, for the first 30 days after the
referral, a USD1 bonus was granted to the referee once the new
merchant reached USD200 in sales.
For the first 12 months, the referee used to
be rewarded monthly with a bonus equal to 0.5% of the new
merchant’s net
sales (up
to USD1,000 per month).
Similar conditions applied in Europe and for
other currencies.
The referral service was a key part of
PayPal’s acquiring strategy. According to its latest reported
figures,PayPal’s merchant services
business accounts
for 67%
of the company’s
overall revenue. Payment volumes of USD23 billion were reported in the second quarter of 2012,
up by 23% on last year.
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By GlobalDataThe company said: “We’ve achieved even more than
we hoped with this programme. We want to thank everyone who has
taken part, it’s because of you that PayPal has grown into one of
the most-respected online payment brands in the world. We are now
proud to offer a robust and dedicated line of services for both
partners and merchants.”
