Here is the email frm PayPal: Tell Ken to brush up on things.
Dear Stephen,
Thank you for contacting PayPal.
Visa and MasterCard require high-risk merchants to complete a registration
form, pay an initial registration fee, and pay renewal fees on an annual
basis.
**Please note that the fees are imposed by Visa and MasterCard, not by
PayPal. In keeping with PayPal's core policy of not charging set-up costs
and/or annual fees to our Merchants, PayPal (in contrast with many IPSPs)
will not add any additional or hidden costs to these Visa & MasterCard
fees.
In order to assure your continued access to PayPal's transaction platform,
please provide the requested Merchant Registration information by October
31st. We need to receive your written response (either via email or via
facsimile) no later than October 31st, 2002. Also, If your registration
fees are unpaid after October 31st, PayPal will be unable to process
transactions on your behalf.
If you decide pay the registration fees required by Visa and MasterCard,
PayPal will deduct $1,500 directly from your PayPal account ($500 Visa fee
+ $1,000 MasterCard fee) on October 31st, 2002. Please ensure that you have
sufficient funds in your PayPal account on October 31st to cover these
fees. If you need to deposit money into your PayPal account, you can
transfer funds directly from your registered bank account.
If you are unable or unwilling to comply with the new Visa and MasterCard
regulations, PayPal will no longer be able to process high-risk
transactions for you. By October 31st, you must cease using your PayPal
account to process high-risk transactions, and remove any PayPal logos
which may appear on your website(s).
Please email
[email protected] if you have further questions regarding this
issue.
If you have any further questions, please feel free to contact us again.
Sincerely,
Monica
PayPal Customer Service