In the aftermath of the SARS-CoV-2 coronavirus outbreak, PayPal Holdings (NASDAQ: PYPL) is coming in to support financial relief efforts. On Tuesday, the organization launched a series of steps to help small companies cope with the pandemic's deleterious economic consequences.
PayPal would encourage its business customers to request that the payments they owe be deferred; if allowed, the company does not charge extra fees for the privilege. It also expands the amount of time over which business clients are expected to respond to a customer dispute; instead of 10, it is now 20 days.Customers lodging complaints with credit card issuers would not be held responsible for PayPal chargeback fees.The company also waives fees for its instant withdrawal program, which helps its customers to withdraw funds from one of their business accounts to another bank account or another debit card.
These steps, plus the doubling of PayPal's instant cash-back rewards on the PayPal Company Debit Mastercard (NYSE: MA), will be in effect at least until April 30. All were successful immediately except for doubling the Mastercard cash back, which will take effect on Wednesday, April 1.
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