There are a couple of different ways of looking at this. One of the biggest things that has driven the popularity of PayPal from a merchant's standpoint is the cost. The ongoing cost of getting set up as a merchant if you're just starting out your business is the following. To set up a merchant account in Canada--and we can talk about transaction fees in a second--you typically need to sign a two- to three-year contract. There's some sort of annual fee, a minimum monthly fee, and there could be a number of other fees associated with that, statement fees and the like. Sometimes there are large thresholds that you need to hit, certain levels of volume, or your money will be held back. So it's very cost prohibitive for businesses to start up when they have to pay a lot of upfront costs just to get a merchant account set up and processed.
From PayPal's perspective, we don't charge any contract fee, or any annual or monthly fee. In fact, if you set up a PayPal account and never do any transactions, you never pay any fee at all to us. We're very transparent in our transaction fees. There's a sliding scale from 1.9% to 2.9%, plus 30 cents a transaction, and we've made that as simple as possible for merchants to understand, because it is a net rate as well. So it doesn't matter if you're using a basic credit card, a premium credit card with loyalty points, a Visa, a MasterCard or an American Express card, whether you're processing a China UnionPay card, a Switch Solo card from the UK, or a bank transfer from Germany. You don't need to figure out how to connect to all of those different payment types—and you wouldn't know what type of rate you'd be getting from each one of those transactions. We have a very simple blended rate, so you don't have to worry about what your transaction costs are going to be depending on the funding type.