On Monday, March 6th, Linden Lab has published a blog post on faster credit processing and pay-out, together with changes to fee structure for processing credit and paying real money to users’ PayPal and Skrill accounts, and on the fees charged for purchasing L$ on the LindeX. both of these fee changes coming into effect as from Tuesday, April 5th, 2016.
This is an important notification, and one which should be read in full. However, the core changes the Lab are making are quoted below:
Faster Credit Processing
We’re happy to announce that we will significantly improve how quickly we’re able to process a majority of credit requests.
Based on current data, we estimate that the upgrades we’ve made will allow approximately 75% of process credit requests to be completed within 2 business days.
For a minority of requests, the process may still take 5 business days. Because we’re dealing with sending real money to users around the world, we may require additional information and perform other processes that could impact the time needed. A good rule of thumb is that the better we know you as a customer, the more likely it is we’ll be able to quickly process your credit requests.
Changes to the Fee Structure
In addition to taking time, processing credit and paying real money to users’ PayPal and Skrill accounts incurs costs to Linden Lab. Each transaction actually costs us more than the $1 (USD) fee we have been charging. To address that and in light of the significant investments we’ve made to improve the related systems and processes, we will be making some adjustments to the fee structure, beginning next month.
As of April 5, 2016, instead of charging a flat fee of $1 (USD) per transaction, we will charge a fee of 1.5% of the transaction value, with a minimum fee of $3 (USD) and a maximum of $15 (USD). Additionally, the fee for purchasing L$ on the LindeX will increase 10¢, from $0.30 (USD) to $0.40 (USD) per transaction.
Compliance and improved processing has been one of the core focus areas for Linden Lab over the course of that past 12+ months. Work which has involved, among other things, the formation of a subsidiary company, and which is intended to support both Second Life and Project Sansar. As such, the post from the Lab would seem to indicate the major part of this effort is now complete, and that, as promised through various discussions such as Lab Chat, users will be able to enjoy faster payouts, albeit it with increased fees.