Lab announces updates to LindeX and credit processing fees

On Tuesday, June 13th, Linden Lab announced updates to LindeX and credit processing fees, which will come into effect from Monday, June 19th, 2017.

These changes will see an increase for those purchasing Linden dollars on the LindeX and some of those paying out higher volumes Linden dollars. Specifically:

  • The fee for purchasing L$ on the LindeX will increase from $0.40 (USD) to $0.60 (USD) per transaction.
  • The fee structure for process credit transactions (i.e. paying real money into PayPal or Skrill accounts) will remain as a 1.5% fee with a $3 (USD) minimum, but the maximum fee per transaction will increase from $15 (USD) to $25 (USD).

The blog post explains the reasons for the increases as:

Underlying SL’s successful user-to-user L$ economy and the ability to buy and sell L$’s for real currency is a significant amount of ongoing work to ensure that everything remains compliant with applicable laws and regulations, while also preventing fraud and money laundering.

Investing in improvements to these processes and the ongoing compliance work required comes at a cost to Linden Lab, and we will be making some LindeX fee adjustments in order to share a portion of those costs with Residents active in the SL economy.

As there have been various reports of issues being experienced by some trying to cash-out, the news of the increases is unlikely to be welcomed, whatever the reasons for any delays being experience or however valid the reasons for increasing the charges.

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2 thoughts on “Lab announces updates to LindeX and credit processing fees

  1. I find these reasons hard to believe. Considering the amount of people that cash out the maximum, $25 per cashout is going to make significant money for the Lab – much more than covering the costs. It is starting to feel like SL creators are paying for Sansar’s development.

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  2. I keep seeing multiple comments on many sites about it’s no big deal, it only effects a few people, etc. This effects everyone. Those content creators who make significant contributions to the SL community are the ones being punished with arbitrary fees. It just went from $10 to $15 now to $25. A 65% increase effecting only those who generate income for themselves and LL is extreme. In many cases, people in this area of business take out multiple withdrawals per week and month. It’s not simply a $10 hit but more like a$50 or more per month penalty. Do you not think these fees will be passed on in the increased prices for the content created??
    Bottom line – there will always be free or next to free junk out there and distributed at will. However, the high end good quality items that are worth purchasing from legit business owners will have higher prices to all.

    The simplest business solution is to go to work and reduce YOUR costs and waste as well as work to increase your user base/number of customers. That’s what we all have to do! Crying about your expenses and punishing the people who make your world go around is both unwise and short sighted.

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