Yes. They only charge you once, though. So the extra fees aren't payment processor fees anymore and they pocket the rest. Calculate the differential on the paypal transaction fee and you'll arrive at patreon making some sweet percentages.
Patreon used to have PayPal charges 5% + $0.05. So let's presume they're paying the same.
They charge you once for $5.52. Paypal gets $0.326 + $0.05 out of it. $3.80 goes to creators. Instead of Patreon making $0.20, they now make $1.344.
Yes, you read that right, Patreon is making $1.344. ~35% profit margin vs 5% off your donation. They've multiplied their cut several times over.
So, 4 x $1 pledges that are taken as one charge will now cost me $5.52 ($1 + $0.35 + $0.03) * 4))?