Perhaps you aren’t sure what the emergency is yet. I understand, especially if you are just starting out, or haven’t taken the first few steps yet to opening your new online store. However, you may soon realize the headaches of financial transactions.
The bad news is that nothing will remove that stress away completely. It’s just part of the territory of running a business, no matter what type of business it is.
The good news is that there are ways to help eliminate most of that stress. Of course if you don’t have a product that is going to sell, or it’s difficult to put together, the onus is on you for that one. But, I do have a suggestion that can help you with all your sales and make that area of the business run smoothly.
PayPal is an international e-commerce company that provides a platform for customers and businesses to interact with each other for financial transactions. This includes sending invoices, making and accepting payments, as well as transferring funds electronically.
Easy to Sell Online
Once you establish your online store, the rest is easy with PayPal. You will be able to send out invoices, get paid, and transfer funds all without leaving your office. Imagine all of this happening with just a couple clicks, which is exactly how it works.
Customers will also like that you offer PayPal for payment, because it is easy and secure for them as well. While I do not sell online, I do make several purchases and always opt for PayPal when I see it as an option. Fortunately, that option is growing faster than the weeds in my lawn.
So Speedy and Simple Setup
Say that 3 times fast. It’s not only a bit of a tongue twister, but it’s also close to how long it would take you set up an account with PayPal. I might be exaggerating by a couple minutes, but you get the idea. It actually only takes about 3-5 minutes to set up your business account.
Simply answer a few questions about your business, as well as some personal information for each owner, and you will receive an email with instructions to get started.
Once you are all signed up, they will assist you with setting up payment solutions. It’s really that simple.
When comparing the ease of setup to a merchant account, there’s no doubt that PayPal is much easier. It can be done online, unlike a merchant account. You also have to apply and be approved for a merchant account, which takes longer and is more frustrating than simply opening a PayPal account online.
However, you might decide down the road that you prefer to have both. But, you can at least get started with your business in just minutes, using PayPal.
Comparing Cost to a Merchant Account
On average, a merchant account will most likely cost you approximately $100 to $250 in set up costs, and a monthly fee of at least $25, with additional fees for monthly statements. Whereas, PayPal does not charge a setup fee at all, and offers 3 different business accounts, ranging from $0 to $30 a month.
Now, they both charge per transaction, but PayPal is less expensive in that area as well, with a 2.9% discount rate and $0.30 per transaction. Merchant accounts discount rates range from 1% to 4%, and often higher. Just like PayPal they also have a flat rate, anywhere from $0.05 to $0.25, per transaction.
Types of Payment You can Accept
Online banking started to make our personal lives more simple by offering services such as the ability to order checks online, transfer funds, and even open an account. PayPal has done that for businesses as it’s a great step in making their lives easier.
The types of payments you can accept through PayPal will depend on you, and how you set your account up to accept payments. The following are options you can choose:
- Credit Cards. Accepting credit cards through PayPal allows your customers to pay through PayPal, without having an account with them.
- Direct PayPal Payments. Customers can go to their PayPal account to pay you directly, either with an invoice, or without. I have a couple contractors who I pay through PayPal, and it just can’t get any easier, with just a couple clicks.
- Card Swiper. PayPal offers a card swiping app for your iPhone, iPad, or Android device. Of course this will only work if you have customers who come into your store.
- Check Deposit App. You can deposit checks as you receive them from customers easily and quickly with the PayPal Mobile App, by simply taking a photo, then transferring the funds into your account.
As you can see, PayPal has made it easier for small retailers to increase their sales online. It’s simple and quick to use by both the retailer and the customer, which is why it has become such a popular choice for businesses. Take a look at their website to see if it’s a good choice for you.
For over 2 years now, Melissa Cameron has been writing as a freelance writer. The topics she has been writing about lately include home brewing, online business, building credit, and even dogs checks from www.personalchecksplus.com. Raised in Michigan, near the west coast, Melissa now resides there with her husband and young son. She enjoys time with her family with camping, boating, and t-ball. Melissa also enjoys music, photography, and cooking.