I love PayPal. They've been doing business online almost
as long as I have, and they're constantly improving and
adding new features to their service.
According to their website ( http://PayPal.com ), they
have over 63 million accounts and more than 53,000 people
who sign up for new access every day. They deal in transactions
totaling over $48 million per day.
PayPal makes it easy for anyone to take payments over the
Net with no need for a merchant account. What that means
to you is lower fees and a level playing field. If you've
been hesitant to start your online business because you
thought you couldn't afford your own merchant account, PayPal
is all you really need.
There are three types of accounts:
Personal: For your personal shopping use.
You cannot accept debit or credit card payments, but sending
and receiving money is free.
Premier: For buying and selling under
your own name. Send payments for free, with low fees for
accepting money.
Business: This is perfect for your online
business. Add your own name to be included on your customer's
credit card statements. Sending money is free, but you are
charged small fees to accept payments.
There are no set up fees and the fee you pay PayPal when
accepting cash is based on your sales volume for the month.
Standard Rate: $0 to $3,000 - pay 2.9% and .30 per transaction
Merchant Rate: $3,000 to $10,000 - 2.5% and .30 per transaction
$100,000 and up - 1.9% and .30 per transaction.
To apply for the merchant rate, you'll have to have one
month of sales that meet the ranges above and fill out a
short application to get approved.
Many of the options I'm going to point out to you are for
"business accounts" only, so you'll want to go
that route when
registering or upgrade your current account to that level.
Paypal has added so many new features over the years, it's
hard to keep up with just how powerful it is. I'm amazed
every day at
the variety of features that can make your life as an online
entrepreneur run as smooth as silk.
Let's take a look at some of these options:
1) Shopping Carts: If you sell multiple
items on your site, PayPal has a built in shopping cart.
Just copy and paste their
buttons for an instant store front. No third party software
needed.
2) Subscriptions/Recurring Payments: If
you sell a service that needs to be paid for monthly, you
can set up this type of
payment option on your site. This is great for trial periods
and membership sites.
3) Donations: Maybe you don't sell anything,
but you have a very informative site or newsletter. A PayPal
button suggesting your
readers make a donation is one way to help defray your costs.
4) Optional PayPal Accounts: One of the
drawbacks to using PayPal used to be your buyer had to register
for their own
PayPal account. This is no longer true and you can select
in your control panel to make it optional, not mandatory.
5) Customized Payment Pages: You can add
your website colors and logo to PayPal's payment pages.
You can create and save up
to three different page styles for a seamless check out
process.
6) Logo Center: If you accept PayPal on
your site you'll want to add logos to your website letting
the world know. You'll find many shapes and sizes to use.
7) Invoicing: Send your customers detailed
invoices via email. You can include detailed line items,
descriptions, tax and more. You can save up to 10 customized
invoices for later billing purposes.
8) Payment Request Wizard: Did you know
you can add payment buttons to your Outlook and Outlook
Express messages? This is
a quick and easy way to get paid faster.
9) PayPal Debit Card: If you have a PayPal
account you'll want to get a debit card to go with it so
you can easily access your funds at at any ATM. The card
has a Mastercard logo so you can go shopping and the money
will come out of your PayPal balance. You can also use it
to draw out cash from your account up to $400.00 per day.
You'll also earn 1.5% cashback on your purchase.
10) Refunds: Anytime you receive a payment,
you can easily refund it by clicking a button up to 60 days
after the sale.
11) Mass Pay: Easily send payments to
large groups of people. This would be an easy way to pay
your affiliates if you run your
own affiliate program.
12) Packing Slips: If you sell hard goods
you can create packing slips for your shipments.
13) Shipping Calculator: Easily add shipping
costs for your "buy it now" buttons or your PayPal
shopping cart items.
14) Seller Protection Policy: If you meet
their guidelines you can protect yourself from liability
and PayPal will absorb the chargeback at no cost to you.
Covers up to $5,000 on any fraudulent transaction and is
for tangible goods only.
15) Auto Return: You set the url for your
buyers to come back to after they make their payments. Great
for setting up your download page for what they purchased
and makes for instant delivery.
Since eBay also owns PayPal, they've also integrated
some pretty cool tools for eBay Sellers:
1) End of Auction Emails: When your auction
ends, wouldn't it be nice if you could send a customized
email with all of the details included automatically? Now
you can. This is great for putting nervous buyers at ease
when they are waiting to hear from you.
2) Auction Logos: If you want to offer
an option in your eBay listings so buyers can pay you directly
you can manually add a PayPal logo to do so.
3) Post Sale Manager: If you sell many
items on eBay it can be a full time job tracking it all.
With PayPal Post Sale Manager you can easily manage invoices,
shipments, and feedback on everything you sell.
4) Shipping Center: USPS and UPS have
teamed up with PayPal to offer you integrated service in
one location. Calculate shipping costs, print shipping labels,
track shipments and much more.
5) Buyer Financing: Add promotional financing
to your "big ticket" items so your eBay buyers
can more easily afford to
purchase with monthly payments. Buyers are approved within
30 seconds and you get paid your full price immediately.
6) eBay Gift Certificates: Send eBay Gift
certificates to your friends and family so they can buy
anything on eBay as long as
the seller accepts PayPal.
As you can see, PayPal is all you need to run your online
business. If you thought all you could do was accept or
send payments, you're missing out on the powerful features
that makes PayPal the perfect business partner for any entrepreneur.
And as partners go, that's one thing you can both agree
on.
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