I use my paypal account to sell stuff on Ebay. Basically when someone pays for something the money is transferred to your paypal account. It's like a checking account. You can keep your money in there or transfer it to your own personal checking account. You can even get a debit card on your paypal account and you can either spend it with the debit card or take it out with an ATM. Now you do have to realize that paypal will charge a fee for each transaction, plus if you take money out of the ATM they charge a fee plus the ATM charges a fee. It is free to do a straight transfer to your checking account, but it takes several days to get your money and you still have to pay the fee for the transaction. I love paypal. It's safe because no one has account numbers and if you don't get an item that you buy you can file a claim through them and get your money back. HTH.
I've sold (as well as bought quite) a few things on Ebay, and PayPal is a godsend. Sellers pay a small fee, a tiny percentage of the amount.
- Pricing: No monthly fees
No set-up fees
No cancellation fees
Transaction Fees: 1.9% to 2.9% + $0.30 USD
Those fees are definitely lower than setting up merchant accounts with the credit card companies. You attach a bank account to your PayPal account, and and then you withdraw from your PayPal account into your bank.
I use Paypal for my cake business, and it is wonderful - one of the best decisions that I ever made! I don't use the option of clicking from my website to pay though...I couldn't get it to work. When a client wants to pay via a credit card, I just send them an email invoice through Paypal, and they follow the easy instructions - I get a notice from Paypal once it has been paid.
The fees are much lower than renting a VISA machine, and once my Paypal account reaches $150.00, I can transfer to my own bank account for no fees (the charges come in when the client pays - I get an automatic debit).
Paypal also has a nice custom invoicing section where you can save your own invoices - it makes everything look much more professional. I have actually had clients choose me over competitors because I offer Paypal!
If you go onto the Paypal website, the merchant section should answer all of your questions. It is easy, easy, easy!
Nicole
I use it as well. It's the only way anyone can pay me with a credit card at this point and I like to have that option for my customers.
That's all I use as a form to accept credit cards. It started with my husband's business. He's been using it for eBay for years so we already had the account set up. I just have them send it to my e-mail address and then transfer it to my account. It's a pretty nominal fee for the convenience and everyone has the internet so it's easy...
You can also sign up for PayPal's virtual terminal. It costs $20/month. You can take the credit card info and fill out the form yourself to make the charge. Sometimes the email invoices get "spaminated" or there is another problem with email. This makes sure you don't lose the sale to frustrated non-computer savy people.
I use Paypal for my cake business, and it is wonderful - one of the best decisions that I ever made! I don't use the option of clicking from my website to pay though...I couldn't get it to work. When a client wants to pay via a credit card, I just send them an email invoice through Paypal, and they follow the easy instructions - I get a notice from Paypal once it has been paid.
The fees are much lower than renting a VISA machine, and once my Paypal account reaches $150.00, I can transfer to my own bank account for no fees (the charges come in when the client pays - I get an automatic debit).
Paypal also has a nice custom invoicing section where you can save your own invoices - it makes everything look much more professional. I have actually had clients choose me over competitors because I offer Paypal!
If you go onto the Paypal website, the merchant section should answer all of your questions. It is easy, easy, easy!
Nicole
Exactly! I just added it to my website about a month ago and it's been a Godsend for orders!
I set up a separate bank account to link to my paypal with a local credit union. I only had to have $55 to open a checking, savings, and get a debit card for it, so it was very inexpensive and there is no chance someone can hack into my main account and clean me out out a significant amount of money that I need to pay bills, since I only maintain minimum balances.
I hate having into factor my prices the costs of the buyer using a credit card but I guess it could be worse.
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