Reasons to Consider PayPal For Your Credit Card Processing
As a small business owner, you have a few different options for your credit card processing solution. You can choose the professional, comprehensive credit card processing solutions, or you can go with a simplified solution like .com. Here are 6 reasons to consider PayPal to process credit card payments from your customers:
1. Easy to Set Up and Start Accepting Credit Cards Right Away
With merchant accounts, you have to first get approved by the bank before you can start accepting credit cards. This can sometimes take awhile for the bank to check your credit and determine whether or not your risk is low enough to give you a merchant account. Not everyone will have a strong enough credit history to qualify for a typical merchant account. With PayPal, almost everyone is approved, and you can set up your account quickly. Your customers then have the option of paying with credit card or their own PayPal accounts. Even a technophob can easily get started with PayPal.
PayPal allows you to accept payments in six different currencies. You can see digital or physical products. You can also use PayPal to set up subscriptions with recurring payment plans according to the schedule you specify. PayPal can be used both online and with offline retail set ups.
3. Low Fees For Credit Card Processing With PayPal
There are no set up fees, monthly fees or annual fees to use PayPal to process credit card payments from your customers. You only pay when you use the account to process credit cards. The fees are 2.9% of your sales plus a flat rate of 30 cents per transaction, but the rates may vary a little depending on what country you live in or the amount of sales volume you process.
4. Association with eBay
If you set up a store with eBay or use eBay auctions to sell your products, PayPal is extremely convenient and integrates well with eBay (they’re owned by the same company). Invoices are automatically generated when people choose to buy your items on eBay with PayPal, which means you can watch for the payments to come in and ship out your products with little administrative work on your end.
5. Merchant Tools
Included with your PayPal account are a number of merchant tools that help you generate financial reports and summaries, calculate shipping or add in sales tax to purchases. Each month you can review or print a report of sales transactions, refunds, and fees paid. Print it out and keep it in a binder and you’re well on your way to being organized for the tax filing season!
6. Protection and Fraud Detection for Business Owners
PayPal offers a protection policy for people using the system for credit card processing. They work hard to prevent fraud and will work with you to recover from any fraudulent purchases. They also offer Buyer Protection to consumers using PayPal to make payments, which may give your customers additional peace of mind purchasing from you if they can use PayPal.
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