Why PayPal?
The benefits of having a PayPal account seem to always outweigh the negatives of having one. Whether you intend on using your account daily, or just as a once off to send some money to a niece or nephew for their birthday, sending and receiving money with PayPal is hassle free.
Sending money with PayPal ensures you never reveal your bank details
Allows surety that money will reach its’ desired location
Money can be sent to over 100 different countries around the world
Sending money directly from one PayPal account to another is instant
Paying online is convenient
Allows one to accept multiple currency with low conversion fees
Low transaction Fees
Let’s Create a PayPal Account
You’ve agreed that PayPal is the right choice for you to accept and send money online. Now what?
We’ll start by creating our personal account. Once that’s done, keep following along with our beginners tutorials that’ll introduce you to further PayPal features.
If you are learning about PayPal with intentions to accept payments from customers on your website, our 10th and 11th video tutorials will help you enable PayPal IPN and PDT.
Whether you are looking for an easy way to sell your products online and get paid, or just want to transfer $20 to a friend after a Friday evening party, PayPal is a perfect choice for you.
This guide will give you a basic understanding of how PayPal works and how you could be using this payment method to its full potential.
How Does PayPal Work?
Generally speaking, PayPal provides an easy and quick way to send and request money online.
As a merchant, you can easily accept credit cards in your eCommerce store. And, of course, you can transfer money to your family and friends in seconds, no matter where they or you are in the world.
How Does PayPal Work for You as a Seller?
PayPal keeps your customers’ data safe. PayPal’s website is fully-encrypted, allowing your customers to make online purchases in a secure way.
PayPal is perfect for subscriptions and all sorts of regular payments. Bill your customers for physical or digital goods on a regular basis with recurring billing options. The money will be taken directly from your shoppers’ bank accounts.
Accept online payments in-store. PayPal doesn’t currently support contactless (NFC) payments. However, with Google Pay, your customers can spend their PayPal balances to shop in brick-and-mortar stores.
PayPal Business Solutions That Will Immediately Boost Your Sales
Are you sure you are using PayPal to its full potential? I bet there are at least a couple of tools that you may be missing.
Below you’ll find the most amazing PayPal services that can bring additional value to your eCommerce business.
PayPal Invoicing
PayPal invoice lets you quickly create and send prebuilt or customized invoices to customers via email or a shared link. It will take a cut of your total invoice, though, unless you have a premium business account. It’s also possible to check your billing history, payments, and send reminders to your shoppers.
1. PayPal Small Business Loan. Loans from $5,000 to $500,000. This kind of loan is best suited for businesses with at least 9 months in business and over $42,000 in annual revenue. You can check eligibility in minutes online or over the phone.
2. PayPal Working Capital. Loans from $1,000 to $300,000 (loans from $1,000 to $200,000 are available to qualifying first time borrowers and up to $300,000 for qualifying subsequent borrowers). Best suited for existing PayPal customers that have had a PayPal Business account for at least 90 days and have processed $15,000+ with PayPal within the last 12 months.
Online Store Builder
PayPal has a long list of partners, and the X-Cart shopping cart platform is one of them! X-Cart with PayPal will help you establish a fully-featured online store that meets your unique business needs.
How Do I Set Up a PayPal Account?
There are two types of accounts that you can set up on PayPal — personal and business. The process is easy for both. However, as an online seller, you might be more interested in the second option, so I’ll start there.
You’ll also have to agree with PayPal’s e-Communication Delivery Policy, User Agreement, and Privacy Statement.
Then, the process is pretty straightforward. You’ll have to confirm your email address, link to your bank account, and set up payment processing options. That’s pretty much it.
What Fees Does PayPal Charge?
As an online seller, you are subject to all sorts of fees. PayPal is no exception. To make things a bit easier for you, I’ve collected all the information about PayPal seller and consumer fees.
Note: These fees may change with time, and most changes to these fees will be deemed effective at the time and date of posting.
PayPal Seller Fees
Fixed Fee for Online Sellers
2.90% + $0.30 is a standard rate for receiving domestic transactions via PayPal.
That’s a small price to pay for accepting major forms of payment from any of the 267 million active customers worldwide. There are no hidden fees. You don’t have to pay anything until you get paid for selling your products online.
PayPal Consumer Fees
Zero fees for your customers
Buying online or making in-store purchases with PayPal is free within the US — let your customers enjoy shopping with you offering a handy way to accept payments.
Sending money to friends and family
Transferring money domestically via PayPal
If you are a U.S. PayPal account holder sending money to a friend or a family member who uses PayPal in the U.S., you may have to pay a fee, depending on how you pay.
Transferring money internationally via PayPal
If you are a U.S. PayPal account holder sending money to a friend or a family member with a PayPal account in a country other than the U.S. The fee you pay depends on the method of payment used and the amount of money sent.
Why is PayPal So Popular Among Business Owners?
Before we discuss why PayPal is a popular payment option, let’s make sure that it actually is.
One of the best ways to do it is to check some statistics to see that PayPal’s popularity is actually growing year over year.
How many people use PayPal?
There are 361 million active PayPal accounts.
How many transactions are processed via PayPal?
There are 4.0 billion payment transactions.
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