Ten years ago, there was a variety of ways to sell your goods and services online — and most of them were untrustworthy. Nowadays, most of the sellers at large online markets accept two kinds of currency: credit cards and PayPal. Accepting online payments is a huge boost for your business, whether your business is primarily online or offline. This enables customers to pay with a variety of payment types, as well as allowing them to schedule payments in advance. Using a service like PayPal also has distinct advantages, such as trustworthy name recognition. Although PayPal has been on the rise for several years, many are still skeptical about whether using a service that is traditionally less reliable than credit cards, and one that charges significant fees, can benefit their businesses. However, PayPal has many advantages that can be a huge boost to your business in the long run.
Easy Record Keeping
Taking multiple payments from many sources can be great for diversifying income. However, it can also lead to confusion when it comes to tax time or when balancing a budget. With PayPal, every transaction that goes through is instantly documented. Not only is your transaction history available to view at any time, but it is always available for download in files that you can keep on your computer or print out for your records.
Flexibility for Customers
Using PayPal may seem like it limits the kinds of revenue you can take in. However, this is usually not the case. Customers with a PayPal account can send money in a variety of ways. Many link a bank account to their PayPal to cover all transactions if their funds run out, and others link credit cards for the same purpose. When you are willing to accept PayPal on your website, you can also accept an instant fund transfer from the accounts of your customers without having to use complicated shopping cart software. Many PayPal users don’t bother transferring money from their PayPal accounts to regular bank accounts, which can be a huge bonus for a seller. This money is instantly available for impulse purchases, and buying is hassle-free for customers, which leads to more sales.
PayPal offers a button, easy-to-install, for use on your website. This lends itself to impulse purchases again, which can drastically increase your company’s income in the long and short run. When your website has a Buy Now button, all a customer needs to do is sign in to PayPal, click the button, and agree to the terms of the agreement, which is essentially just the price in return for the product or service that you have described both on your website and on your PayPal. In order to put this button, which is much less complicated than most online checkouts, onto your web page, you will first need to have a Premier or Business Account with PayPal. For the added volume of purchases you can register, this may be well worth the investment.