In today’s world, if you want to make a buck online, it’s almost a requirement to have a PayPal account. Or two.In today’s world, if you want to make a buck online, it’s almost a requirement to have a PayPal account. Or two.
There are many folks who like the security and speed that paying via PayPal allows them (and saving the cost of a stamp to mail a check). PayPal is also most international customers’ only somewhat secure and fast method of paying. PayPal even has the ability to create a “temporary” credit card number so buyers can purchase at any website, not just those that accept PayPal.
PayPal allows a person to have two types of accounts: personal, and premium or business account. (More on PayPal’s shopping cart system, a feature available with a business account, below.)
Personal account features include:
Business/premium account features include:
A comparison of PayPal fees between the two types of accounts can be found here. A synopsis of the features available for the different types of accounts can be found here.
PayPal does require unique financial institution account numbers and credit card numbers attached to separate accounts, so you might want to find a “free” checking account (your local credit union may be a good source). If you only have one PayPal account, it should be a business one.
An alternative to PayPal is having a credit card merchant account. Unless you have thousands of dollars charged monthly, the fees to have the merchant account may more than outweigh the 3% plus transaction charge ($0.30) that PayPal charges. (And credit card companies usually charge separately for a phone-order account and an online account.) Not to mention the long list of requirements for keeping customer’s credit card data secure. There’s also the trust that a consumer will have to place in your system, and some folks might shop elsewhere if they cannot use PayPal. (PayPal’s Virtual Terminal, described below, available for business accounts, has the ability to process “in person” or mail order transactions, probably less than most merchant accounts.) However, having a merchant account is valuable if you regularly sell in person at events.
PayPal can transfer funds to or from your bank account, so ensuring the accounts’ security is important. Having a separate financial institution account to only send/receive PayPal funds is one way to limit exposure.
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