Why Your Business Needs PayPal

Do you remember the days when sending money internationally meant going into the bank, and doing a wire transfer? Or maybe you chose to post a check. Either way, it was costly, time consuming, and not particularly secure, and you were never really sure when the money you were sending would arrive at it’s destination. If it did at all.

Thank goodness, those days are over, and we now have internet banking and other innovations to make sending and receiving money quick and easy.

What if you’re not sending money, but receiving it?

In the old days, you would have to have your bank set up a merchant facility for you, which would usually cost you a lot of money, but would allow you to process international credit card payments. It was ungainly, but it let people starting mail order or online businesses accept payments from around the world.

Then came PayPal, and suddenly, the online payment processing world became a much simpler place.

PayPal is a third party payment processor. Essentially, they act as the ‘middle man’ for a small fee, processing payments to or from you, without ever revealing your banking information to the person receiving the money. In this day and age of identity theft, that’s probably the single most important thing to people who shop online. The company offers various types of accounts, from personal to business, each with different limits and payment thresholds, and the fees to process transactions vary accordingly.

When it first started out, PayPal was revolutionary in terms of online payment processing, and while there are several smaller competitors these days, it’s purchase by mega online retailer eBay means that it’s still the worlds largest, most popular, and some would say best payment processor out there.

PayPal is also quick and easy. Anyone with an email address and a credit card can sign up for free, and they can send and receive money to more than 190 countries around the world. The payment is received instantaneously, and can be withdrawn directly to the recipient’s bank account.

When it comes to online business, the benefits to business owners are even greater. PayPal integrates directly with most e-commerce and shopping cart software, which means that it’s easy to use with even the most extensive web store. It also allows you to create ‘Pay Now’ and ‘Buy Now’ buttons for individual items, so whether you’re selling a single e-book on your website, or running a competition with an entry fee, you can integrate payment options that your visitors can use, quickly and easily.

Probably the biggest single benefit of PayPal however, aside from it’s speed, ease of use and reach, is that it’s well known as a safe and secure payment platform. Your clients and visitors are far more likely to make purchases from you and your online store if they know that their payment information is safe and secure. There’s also the fact that PayPal also handles refunds and disputes, in the event that your client is not satisfied with their purchase, and wants to return it.

Since so many people around the world have PayPal accounts, it’s also become somewhat of a standard on all e-commerce sites, and people around the world have come to expect that PayPal payments will be accepted.

As a business owner, a third party payment processor like PayPal opens up the possibility of selling goods and services online. It allows anyone with a credit card and a website to set up a secure web store, and takes the time, effort, and worry out of getting paid for goods and services.

Since you can accept PayPal payments for goods and services, you can also use this payment method for your business, whether you’re running a service business, a retail store, or a manufacturer, and since it’s easy to integrate, you don’t have to spend a fortune on set up costs. You can even include payment buttons on invoices, or send your invoices directly from the platform itself, when you email your regular brick and mortar clients, and save them the hassle of going to the bank, or writing out a check!

In terms of security, ease of use and making your business more accessible to buyers from around the globe, there’s simply no better option than PayPal in terms of payment options, and if you’re not already using it in your online and day to day business dealings, then it’s definitely time you look into the benefits it provides. After all, the more accessible your products and services are, the easier it is for your customers to buy from you!