So how does Paypal work? When you set up a Paypal account, you link your Paypal account to your bank account and/or credit card. When someone make a payment to your business, the money will be deposited directly to your bank account, and when you want to make a payment, you don't have to enter your banking details or your credit card details on every transaction, you will just confirm the transaction. When my clients have deposited, all I need to see is the confirmation from my Paypal notifications and depending in which country, the money will be deposited within 72 hours.
There are obvious benefits for having a Paypal account on your website for your clients to make payments. But you also have benefits of having to buy online and you can make direct payments, as we have all found cheaper prices online and it saves on travelling time and other physical factors. Here are the 7 benefits that I use Paypal for:
1. Financial Data is never released
Often people who do not shop online are worried about their financial data being released to untrusted sources, but there is not need to worry about this with Paypal, they have had years of the best security in ensuring that this never happens. So when you purchase something online using paypal, your financial data is not released to the business you bought your product(s), so you can be sure your information is safe with Paypal.
2. Instant transfer of funds to and from your account
Paypal is so efficient, when you make a payment online, it debits the money immediately so you can be sure that the balance left in your bank account is not an illusion. I have had incidences where I transferred money to a vendor, and the transaction goes through, but the money is still in my bank account, giving me an illusion that I have more money than I think. Paypal ensures the money is debited immediately when you confirm the transaction.
3. Affordable Fees
Wiring money overseas is expensive if you do it through the bank. Depending in which country you're in, the bank charges up to 33% of the money you are transferring, further you have to send a certain amount for them to make money on the wiring. Paypal, even without any serious competition still has the lowest fees and continues to add value to businesses. And Paypal is free for basic account users and online shoppers.
4. Universally Recognized
After Ebay purchased Paypal in 2002, the site's transaction increased considerably and obviously online business owners followed suit and started offering Paypal as a form of payment. In fact, it is just downright bad for business if you don't offer Paypal as a form of payment. As you might know, when dealing with a trusted brand, there will probably be less fuss when it comes to clients paying you and Paypal is the most trusted online brand, after Visa and Mastercard.
5. Paypal buyer protection
Paypal takes uncompromising fraud prevention measures to ensure that it protects its users. Their policy protects you from being victimized by fraudsters and hackers who might use your account to send payments illegally. Payments that are not confirmed by you, will never go through.
6. Dispute Resolution
This is part of the service that I appreciate as a Paypal user. If you have made a payment to a vendor and you have not received your product or service you ordered. You can file a claim with the Resolution center and they will be able to help you receive your product or even receive your refund. This for me makes Paypal more viable for me and my clients. I always refer to this and it makes them feel better.
7. International Service
I have had clients overseas paying me using Paypal, clients who I have met only on Skype and they are able to send money to me in South Africa and I use other methods to send their material like Dropbox. Paypal has accommodated large and small business to make the paying process smoother and more effective. Even the average person can now shop or do business on a global scale.
If your business sells products and you have advertised them online, and you don't have a Paypal account, probably 38% of you customers are turning to another service provider who sells the same products or similar products and using them because they can pay online with little hassle. Enlyne Branding does not have products but we use Paypal for clients to pay for our consulting, web development or digital marketing services we offer. It i sin your best interest to have a Paypal account for your business.
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