It doesn’t matter if you own a large business with offices in multiple geographic locations or have a single office in the guest bedroom of your home. You undoubtedly have two things in common with other merchants. First, you want to find ways to cut as much overhead and other costs as possible. And secondly, you want to find competitive ways to drive sales up.
Former American president Theodore Roosevelt once said that, “Far and away, the best prize that life offers is the chance to work hard at work worth doing.” When you sync your business to a PayPal Business account, you have more free time to focus on doing that work. And getting an account is so easy, even if you don’t currently have a PayPal account you can stop what you’re doing right now and be ready to go within about 30 minutes tops.
Benefits of a PayPal Business Account
First, you must have a PayPal account to take advantage of using it. Go to the PayPal website. Next, create a new account. If you are a merchant who uses an official company name, then select business account. Click Get Started and enter your business account details.
The primary difference is that business accounts can accept payments from both credit and debit card users, while personal accounts are limited to credit card users. There are some other minor differences as well, such as fees associated with certain transactions.
Once your account is set up, it’s time to add the PayPal code to your website. And when you have that in place, you’re ready to start accepting payments from customers. You might be wondering whether all this extra effort is really worth it. Consider these factors, all of which help drive down costs while boosting up sales.
Branding – When consumers see the PayPal brand on your shopping cart, they know you are a verified merchant and that they can trust you. People don’t buy from businesses they don’t trust.
Customer service – When a sale goes wrong, you have PayPal’s customer service to help investigate the problem, find a solution, and take steps to resolve it.
Tax records – Having a business account that is only used for business purposes helps keep track of who made purchases, what your expenses were, and other things you’ll need when it comes time to file your taxes.
Merchant services – These are special features just for merchants to help them send, receive, and integrate payments.
Multiple syncs – In addition to syncing with an eBay account, PayPal also syncs with Citibank and some other web merchants.
Sales reports – PayPal’s reporting tools let you compare sales between items in your online store’s inventory so you can see which items are big sellers and which are sitting dormant in the shop.
Reminders – PayPal offers a reminder tool that allows merchants to send professional, timely reminders to customers with past due payments. This is especially helpful in situations where eChecks, much like personal checks associated with normal bank accounts, bounce due to lack of funds.
Building Consumer Relations
With a PayPal Business account, what you’re really doing is building consumer relations. Your customers know they will have a stress-free, secure transaction by buying things on your website because PayPal is constantly looking for new ways to detect and combat fraud. This saves you time and money while giving the customer a better shopping experience.
And these aren’t just customers in your own local area or country. With PayPal you can take orders from the more than 150 million users who live in more than 190 countries, and allow for them to pay with one of 24 different currencies.
Because consumers are shopping from their smartphones, iPhones, tablets and iPads more than ever, it’s important that your site be mobile-enabled. This allows your customers to take advantage of the opportunity to shop for whatever they want, from wherever they are, whenever they please.
Get Paid More, Get Paid Faster
With PayPal’s relatively new Bill Me Later feature, customers must spend a minimum amount before deferring the payment. PayPal takes care of getting you paid on the spot, and takes care of getting it back from the customer at a later time.
The best part is, once you are paid and ship the item, your part in the transaction is finished. The minimum purchase helps drive up sales, and unlike when people pay with an eCheck, you don’t have to wait several days to see whether it will clear.
PayPal is so convenient, why wouldn’t you have it on your website? Even though there are nominal fees for some features, there are plenty of resources and free reports online that explain how to reduce those fees or even eliminate some of them completely.
About the Author
Freelance author Mark Harris works from one of two places, his home office or the corner table in his local coffee shop. Because he visits sites such as www.personalchecksplus.com when coming up with ideas for the articles he writes, WiFi is a must or else you’d probably find him and his laptop outdoors! This avid outdoorsman spends his free time hiking the terrain or kayaking the waters around his White Rock, British Columbia home.