ENTREPRENEURSHIP / AUG. 05, 2014
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How To Accept Payments On PayPal

Online businesses are currently very popular because they are easy to start and are very versatile. Nowadays it seems like you can conduct almost any type of business online and get paid for it. People are now selling items online and some are even offering services such as copywriting, accounting, virtual assistance, etc. PayPal is a great way for accepting payments online. Not only is it safe but it is also convenient because it offers people multiple ways to accept payments.

It is very easy to accept payments using PayPal. Read on to find out how you can accept payments through this online merchant service.

Accepting Payments Through E-mail

Accepting payments from PayPal through email is very easy. All you have to do is set up a personal account on the PayPal website. Once you have set up an account, you can link your email to the PayPal service and use it to accept payments.

This is how it works. You have to provide the person paying you with the email address linked to your PayPal account. They will then go to the PayPal website and select “send money”. They have to enter their account and email information and then send the money to the email address you provided. The person can use their bank account, visa card, master card or credit card to send you the payment.

Once the transaction is complete, you will receive an email from PayPal telling you how much has been paid and who made the payment. From there you can either decide to transfer the money to your savings or checking account or simply shop online. In order to transfer funds to your bank account, you must link it to your PayPal account.

Accepting Payments Through Your Website.

If you are selling items from your website, there are three ways that you can accept PayPal payments:

1. Adding a PayPal “Buy Now” Button

After setting up your PayPal account, click on the merchant services tab. You will be presented with a number of options. By default you will have the standard type of account but you can upgrade to the “pro” type at a cost of $30 per month. If you have a high volume of transactions on your website, it’s advisable to choose the pro type to avoid being charged downgrade fees, gateway fees and other processing fees typically charged by other payment processing services.

After setting up your merchant account, you can select the wizard tools to set up a “add to cart” or “buy now” button for your website. You do not have to learn any type of coding for this. PayPal will generate a code for you that you can copy paste into the HTML of your website.

The good thing about adding this button is that you do not have to spend sleepless nights managing online shopping. Once a buyer clicks on the “buy now” button, they are redirected to PayPal where they can securely complete their payment.

2. Integrating a PayPal Shopping Cart

Alternatively, you can integrate the PayPal Shopping Cart using their application programming interface (API). This will require you to be knowledgeable on website development or programming so this may not be your cup of tea if you are not savvy in any of these areas.

Once you’re set up, it will be upon you to cover all the transaction costs. If you have a higher sales volume within a month your transaction fees can drop to as low as 1.9%.

3. Accepting Offline Payments Using PayPal’s Virtual Terminal

This option of accepting payments from PayPal simply allows you to take the name and credit card information of your buyers outside of PayPal. You can process and complete payments by entering this information to PayPal’s virtual terminal service. This tool is available on the merchant service page but you will have to pay a subscription fee of $30 every month to use it. Transaction fees will still apply.

As you can see, accepting payments through PayPal is very easy, you just choose the method that is convenient for you. Make sure you read the PayPal agreement very closely. Keep in mind that all transactions made through PayPal are subject to a flat fee.

 

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