PayPal Merchant Accounts

PayPal is an all-in-one provider of merchant accounts and payment gateway services.  It is a flexible way to accept credit card payments, as there are options that allow you to invoice customers via email (even if they do not have a PayPal account) and options for web site payments and virtual terminal options.  In some cases, PayPal can assist users who already have a merchant account by working as their payment gateway, or just by offering another payment option for individuals who prefer to pay from their PayPal balances.

Accepting Email Payments

One of the nice features of PayPal is the ability to email invoices to customers and accept credit card payments, bank wire payments and PayPal payments online without having to have a ecommerce website.  With this option, there are no merchant account fees, no monthly fees or setup fees to receive payments.  Each time you receive a payment you will be charged a fee per transaction. Email payments are much faster than waiting for a check to be placed in the mail and then waiting for it to clear the bank.  

You can create and send invoices directly through your own PayPal account, or you can use business tools you may already have- such as Quickbook invoices, or create and send an invoice through Outlook email.

Accept Payments On Your Website

You can use PayPal to accept credit card payments, bank transfers or payments from other PayPal accounts using PayPal's Website Standard option.  Your website does not need to have a shopping card installed, which makes it easy to get yourself set up for accepting payments in just a matter of minutes.  If you do already have a shopping cart, PayPal can be integrated to work with it easily.

Customers shop for products or services on your website and pay you using PayPal.  The customer does not need to have their own paypal account to pay you, which makes it convenient for anyone to use! 

There is no commitment, and you can get started without paying a set up fee or a monthly or yearly fee.  When items are purchased, you'll pay a small percentage of each transaction for the ability to accept online payments.

Virtual Terminal

Virtual terminals allow businesses to sell anywhere they go- from flea markets to craft fairs and trade shows to on location!  Business owners can call in credit card information, manually enter it into a web based form, or fax payment information to PayPal in order to accept payments without having to have expensive equipment such as credit card terminals.  The PayPal virtual terminal can be used with or without an ecommerce website, and charges a low monthly fee as well as per transaction fees.

Businesses of all types can benefit from using a PayPal account.  If you're just starting out, PayPal may be a great option until you determine how many credit card payments you'll be processing in an average month.  When you have a better idea of your personal needs, you can decide whether or not you need to switch to a more formal merchant account provider.  You may find that PayPal serves your needs, however, and use it to accept payments online, by phone, fax or email- even as your business begins to grow.