How We Get Paid
Collecting payments does not sound like a complicated thing at all. Sign up for paypal and let them do the work and that would be a great way of doing things if paypal actually worked for us. If paypal was actually a bank and had to function under the rules the govern banks, but they do not. They seem to function under their own rules and these rules can wreck a business.
Imagine having collected thousands of dollars in sells. Imagine needing a portion of this money for your wholesaler to complete the order and needing another portion to cover shipping cost and then imagine what happens the moment paypal puts the payment under review for 72 hours or even a week. This one act could do great damage to your business.
Imagine what would happen if they were to freeze your funds for 180 days. I do not mean some of your funds, but your entire account for 180 days due to a violation that they feel no obligation to tell you about. What happens to your business? Does it still exist after that 180 days. I doubt it.
I am not telling you to get rid of paypal. I am not telling you that they are not good to work with. What I am telling you is that paypal can do more harm than good.
What I am suggesting to you is that you expand your payment options so that no one company has control over the existence of your online business. Spread your business around. It is not only smart, but good business. The more ways that are available for a customer to pay the more chances that you will have a collecting a sale. This is just being a good online business person.
First thing I would do is sign up with google checkout or as they wish to be called google wallet. They are great to work with and if there is ever a problem (I have experienced this myself) they will contact you first. Tell you about the issue and give you a few days to resolve it. They are great at customer service. And will automatically transfer you payments to your bank account within 72 hours. They do not hold your money like paypal does. It is your money and they treat it as if it is your money.
Next I would go out and get a good credit card processing service. Yes it will cost you a few dollars a month, but so does paypal. I will suggest one that you could try by posting a banner below.
To be a good online business person is to be smart. It is to cover your bases. It is to be prepared for the unexpected. It is to find a way to keep your business going no matter what is thrown at you. In other words to be a good online business person is to be a survivor.
You may have to learn how to survive without one of your payment avenues. Have another in place so that you can keep cash flowing and your business alive. That is what this post has been about. This concept is perhaps the most important and most over looked concept that you will deal with. Like insurance you never really pay much attention to it until it is needed. You other payment avenues are insurance against paypal letting you down and if you do not think that it can happen to you there are stories of Ebay powersellers who did tens of thousands of dollars each month being shut down by paypal by mistake. Paypal admitting that it was a mistake did not make up for the loss of income or damage to their businesses.
Just be careful and protect your business by protecting its life’s blood and that is its cash flow. It will always come down to being about payements and or getting paid.
Collecting payments does not sound like a complicated thing at all. Sign up for paypal and let them do the work and that would be a great way of doing things if paypal actually worked for us. If paypal was actually a bank and had to function under the rules the govern banks, but they do not. They seem to function under their own rules and these rules can wreck a business.
Imagine having collected thousands of dollars in sells. Imagine needing a portion of this money for your wholesaler to complete the order and needing another portion to cover shipping cost and then imagine what happens the moment paypal puts the payment under review for 72 hours or even a week. This one act could do great damage to your business.
Imagine what would happen if they were to freeze your funds for 180 days. I do not mean some of your funds, but your entire account for 180 days due to a violation that they feel no obligation to tell you about. What happens to your business? Does it still exist after that 180 days. I doubt it.
I am not telling you to get rid of paypal. I am not telling you that they are not good to work with. What I am telling you is that paypal can do more harm than good.
What I am suggesting to you is that you expand your payment options so that no one company has control over the existence of your online business. Spread your business around. It is not only smart, but good business. The more ways that are available for a customer to pay the more chances that you will have a collecting a sale. This is just being a good online business person.
First thing I would do is sign up with google checkout or as they wish to be called google wallet. They are great to work with and if there is ever a problem (I have experienced this myself) they will contact you first. Tell you about the issue and give you a few days to resolve it. They are great at customer service. And will automatically transfer you payments to your bank account within 72 hours. They do not hold your money like paypal does. It is your money and they treat it as if it is your money.
Next I would go out and get a good credit card processing service. Yes it will cost you a few dollars a month, but so does paypal. I will suggest one that you could try by posting a banner below.
To be a good online business person is to be smart. It is to cover your bases. It is to be prepared for the unexpected. It is to find a way to keep your business going no matter what is thrown at you. In other words to be a good online business person is to be a survivor.
You may have to learn how to survive without one of your payment avenues. Have another in place so that you can keep cash flowing and your business alive. That is what this post has been about. This concept is perhaps the most important and most over looked concept that you will deal with. Like insurance you never really pay much attention to it until it is needed. You other payment avenues are insurance against paypal letting you down and if you do not think that it can happen to you there are stories of Ebay powersellers who did tens of thousands of dollars each month being shut down by paypal by mistake. Paypal admitting that it was a mistake did not make up for the loss of income or damage to their businesses.
Just be careful and protect your business by protecting its life’s blood and that is its cash flow. It will always come down to being about payements and or getting paid.
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