Small businesses often have a tough time starting their business, let alone keeping it going with a decent enough profit to support a household. There are many rules and regulations to learn and follow, as well as the cost and commitment required to stay afloat.
In some ways, a small online retail business is a bit easier than opening a store front in the traditional manner. For example, you don’t have to worry about the cosmetic part of a physical store. A warehouse would be acceptable, if you even need one. If you are selling a product that can be downloaded online, then you wouldn’t need to worry about a lot of storage.
Even if you don’t need the extra space and staff, you still need to follow the rules placed on small businesses…and take care of your finances. What a headache, right? My husband and I own a small business, and I’m pretty sure I have threatened to throw the banking and books out the window at least a dozen times.
However, there are some steps you can take to make it a lot easier for you…online banking and PayPal.
The Convenience of Online Banking
Online banking has made my life easier, both in business and personal banking. I can check our balance at any time to see if a customer’s check has bounced, or an unexpected debit or credit occurs. One thing I have learned, is to always expect the unexpected.
Reconciling and balancing statements has never been easier either, especially when coordinating with Quick Books Online. I can do this from the office, or at home on a weekend if I choose. If we go away on a vacation, I can check it from anywhere I can find Internet service.
Transferring funds is incredibly easy as well. If we have money put aside for larger tax bills, then I can transfer it to cover the check when needed, from either the office or home.
Ordering checks is also convenient, because it can all be done online, even custom checks. For example, if you plan on selling dog collars, or ‘how to train your dog’ eBooks, you might want dog bank checks, with a symbol or picture pertaining to a dog.
However, I still need our office manager to run to the bank for deposits, because we do not retail at all, let alone online. For those who do, PayPal could change that. Read on to learn about 4 different ways that PayPal could make it even easier for you.
Even More Convenience with PayPal
PayPal has been around for a while now, helping both business and customers alike. If your business plans on selling online, or already is, take a look at what PayPal can do to help.
1. Quick and Easy Access to Payments
When you provide the opportunity for customers to use PayPal on your site for payments, you will get the money as soon as the transaction is complete. The funds can show up into your PayPal account within minutes of them hitting the ‘pay’ button.
After that, you can transfer the monies directly into your account at the bank, or leave it there to spend elsewhere, if PayPal is accepted.
Another option is to get a debit card through PayPal, and place your funds into that, which can earn 1% ‘cash back’ with purchases you make with it.
And, all of this can be done online, without having to visit a bank.
2. Offer an Easy Solution for Your Customers
Customers will appreciate the opportunity to make purchases at your online store, because it’s free and safe for them to do so, even without having a PayPal account of their own. There are 24 currencies allowed through PayPal, making this a true global opportunity for your business.
Customers who have smart phones will also be able to use the mobile checkout process that is available through PayPal. They will certainly appreciate an easy method of payment, and it doesn’t get any easier.
3. Keeping Your Cost to a Minimum
PayPal does not charge a fee for setting up an account, unlike a merchant account. It could cost about $200 just to set up a merchant account, plus additional fees.
Both have a fee per transaction, but PayPal is very competitive in that as well. Other things that differentiate PayPal are no hidden or additional fees for withdrawals, statements, or even cancellation if you need to cancel some day.
4. Protection from Fraud
Security is important to PayPal, making your experience with them a safe one. They provide automatic fraud screening, as well as their ‘Seller Protection Policy’, which works to keep both you and your customers safe from fraudulent actions.
With today’s technology and services, having a successful online retail business is easier and safer than ever before. I suggest you do some research and look into how online banking and services such as PayPal can make financial transactions easier, as well as increase them at the same time.
About the Author
James Martell has been helping students find online success for over a decade. Whether they are promoting methods to order bank checks or run a full on shopping cart his techniques have been proven to help you succeed.