BOOMER ENTREPRENEUR

EXCHANGING MONEY ON THE INTERNET

If we are going to be entrepreneurs, we want to make money for our efforts. We need a way to easily pay for things and get paid by our customers. The old written check or money order can still be used, but the new way is using credit cards or using a great service called PayPal. PayPal is owned by eBay and is a first class operation. I have used PayPal for years, and I have had only good experiences with it.

When you set up your eBay account, you need to set up a buyer’s account on PayPal so you can pay for your purchases. PayPal will either charge your credit card for the purchase or draw the funds directly from your bank account using electronic funds transfer. It is clean and simple. When you are ready to start selling on eBay, you can modify your account to include selling and you are ready to go. Sell the first item and specify PayPal as the payment method and the money will be deposited directly into your specified account after PayPal deducts its fees.

PayPal will accept credit cards from customers who do not have a PayPal account so you do not have to set up a merchant account with the credit card companies, which can be quite expensive for a small starting business.

Another great feature of PayPal is that it has a shopping cart that you can add to your website for free. You can create “Buy It Now” buttons for the various products that you want to sell and it will interface right into PayPal. It lets you have a very professional looking site with a shopping cart and the payments are made through PayPal.

If I sound excited about the great benefits of PayPal, I am!

If you do not already have a PayPal account, I highly recommend that you open one now.

Click here to set up a PayPal account.

Now that we have set up the way to get the money into our account, let’s see what we have to do to get it there.