I am starting an LLC and would like to be able to take credit cards, but the monthly fee for a machine is OUTRAGEOUS! Could I just use paypal to do such a transaction and if so, how would I do this?
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"Is It Possible To Use Paypal Instead Of Paying A Monthly Fee To Process Credit Card Payments For A Business?" was posted on Monday, July 13th, 2009 at 7:41 pm.
“Is It Possible To Use Paypal Instead Of Paying A Monthly Fee To Process Credit Card Payments For A Business?”下有2 Responses条评论.
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The way you have describe the fee for a machine tells me one thing, you contacted either a bank or a 3rd party processor. I have been in the industry for 10 years. The fees to accepting credit cards, are not high by any means. What I mean by that is it depends on were you shop. It sounds like the company you contacted was going to charge you a month fee or lease to use the terminal. That is a joke and the biggest sucker bet in the industry. Years ago that was how things were done. Today you should buy the terminal(usually no more than $100-200 or get one for free when you open an account, just like a cell phone. I will explain below the pros and cons to merchant services and PayPal.
When it comes to credit card processing there are 2 way to go about this. The first is through pay-pal or a like company.These are what we call in the industry 3rd party payment processors. These types of companies are good only if you are a small company, usually from home and if you are doing under a $1000.00 a month. The pros to this can of account is that it is an easy setup and simple to use. The cons are that it is web based, you as the business owner have no real protection against chargebacks(when a customer dispute a charge) pay-pal is always going to be on the customers side and not yours. Also it takes 4-5 days to receive your money. The last item is human nature, most people think if you use paypal your not a real company.
The 2nd options is opening a merchant account. This is meant for business owners that are doing over $1000 a month. These types of account is for retail locations, over the phone orders and ecommerce. This system is very fast, run a card and within seconds the customer is either approved or decline and then on to the next one. The pros are that you are protected against chargebacks, you receive your money in1-2 days and you have complete control over you account. The cons are it may cost a little more upfront for equipment but most companies can offer inexpensive equipment or possible free.
Hope that this helped. If you need any more info or can not find a company that is willing to give you a fair price please don’t hesitate to email. address is in my profile
Yes and no. They person would have to pay using paypal. Paypal can link credit and debit cards to an account. So, in essence, paypal would be taking the money from a card and giving it to you. You, as an LLC, wouldn’t be able to process credit cards.