Payment Options for Business - KISS (Keep It Simple Stupid)
If you are not a fan of Paypal, you can stop reading here. There are plenty of websites like where you can file your gripes. I acknowledge that Paypal is NOT A BANK (Yippee!) Banks are in the business of making profits and do it very well for the benefit of their shareholders. I am a by the people for the people kind of person and my money is held safely in a Credit Union (who have to answer to other members not share holders) and my back up account is Sovereign Bank - business is personal and I have a great friend at Sovereign.
Everyone can open a credit union account in their city and have access to our nation's financial systems and also every person with an e-mail address can open a Paypal account and get rid of the money transfer agents (like western union) and check cashing stores that permeate (a GRE word of the day :-) the world. I use my Paypal account to register attendees to events (through Eventbrite), receive funds from outside investors, and to stay within my budget for my second favorite mode of transportation (public trasportation is number one second is the local car share service).
The average household for instance in Philadelphia, has a median income of $36,976 (2008 figures). The per capital income in 1999 (when employment was high) was a dismal $16,509. This leaves Philadelphia with a low-income, vunerable population which does not trust the banking system. As such, they are paying exorbitant fees to do simple banking transactions like cash a check, rent a car, borrow money, or even simple things like buying a computer on a payment plan. To take advantage of cost savings, people must be able participants in the banking system but with knowledge.
For instance, I like banking at Sovereign Bank because they do not honor checks if there is not enough funds in the account. Now no worry about excessive overdraft fees. Also, make as many payments on-line using debit cards which minimizes the number of checks written. Philadelphian's are lucky to be a national headquarter for the Wawa coffee chain. Wawa, teamed up with PNC Bank to offer FREE ATM machines at their convenience stores meaning I don't pay for ATM transactions from my PFCU check card or my PAYPAL debit Mastercard! The local care share service bills a credit or debit card when the reservation for the rental vehicle is made. Unfortunately, PFCU was holding the billed amount in reserve but Paypal Mastercard does not. Now I use my Paypal Mastercard to rent vehicles without using any credit which helps me live within my means.
This covers the benefits for Philadelphians of participating in the banking system (without using credit and minimizing checks). Let's cover my favorite topic, Paypal for business! Paypal has various ways to integrate their payment solution into your website. For example, Zanacakes uses Paypal as the back end for buying her delectable treats (including key lime pie!) into the website and their facebook page. Yes, there is a transaction fee but time is money. For example, a company creates and holds events with Eventbrite using the paypal payment option. The clients must use a debit or credit card (no paypal account is necessary) and the money is instantly transferred into the Paypal account which is attached to the Paypal debit Mastercard. The company does not wait for the bank to update their system and verify funds saving 3-5 days off of processing. TIME is money!
The second example is using Paypal to transfer funds. My mother is my biggest fan and number one investor. She lives just outside of Washington, DC. My business was supported through the recession with short-term loans from investors (Thanks Mom and Gina!) The investors use their Visa or Mastercard debit cards and instantly transfer funds to the Paypal account with a small transaction fee (average of 25% of fees charged by Western Union), saving both time and money from larger transfer agents.
Now you have the knowledge to participate in the banking system.
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