PayPal, which is now owned by eBay is a trusted leader in online payments and enables buyers and businesses to send and receive money online. It is the most used method of payment amongst eBay buyers and sellers, and now boasts additional auction features and tools for tracking your sales.
If you offer Paypal in your listings you'll find you will sell a lot more than your competitors who do not offer this type of payment. Using Paypal a buyer can login and send payments to you within minutes of the auction ending. Instant payments dramatically speed up the entire transaction as neither party are relying on the postal service to deliver checks. This also removes the depositing process where you would need to allow 4-5 days for the funds to clear in your bank. In turn, this allows buyers to receive their goods far faster, which will make for a very happy customer.
We've established why buyers like the ease Paypal; but is Paypal such a good option for sellers?
Whilst Paypal is the easiest and fastest way to accept eBay payments, it does come at a cost. For each payment you receive Paypal takes a % as a commission. It is the seller who pays for these charges, not the buyer.
This is something you may want to take into consideration when listing your items. If you generally sell high priced items, with Paypal taking a % of each transaction, can you really afford to offer PayPal as a payment method? If you are a high volume seller and consistently sell over a few thousands dollars each month you can actually apply for a fee reduction. Paypal do not advertise this so you will need to locate the appropriate form on the Paypal website.
If you are a frequent seller you will begin to notice a substantial amount of money accumulating in your Paypal account. You now have the option to do two things; either withdraw the monies to your personal bank account, or spend the money on either eBay or websites that accept Paypal. Personally, I always try to keep money in my Paypal account to cover my eBay fees, this way I don't have to fear eBay debiting my bank account when I am least prepared for it.
If you wish to transfer money to your bank account, it can be performed with just a few simple clicks. It will take only a few days for the money to appear in your bank account. You may find however, if you withdraw less than around $50, Paypal will charge a small fee. So you may decide to wait until you reach this bracket to withdraw any funds.
So in conclusion, whilst there are other alternative payment methods I find Paypal, very much the quickest and easiest. Personally, I have been a Paypal member for several years and processed thousands of transactions through will with no problems whatsoever.
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