Paypal questions

Hey all, how does a paypal account for a business work? My dad has been considering paypal at our business so that CC transactions can be done out in the field. So my questions are if there are any fees or costs from paypal for a company account? Do they make you wait to get your money like in a regular account?

 

Here is everything you need to know

https://www.paypal.com/mpp/merchant

Depending on the transaction fees here is what they list as for charges:
$0 to $3,000 2.9% + $0.30 $3.20 fee on a $100 sale
$3,000+ to $10,000 2.5% + $0.30* $2.80 fee on a $100 sale
$10,000+ 2.2% + $0.30* $2.50 fee on a $100 sale

If your transactions typically average less than $10, you could save money with our "5% plus 5c" rate.

The pricing table above applies to domestic payments in US dollars. There's an additional 2.5% charge for any currency conversion and a 1% charge to receive payments from another country.

Pricing for Website Payments Pro & Virtual Terminal:

There is an additional $30 monthly fee for Website Payments Pro. Virtual Terminal customers also pay a $30 monthly fee and 2.4-3.1% + $0.30 per sale.

*Merchant Rate Qualification Required
When your monthly sales exceed $3,000 and you've been a PayPal member more than 90 days, please fill out a one-time application, subject to approval.


Hope this helps

Edit:L Some reason the % isnt nice and neat!

 

Well thank you very much!

 

PayPal is for sure your cheapest and easiest way to accept CC's. The downside is some people don't like/won't use PayPal. Also, PayPal looks a bit "amateurish" to some people vs. a full blown CC acceptance system.

It doesn't cost anything extra to have a "business" account vs. a "personal" account with PayPal.

I've also used regular merchant accounts and PayPal's Website Payments Pro. For both options you'll need/want a full blown website with SSL and static IP to be able to accept CC's. The advantages are you can accept CC's on your own site just like you see when you shop at any "big" online retailer. You won't have to send customers off to another website to pay for their order. Merchant accounts can be a pain to get for smaller/newer businesses. PayPal Website Payment Pro is pretty easy to get approved for if you've had a PayPal account for awhile. I changed from a merchant account to the PayPal Website Pro because it was more affordable...the merchant accounts tends to "nickel and dime" you in fees plus the monthly fees. PayPal's Website Pro account the fees are all pretty cut and dry. One thing PayPal doesn't tell you is that they will most likely apply a "rolling reserve" to new Pro accounts so there is money available for charge-backs and such. That means you won't a portion of your sale for 90 days.

I've built a lot of commercial website's and messed with a lot of ways to accept CC's including PayPal, so if you have any other questions feel free to shoot me a PM and I'll do my best to be of help.