A client recently mentioned that she doesn’t like PayPal and wasn’t sure if she wanted to continue to offer it as a payment option for her business.
Given the title of this article, my recommendation is obvious. ABSOLUTELY, it’s smart business to offer PayPal as a payment option for your customers and clients.
There are several reasons.
The most important however is PayPal’s Bill Me Later Option (soon to be renamed to “PayPal Credit”).
You may have noticed the “Bill Me Later” option when you check out with PayPal (note it’s for US addresses only). For items you’re purchasing (or your clients!) over $99, PayPal gives you the option of paying over 6 months with zero interest.
PayPal essentially finances the item for 6 months and gives you (the purchaser) $10 back when using this service.
And the seller gets the full payment deposited to their PayPal account (less PayPal’s usual fees) instantly – no waiting.
An example of PayPal Bill Me Later in action:
Susie’s debating which of the following Online Studies classes to enroll in:
- Changes in Coaching Trends – Are You Prepared?
- Overcome Overwhelm with These Productivity Strategies
- Virtual Assistants – Maximizing the Relationship for Profitability
- Soup to Nuts: Creating Your Marketing Escalator (aka “Funnel”) – Including Landing & Opt-in Page Trend
- Creating List Engagement
- Product Launches: 4 Marketing Plans and When to Use Each
- Facebook Paid Advertising – The Different Types Step-by-Step and Without Costing an Arm and a Leg
- Ad Tracking & A/B Testing
- How to Create a Strategic Marketing Plan
She then sees she can save $82 by enrolling in all 9 for $199.
She thinks she has 2 options: Pay in full or take the two installment plan of $99.50 each.
Choosing the pay in full option plan, she checks out with PayPal and discovers she can actually take 6 months to pay, incur zero interest AND get $10 back.
No brainer. Susie chooses the $199 pay in full option on the information page, checks out with PayPal on the shopping cart page and chooses their “Bill Me Later” option. She now has 6 months to pay off the $199 investment.
And PayPal deposits the full $199 (less their regular fees) into the seller’s account immediately. No waiting until Susie pays.
As business owners, it allows us to make things easier for our clients without sacrificing/delaying cash flow. A win/win for all.