5 Benefits of Using PayPal for Your Business

Have you been considering introducing PayPal as a payment method for your business? Read more: 5 Benefits of Using PayPal for Your Business

5 Benefits of Using PayPal for Your Business

Have you been considering introducing PayPal as a payment method for your business?

While you have probably heard of the many benefits that PayPal comes with as a consumer, you are wondering what’s in it for you as a small to medium-sized business?

Before we analyse why PayPal is a great option for your business, let’s look at the popularity of PayPal. Around the world, there are 17 million merchants and over 250 million people who make use of PayPal. The payment method moves more than $150 billion in payment transactions yearly. This makes it the world’s largest payment system. PayPal is used all over the world by various industries including retail, tourism, finance, and even online gambling with a number of PayPal casinos on the web.

What makes PayPal so attractive is that it is so user-friendly for small to medium-sized businesses to accept payments. From a customer’s point of view, it is also easy to make a payment since this can be done with just a couple of clicks. It also provides a variety of solutions from credit and debit cards to Apple Pay and Google Pay, and more. PayPal is also free for consumers and businesses are charged competitive rates only when processing transactions.

1.     It offers flexible solutions for all

PayPal has solutions for all businesses, whether you operate online or physically. Flexibility is key with PayPal, and it is one of its best advantages. If you have online sales, PayPal is super easy to integrate with your website. If you have a physical store, PayPal offers a variety of Point of Sales solutions to aid you in your journey.

2.     Easy set-up

Setting up PayPal is super easy. All you need to do is create an account which will only take you a few minutes. You will need a valid email address, your business address, customer service contact info, and a valid bank account. You can either use your personal bank account or your business one when creating a PayPal business account.

3.     Other banking services are on offer too

PayPal now offers ATM services, debit cards, and credit cards. PayPal wants to expand its services to offer more than just online payments which is why the PayPal Cash Card exists, acting as an ATM Card.

4.     It’s mobile

You can access PayPal’s app from anywhere, any time. It runs perfectly on iOS devices and Android phones and tablets. The app is completely free and works with PayPal’s chip card reader. Your phone will connect to the chip card reader via Bluetooth so you can access it on the go and hassle-free.

5.     Reasonable prices and charges

Setting up an account is completely free with PayPal. Fees are only charged when you make a sale; you will get charged 2.7% with every transaction. If it’s a transaction done in-store, the fee is 3.5% + $0.15%. PayPal can also conveniently deliver the funds to your bank account, taking only one to two business days for transfers.

 

 

Read more:
5 Benefits of Using PayPal for Your Business

Source : Business Matters More   

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Fears over the future of free debt advice

There is growing concern that free, face-to-face advice which helps hundreds of thousands out of debt each year could be cut. Read more: Fears over the future of free debt advice

Fears over the future of free debt advice

There is growing concern that free, face-to-face advice which helps hundreds of thousands out of debt each year could be cut.

New contracts from the Money and Pensions Service (MaPS), which funds most free debt advice in England, will see more money spent on help given over the phone or online.

Debt advisors says that risks leaving some people behind.

MaPS says the new contracts will provide more help to more people.

Jane, that’s not her real name, got into £2,000 worth of debt a couple of years ago.

She says getting advice in person was crucial in helping her get her finances back in order.

“I found an organisation near me and they were really lovely,” she says.

“I went in, we sat around, there was a team of people that worked in different areas.”

‘Part of a team’

“Someone was contacting the council for me while I was in the room so if there was a question I’d speak to them.

“Somebody else was uploading information so all my income was being put on one sheet and that was being sent to everyone.

“Feeling like you were part of a team rather than being interviewed – it helped actually seeing people face-to-face.”

Jane is dyslexic and describes herself as neurodiverse, which refers to the different ways in which some people think, learn and relate to others.

She told the BBC there is no way people like her could get the same quality of debt advice and help remotely; “If I had to have that debt advice over the phone it wouldn’t have been the same at all.

“When we sat at the table, we laid everything out, and put everything into piles. I can’t see how that would happen over the phone.

“If you’re having a phone conversation and then you’ve got to go on email and then there’s an email… it just adds to the amount of chaos going on at that time.

“To go in there it’s a lot quicker to just organise everything [and] sort everything out.”

The funding restructure by MaPS will mean more money will go to a smaller number of larger regional and national centres, leaving less for local, on the ground, face-to-face support.

Debt advisors say while help over the phone or online can work for some, for others, like Jane, there is no substitute for help and advice given in person.

Amy Taylor, a debt advisor and chair of the Greater Manchester Money Advice Group, told BBC Radio 4’s Money Box programme this change in funding strategy could cut the amount of face-to-face advice by between 50% and 60%.

She said that in one area that covers Grimsby and Hull, which was recently named the debt capital of the UK, there are currently 15 debt advisors.

In March 2022, when this new funding comes into effect, there will be four.

“We will be losing that local connection that people need.

“The shift is towards regional or national contact centres rather than having organisations with front doors open where somebody with their carrier bag full of unopened letters [bills] can walk in and get the debt advice they need.

“So the MaPS is directing the funding towards remote debt advice and that is a different thing to what debt advisors do”.

Debt advisors have now started a campaign group and are due to meet a group of around a dozen MPs on 4 November to talk through their concerns.

Questions are also now being raised in Parliament about the changes:

In a statement MaPS said; “”MaPS’ debt advice recommissioning is the most significant investment in debt advice ever made.

“It will materially increase the amount of debt advice available to people in England, ensure services are built around customers’ needs and be based on modern good public funding practices.

“We’ve asked debt advice providers to tell us how they will deliver what customers need, including through continuing to offer face-to-face services.

“We also want them to consider how other channels – such as virtual appointments – should also form part of the service they offer.”

The Scottish government said it believes people should choose how and when they can access advice it provides – which is a mixture of face-to-face, phone and online services.

The Welsh Government said that before the pandemic most of its advice was face-to-face but remote services have helped since then.

Read more:
Fears over the future of free debt advice

Source : Business Matters More   

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