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Sunday, October 5, 2008

Money Saving Tips for PayPal

You’re a PayPal person, huh? Who isn’t these days. Near every person who has been on the internet more than three times has taken the few minutes registration requires. This in mind, it makes perfect sense that a retailer would accept PayPal payments. Only issue is, the fees are expensive if you don’t have the right account. Being a PayPal person myself, I have learned a few lessons since I signed up.

Go for the personal account. If you are a small business who won’t be accepting that many payments every month, sign up for the personal account. It will save you all of the fees that PayPal charges per transaction. Are you a larger business who exceeds the personal account’s limits? Just accept the fact that you are going to have to pay fees and just sign up for the business account…skip over the premier. If by some chance you have already signed up for a something higher than the personal account, we have tips coming. If you signed up for the personal account, you can stop reading here. You are pretty much set. If you have the personal account, we suggest upgrading to the business account. The business account has more features than your premier account and the fees are about the same. Now, you signed up for the business account…..First step, sign up for the FREE PayPal security key. It gets annoying having to use the key every time you login but it helps prevent you account from being hacked which could save you thousands. Next step, go for the FREE PayPal debit card and put your bank issued debit card away. With your PayPal debit card, you will earn %1 on every purchase that you run as a credit card. Yeah, laugh all you want at 1% but when I am paying them 2.9% per payment I receive, that 1% looks really nice. Another great feature with your PayPal card is that it will pull from your backup funding source, such as your credit card or banking account. Now, you never need to carry another card. I do suggest you use your bank issued debit card for getting money from ATM’s to avoid that $2.00 processing fee. Also, check your PayPal account every so often. PayPal will sometimes have deals where you get a percentage off your order through certain companies. Next money saving tip with PayPal is take advantage of the investing options they offer. You are allowed to move your money freely all while earning close to 2.5%.

Maybe these tips will help you save a little money all while earning money. Please remember that we are not financial experts and we are simply making suggestions. Any fees, expenses, losses, etc, that you may incur from the use of our advice comes at your own risk.

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