Taking payments online – when to upgrade from a personal PayPal account?
When starting out, PayPal can be a great option. But once you start processing decent amounts of money, you’ll get a better deal with a merchant account provider. To give you an idea of just how much you can save, use Fee Fighter’s PayPal calculator.
For example, if your total monthly volume is $20,000 and average transaction is $100, your PayPal fees will be $530/month compared with an average merchant account fee of $468.48/month. Over a year, it really adds up.
The big issue is when should you upgrade? If business is going well and likely to be ongoing, a merchant account will save you money. Another advantage in having a merchant account is not sending customers to a 3rd party processor.
Get in touch for more information on how MerchantPlus can assist you.