What It's About
A caller wonders if you can avoid PayPal fees when accepting payments from customers.
Notes from Chris
Episode 1470
More than 300 million people have a PayPal account, and you can use it to receive business payments in addition to personal money transfers. There are many alternatives, including some good ones, but PayPal really is the easiest way to accept payments online. If this sounds like a sponsor message, it’s not—it relates to a listener question. In fact, this is something that PayPal doesn’t want people to know about, so they most certainly wouldn’t pay for us to share this information. The question is from a crafty listener who’s found a way to avoid PayPal fees when accepting payments. He wants to know if he’s really on to something or if this is unethical in some way. I’ve known about this trick for years and it absolutely works—you just need to be aware of a couple of things before you use it. I’ll tell you exactly how to do it so you can decide for yourself."I'm getting killed with PayPal fees! We take a lot of small payments, and they charge a transaction fee in addition to a percentage fee. However, I think I've found a loophole. For the past few months, I've asked our customers to pay us by sending their payments directly to my email address. Then, when I have to make payments to vendors, I use the Friends & Family option and there are zero fees. Brilliant! I wanted to pass this on to anyone looking for a similar solution, and also ask you if you think there's anything wrong with it."Listen to today's episode to learn more...
SEE ALSO:
- Gmail Tool Generates $1 Million a Year: After looking for a way to send mass emails by Gmail, this web developer stumbles on more than a million dollars a year in recurring revenue.
- “Home Haircut” Invention Becomes Viral Moneymaker: When this 13-year-old created a hair-grooming tool, he had no idea the success it’d have sixteen years later—but not before it nearly crashed and burned due to too much demand.
- Teacher Hustles to Pay Off $100,000 in Student Loans: A young teacher uses tutoring and babysitting to pay off more than $100,000 in student loan debt in just three years.
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