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What you should know about PayPal but may be afraid to ask

As a merchant for many years, I’ve had my good and bad moments with payment methods. Not any more! A good payment method is like a good pair of blue jeans. Once you find the right pair of jeans, never let them out of your sight. You’re not going to believe what is the best Financial Company, for the Merchant, and more so, for the customer.

paypal

Credit Card Companies & Merchants Accounts – The merchant and the customer

Let me clarify something. A Merchants Accounts is what the seller has, in order to accept payments by credit and debit cards. A Credit Card Company is what the buyer has, in order to make payments by credit and debit cards.

Many buyers will only pay with plastic, and sellers don’t want to lose customers. So you see, the ability to pay with credit and debit cards is just as important to the seller as it is to the buyer.

Now that I’ve gotten the preliminaries out of the way, I’m now going to tell you 3 things. First, I’ll tell you about what I went through when I tried to get a Merchants Account, second, what I found out about PayPal, and finally, what PayPal means to customers who buy online.

What do Bankers think about PayPal?

There’s only one thing I have against PayPal. They were established in December, 1998. I’m angry with them for not doing it 10 years earlier.

rbc bankAbout 15 years ago, I went to my bank to inquire about a new Merchants Account for my business. I wanted one of those expensive and sophisticated accounts to satisfy my naive thinking that ‘You Get What You Pay For‘. I was given the red carpet treatment by RBC Bank, which later became, PNC Financial Services.

The salesman who was going to create the Merchant’s Account for me scheduled a meeting with the Chief Executive Officer of RBC Bank. When the 3 of us met, the CEO asked me two questions. That’s all. The rest is history.

First, he asked, “What are you using now?” My answer was, “PayPal.”

Next, he asked, “Then why do you need us?” I didn’t say another word. I just listened to the one and only one thing he had to say,

“If I cannot pay for something online with PayPal, I will not buy, no matter how bad I want the product.”

This was the CEO of a major bank talking. I couldn’t believe he said this. I was about to pay this bank over $5 thousand a year for a Merchant’s Account. What he said cost his bank a sale. What does this tell you about PayPal?

11 Reasons PayPal is the best for buyers

Forget about Merchants. I’m talking about the customer now. Business is all about serving the customer. No customers means, no business.

If you’re shopping online on a strange website, and they accept PayPal as payment for products, you have nothing to worry about. You are covered.

Here are 11 reasons PayPal is the best way to pay for something online:

  • PayPal is used my millions of people.
  • It’s the most trusted and most reliable way to pay online.
  • It’s the safest way to pay online.
  • State of the art technology is used to prevent fraud.
  • None of your personal and financial information is shared with anyone.
  • PayPal has a purchase protection program in place to protect customers. When you dispute a charge, you will get your money back.
  • PayPal is very inexpensive.
  • Everyone trusts PayPal, even the top Banking CEO’s.
  • PayPal’s customer service is the best there is.
  • There’s no need for record keeping. Everything is stored online, in front of your eyes.
  • Finally, and my favorite reason, when you pay online, you’re using your own money. The results – No bill and no debt.

Need I say more? ShopGlad was created 11 years after my meeting with the CEO of RBC Bank. Our main concern was the customer. The products we sell that are our own products will be paid for only with PayPal. This is the only way we will have it. We want our customers to feel secure.