When PayPal Pays You Back

Getting the Most from Your PayPal Business Account

www.rethinkingwealth.com

Did you know that setting up PayPal is more than just giving them your info and your bank account? PayPal offers some great benefits for people with business accounts, but they don’t give them to you automatically.

These benefits can reduce the cost of your fees by offering you cash back incentives based on how you use your earnings within PayPal. It’s really easy to get these benefits and there’s very little reason not to take advantage of them.

Get the Debit Card
With PayPal you can get your money sent by check or direct deposit. This takes time and is not effective if you just want to draw out small chunks here and there.

An easier, faster way to access your money is through the PayPal debit card. You use it just like a bank debit card. In addition to getting cash out of an ATM, you can make purchases at many stores and get cash back at the register.

There’s no fee for having the card or using it for purchases, but just like a bank debit card the ATM has a cost.

However, PayPal gives you benefits that your bank probably doesn’t. When you use a debit card for purchases your card can be processed like debit card or credit card. It all comes out of your account balance, but the money is moved differently. The most noticeable difference is that credit usually requires a signature and debit uses a pin.  

If you use it as a credit PayPal will automatically put 1.5% of your purchase back into your account. This happens right as the transaction is processed – no waiting.  

Active Money
You may be asking yourself “What’s the point of keeping it in PayPal and using a debit card. Why don’t I just take it all out?”

There’s a great reason—more money. PayPal has a money market account that pays you interest on money left in the account.

The best part is that it pays rates equal to or higher than bank money markets or investment checking accounts. It doesn’t stop there.

Do you know how much you have to keep in a bank to earn that kind of interest? It’s four digit numbers for the lowest interest rates and 5 digit for the highest. It’s not very practical.

PayPal wins on that point hands down. There is no minimum balance in the PayPal money market and you can earn full interest on any money that is in there. There’s no fees, either.

At the time of this writing it is 4.69% in the US. That’s down due to the current market. I have had mine open for several years and this is the first time it has been below 5%. I think it’s pretty sweet. It’s not my long term investment place, but it is nice to have my money working for me when I’m not using it.

There are very few places where you can get easy access and no minimums with that kind of interest rate.

These are great benefits that a lot of people don’t take advantage of. Sometimes they think the money amounts are too small to bother with. That’s always confounded me. If you can earn a little bit of money by doing nothing at all then why wouldn’t you do it?

When I was a bank teller, the investment department had a promotion. When a customer came in with a dividend check we could send the name in to the investment guys. If it was a name they hadn’t received before, the teller would get a dollar. I worked part time and sent in every name I got. The full time people didn’t think it was enough money to bother with.

At the end of the promotion I won second prize and was $86 richer. At the rate of pay I was getting at that time, I would have had to work nearly 13 hours to earn that amount. If you combined the time it took me to gather those names, it was probably less than hour. Plus, I was on the clock when I did it. Little things do count.

I’m sure you agree that these are great benefits. If you are just getting started in business online, make sure you know all of the tools PayPal has made available to you. You can find out more by visiting  www.paypal.com.  

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Deborah Lee is a work-at-home, homeschooling mom who loves teaching and helping others find their entrepreneurial place in this world. She understands the importance of making changes in how you think about and approach earning a living so you can have more of the important things in life and less of the things that drag you down.  Visit her blog to learn more – www.rethinkingwealth.com.

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