The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Paypal's newest solution for ecommerce sites - Paypal Advanced

AllenCrawley

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
420%
Oct 13, 2011
4,112
17,270
52
Scottsdale, AZ
"If you are looking to accept credit cards for your online store, you are probably considering using Paypal as your main payment processor.

Recently, Paypal released a brand new product called Paypal Advanced which allows you to accept credit cards for your online store for only $4.99 a month.

To put things in perspective, a typical credit merchant account and gateway will usually cost you between $20-30 in monthly fees. The fact that Paypal Advanced only costs 5 dollars per month makes it extremely attractive to new shop owners.

But as with all things, there are pros and cons to using Paypal Advanced for your store. It also doesn’t help that Paypal does such a poor job of explaining all of their different products."

This is a great post about Paypal's new product Paypal Advanced. It was written by Steve from MyWifeQuitHerJob.com who recently just joined this forum. Thanks Steve for the great, thoroughly written article.

The Cheapest Way To Process Credit Cards Online – Paypal Advanced Vs Authorize.net
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

JasonR

Maverick
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
544%
May 29, 2012
2,102
11,425
Las Vegas
As much as I like being able to process credit cards without storing them on your own sever (PCI compliance sucks), I cannot stand Paypal.

Keep in mind other payment gateways, such as braintree, beanstream, 3Delta, etc. all offer tokenization so you don't have to store credit cards on your server. If you don't store credit cards on your server, your website is out of the scope as far as PCI compliance goes.

Don't underestimate the importance of this. The company I worked for got slapped with a $15,000 investigation by Visa/Mastercard even though we didn't end up leaking any credit card data.
 

AllenCrawley

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
420%
Oct 13, 2011
4,112
17,270
52
Scottsdale, AZ
Thanks for the input. What is it about Paypal you cannot stand? I know a lot of people complain for various reasons but have you experienced?
 

JasonR

Maverick
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
544%
May 29, 2012
2,102
11,425
Las Vegas
Paypal will pull your funds instantly for customer complaints, they don't like certain types of transactions (firearm related, adult content related) etc. I just don't like their policies or how they ALWAYS side with the customer.

That being said, having a Paypal account is a necessary evil. You can't sell on eBay without one, etc.

I'm not saying Paypal Payments is a bad credit card processing solution, but I would look elsewhere, personally.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

AllenCrawley

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
420%
Oct 13, 2011
4,112
17,270
52
Scottsdale, AZ
I have had my paypal account since 2000 or 2001. I've had 2 instances where fraudulent charges of $12,000 (for world of warcraft credits, lol) and then a couple years later for $5000. Paypal quickly fixed the issues. Shortly thereafter they came out with a dongle that provided a 6 digit security code when logging in to paypal. Never had an issue since.

Yes, I'm not a big fan either due to their arbitrary actions but for the most part I really can't complain (knock on wood). I've had friends have their deposits frozen for 90 days for no reason. Some have speculated that it was because they had large deposits or a sudden increase in deposits but nothing like that has ever happened to me and I've had some pretty big deposits at times (nothing crazy big tho).

Now, I have had some customers try to get refunds claiming they never received product which puts a temporary hold on the funds equal to the dispute but I've come out on top in every one of those cases.
 

mywifequit

Contributor
User Power
Value/Post Ratio
460%
Aug 17, 2012
5
23
I've been using PPPro for 5 years now on my ecommerce store and haven't had an issue. But if you plan on marketing an info product or if you have really bursty sales (for example, if you primarily make money off of large launches or promotions), then getting a regular merchant account is probably the way to go.

PP tends to flag accounts that make money too quickly but you can somewhat mitigate this effect if you call up your account rep and notify them ahead of time for any surge in sales.

But all in all, a lot of people don't trust PP for good reason. So most internet marketers use traditional merchant accounts.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top