My pal, the PayPal
September 25, 2018
My pal, the PayPal
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with PayPal Payments
PayPal payments is a fast way for me to send payments to contractors, or vendors I work with. It saves me from having to open up QuickBooks, look the vendor up, load a check into the printer, print the check, sign the check and stamp and mail it. That right there is about 5 - 10 minutes of work. If I have to send payments to 10 or more vendors... ugh, check printing NO THANK YOU. In summary, I make heavy use of PayPal to send payments to people and this saves me time to run my company and not just send payments.
- It draws from your banking account (linked accounts) making it easy to send money.
- Allows me to leave notes and if need be, get a refund fast!
- Everything moves pretty quick with PayPal, I have not had an issue with funds getting tied up.
- My biggest gripe with PayPal is the way it handles bookkeeping at a time. When I pay someone, PayPal takes money from my banking account, and deposits it into my PayPal, then it un - holds the funds and issues payments. When I go to do my taxes at the end of the year and import my expenses, it looks like I have x2 the deposits and this requires a bit of sorting.
- When I started to work with an accountant from Pakistan, they just had access to see my funds and reconcile my accounts.. PayPal froze my account until the contractor from Pakistan could submit verification documents, this was a bit of a stress.
- The ROI is good. PayPal is more or less free... Yes, there are the 2.9 + $. 30 transaction fees that sort of suck.. But beyond that, it's easy to set up and free.
- The example before, 10 people to send checks to print style would take about 60 minuets to do. Do this 4 times a month, at 1 a year, and you just saved yourself 48 hours of work. Look at how much you pay yourself per hour, less the PayPal fees... And that is a good ROI.
PayPal, while it does have some flaws has been a player in the online payment game for a while now. It's more or less streamlined, it's adding new features to better help its users and, when it's all said an done, it's faster than more traditional payment options. I have used services like Venmo, and Facebook pay, but the account options and versatility of PayPal is the winner.