How to Get More Out of Your PayPal Account

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PayPal is perhaps is the most popular service to send and accept payments. Almost every eCommerce website, freelancer and internet marketer use it to power their online payment processing systems. It's secure, flexible and easy-to-use. Whether you're a customer or a merchant, PayPal lets you exchange money in a secure manner without exposing your sensitive financial details. Although we get tons of features within our PayPal account, still very less are able to leverage all the benefits. This comprehensive guide will make you aware of all the important features and benefits that can be used to get a more flexible and powerful payment processing system. We will also discuss about making our PayPal account more secure such that nobody can penetrate or hack it.

Switch to Premier or Business Account

Whenever you create a new PayPal account, the default account type is - Personal. Unless you're only gong to use it once a year for sending or receiving a small payment, you must consider upgrading your account to a premier or business account. As the name implies, both of these account types offer more features and facilities. Upgrading to a premier account is completely free and almost instantaneous.

PayPal account types

Freelancers and eCommerce website owners must upgrade to business accounts for multi-user access as well as to get more features to process multiple payments in bulk. To take full advantage of your premier or business account, you must verify your identity by linking your credit or debit card with your account. You can also link your bank account for verification purpose.

Use In-built Invoicing System to Receive Payments

PayPal lets you receive money in two ways. Either you send a simple money requisition email to the customer or you can create a proper business invoice. The former option is ideal for occasional small scale payments. But if you're running an online business and frequently receive payments from your customers, you must opt for the latter option.

Receive payments through PayPal

PayPal has a flexible invoice creation and processing system with lots of features. You can start with the default template or you can create your own custom template for different segments of customers.

While creating an invoice, generic data is fetched (e.g. address, contact details, website URL) from the global invoice settings to populate important fields to speed up the creation process. You can also add your company's logo within the invoice for a professional touch.

Keep Multiple Email Addresses Verified With Your Account

Freelancers and internet marketers must add multiple email address to their PayPal account. It has two advantages. First, you can use multiple email addresses to sign in to the same account. Secondly, you can use different email addresses to receive payments in the same account. This is particularly useful while dealing with different types of customers to whom you do not want to reveal your primary email address.

If you're running multiple online businesses, verify and attach your different email addresses within your account and always use business-specific email address to receive payments from the relevant customers. This also lets you visualize transactions in a better way as they can be segregated easily on the basis of email addresses.

Use Express Checkout for Selling Non-tangible Digital Products

There are two primary payment methods available for customers through PayPal. One is the standard payment method and the other one of the express checkout method. The latter option is most suited for selling digital goods as the payment clearance is fast and the customer is diverted towards the product access page immediately after completing the transaction.

For tangible goods, you must setup a standard payment process. Make sure you create a custom landing page for acknowledging the purchase and payment. This way, customer can be assured of goods delivery within a specific time period mentioned on the custom page.

Use Ready-made Shopping Carts

Hundreds of service providers and businesses have used PayPal API for creating shopping carts for their products. Sellers and marketers can use these pre-made shopping carts on their websites very easily. This not only saves your time, but also let you easily integrate these shopping carts without any hassle.

You can browse a directory of ready-made shopping carts from within your PayPal account and can choose your favorite products to sell on your website. This way seller without any knowledge of HTML and programming can easily install and activate a full-fledged online shop within minutes.

Use Excellent Set of Auction Tools for eBay Users

If you have an eBay account and regularly use its services to build your business, PayPal provides you with rich set of useful tools to make the entire auctioning process a pleasant experience. Apart from instant payments, you can also use its winning buyer notification facility to immediately inform you about the highest bidder for all of your listings on eBay.

You can easily integrate PayPal with your eBay listings that enable buyers to pay through different ways as per their convenience. The underlying secure transaction processing system ensures you're safe from any kind of fraudulent activity.

Use Recurring Payment System for Premium Membership System

If you're hosting a web-based premium content subscription service or a similar member-only forums, you can use PayPal's recurring payment system for automatically collecting fixed amount on monthly basis from your customers.

It's simple to integrate and relives you from the headache of invoicing and billing each and every customer every month. There's no upfront fee for implementing this payment system for your premium subscriptions and you can completely customize the payment forms and buttons as per your requirements. You can also view detailed reports about each and every transaction within the recurring payment system as it is archived in your account.

Analyze Inventory and Profit & Loss Report Every Month

PayPal's reporting module provides several types of financial reports, but among them inventory and profit & loss report is the most essential for merchants and sellers. You must generate and analyze these reports after the end of every month to know how well your sales campaigns are pulling the customers and what are your profit margins.

You can also use these reports for forecasting with a larger set of data giving you enough raw information to optimize your sales campaigns. You can also use a transaction finder option within the reports module to trace out a specific transaction from a larger set of data. This is very useful for providing specific details to your bank or customer, if required.

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