Paypal Virtual Terminal

[dynamic08]

Is it easy to set these up ie with bank account etc.

We dont have a business account at the moment although we will do. Should I wait untill I have that before I start applying for this with paypal?

thanks

 

[dynamic08]

nobody here is using the virtual terminal?

 

[The Printed Bag Shop]

We setup a paypal terminal but found it very expensive i managed to get a better deal through the bank.

Do you know how much you will be putting through the machine?

 

[Paul Kelly ICHYB]

there is an application process which is scrutinized a bit more than a normal account, but, it is an easy process.

 

[dynamic08]

It will mainly be used b2b I expect to be putting around £2000 per month throught the system.

What kind of charges are therE?

 

[Paul Kelly ICHYB]

apart from the normal Paypal charges, £20 per month

 

[dynamic08]

So I shouldnt have problems getting it then.

sole trader. ebay payments as well. Sounds ok

 

[investmentsense]

I use PayPal Virtual Terminal. THe transaction charges start at 4.3% for both credit and debit card transactions. THe more your monthly card turnover the lower the charges go, down to 1.9%.

You need to have a bank account in the company name to open the PayPal account.

While it may be more expensive than a regular merchant account, it is a lot easier tog et set up. You also get the cleared funds into your PayPal account instantaneously as opposed to three working days with most other merchant accounts. There are no set up charges, as opposed to £150 with the banks and the £20 monthly charge is marginal in the greater scheme of things.

THe great advantage is not having to have the card holder present. WIth most merchant accounts you have to have a merchant terminal, which involves a monthly rental of at least £15.month. If you want 'cardholder not present' the rates are often closer to 3%.

All in all, if you are doing more than £2,500 a month, PayPal is cheaper and more convenient and you have to jump through less hoops to get the account in the first place.

https://www.paypal.com/uk/mrb/pal=6XE7N3TSUZYZ4

Use this link to get started.

 

[Write My Site]

I've got a Paypal virtual terminal but intend to switch to another company as soon as I've researched the best deal. Their customer service is terrible, and they have a nasty habit of freezing your account and withholding your money.

I tried to pay a supplier using Paypal funds. Paypal took the money, froze both accounts and made myself and the other party jump through hoop after hoop (including several premium number phone calls) to get the money to its rightful destination. They held onto £900 for a month, earning themselves a nice bit of interest while my supplier was forced to go without funds I'd specifically allocated to him. Appalling.

 

[investmentsense]

Who are you looking at as an alternative?

 

[Write My Site]

Possibly a merchant account with my bank (HSBC) or another virtual provider. I haven't really gotten round to researching it yet to be honest.

 

[riazmb]

Paypal Virtual Terminal is an easy way to start accepting payments on/off line. It's a tad expensive but it works for us. www.rentalaptop.co.uk

 

[CJH49]

Be VERY careful with any application for Paypal Virtual Terminal.
Paypal authorise applications and make them live with very penaltive terms which they apply to your acount without any prior oppotunity for you to accept, or more likely reject them.
They apply a 50% Rolling Reserve to ALL funds received in your Paypal ,however received and hold this 50% for 60 days before releasing it it you.
If cashflow is important to your Business do NOT apply for Paypal Virtual Terminal it will cripple you.
Surely their practice must be illegal?
How can anyone hold onto another Businesses income for 60 days without permission or authorisation?