The Six-Figure Second Income by David Lindahl & Rozek Jonathan

Author:David Lindahl & Rozek, Jonathan
Language: eng
Format: epub
Publisher: John Wiley & Sons, Ltd.
Published: 2010-08-04T04:00:00+00:00

Building Block Six: Learn How to Accept Money on the Web

That’s what it’s all about, right? Of course, money isn’t everything, but you did buy this book so it could show you how to make a six-figure second income.

PayPal

The easiest and fastest way to allow people to pay you over the Web is to get a PayPal account. The PayPal service is owned by eBay, which you probably know is a Web power-house. That means most customers either already do business on eBay and are accustomed to PayPal, or they’ve at least heard the name.

From the customers’ perspective, paying via PayPal is not really different from paying any other way on the web. They do not need to open a PayPal account but instead can use their credit or debit cards to buy your product or service. They also are not charged a fee for doing so. On the other hand, PayPal does want to get paid for the service so it takes a few percent of the customers’ funds before forwarding the rest onto you.

Opening a PayPal account is very quick and easy. Simply go to www.paypal.com and follow the instructions. After the initial setup you’ll be asked for your bank account number. PayPal will then make two deposits of literally pennies each and will ask you to go to your bank account and find those deposit amounts. When you then enter those specific penny amounts on the screen back at PayPal, you’ve just verified that you have access to the bank account and didn’t simply make up a fictional account.

I won’t go into all the whys and hows of PayPal, but suffice it to say that it’s a great service for info marketers. Without opening any new bank accounts or going through a bunch of red tape you can almost immediately take credit-card payments over the web.

You are in for a great treat the first time you get a message from PayPal stating that someone bought your product and your PayPal balance has gone up by that amount. It’s even better when the money comes in while you were sleeping because it reinforces the point that this business can make you money around the clock if you set it up right.

Despite the fact that PayPal wanted to know your bank account number, PayPal keeps those payments to you in a separate account it maintains so, if customers pay you, PayPal increases your balance. If customers send back your product and request a refund, PayPal deducts that amount from your balance.

PayPal will even issue you a debit card if you want one, so you can go shopping with the PayPal MasterCard and buy whatever you want with the money in your PayPal account. This brings me to a very important—and little understood—aspect of PayPal: Many of your future customers regard their PayPal balances as funny money.

Let’s say you set up an eBay account, sold a number of things around the house, and now have $233.15 in your PayPal account.

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