ANY SCOPISTS OUT THERE USE PAYPAL FOR PAYMENT?

[Sabrina]

I was just curious about being paid for my scoping services through PayPal. Do any of you scopists out there use this, and if so, are there any disadvantages, such as fees, et cetera? I looked into this a year ago, and if I remember right, it seems like the first several transactions are free and then there's a fee. If anyone out there could enlighten me, I'd appreciate it!

Sabrina Schneider
S.O.S. Scoping Services
www.sosscoping.com

[Christy Fagan, CRR, RMR, CSR]

I use PayPal to collect from my attorney clients that are out of town. There is a 1% or 2% fee for each transcation, I think. And when your invoices can be over $1,000, it takes a small chunk out of it, but it's worth it so you don't have to wait 6 months to be paid. You can include it in your bill as a kind of C.O.D. charge. I charge them when I have to send something via the post office C.O.D. and so it covers the cost and I get my money immediately. I do the same thing when I know they're going to pay by PayPal. I figure out what the cost is and include it in the charges.

You could charge your reporter if you wanted to, but if your invoices stay small, the 1% or whatever isn't enough to tick off your reporter. I mean, you're getting paid immediately and that's the advantage that you choose. So if you'd rather wait for your money and get a check in the mail, you could collect the whole amount, or you could use PayPal, get your money immediately and lose $5 or so. It's up to you.

[Sabrina]

Christy,

Thanks for that info. My reporters pay by check now, and most of the time I get them very timely, but I had a reporter inquire about it because she pays all of her bills online and thought it would be easier for her to pay me that way. Everyone's trying to get away from "paper" transactions, I guess. I appreciate your reply!

Sabrina Schneider
S.O.S. Scoping Services
www.sosscoping.com

[Carol Yannucci]

Sabrina,

I love getting paid through PayPal. While it is true that you get charged a small fee by PayPal for each transaction, the fees are tax-deductible as a business expense (you don't totally "lose" that money), and PayPal provides you a year-end statement of all fees for tax purposes.

And, if you have your business checking account verified through PayPal, you can have the money deposited into your account within three business days. For me, that beats waiting to receive the check, going to the bank and depositing it, and waiting for it to clear.

Just my 2¢.

Carol Yannucci

Cape Cod Scoping

[e-mail]

[Sabrina]

Thank you, Carol!

I'm still kind of weighing it all out in my mind. Sounds like a win-win to me! I wouldn't mind the fees so much either, because as you say, they can be written off, plus it's worth it not to have to run to my bank all the time!

Sabrina Schneider
S.O.S. Scoping Services
www.sosscoping.com

[Cheryl Toles]

Paypal is great. I started accepting payments this way a few months ago. I did upgrade to the Premier account so I could accept credit card payments - regardless of from reporters are selling on ebay or whatever - and so I am now charged a small fee, but it's worth it. If you just accept bank transfers with a basic account, there are no fees...at least weren't up to the time I switched.

After upgrading, I saw where I could get a debit card via Paypal. Well guess what, my reporter pays me and it immediately shows up and I can go use my debit card and put that money to use -- no waiting on transferring the funds to my bank, no waiting for a check to come in the mail that seems to take the scenic route, etc. I can even go pull the money out of an ATM if I want to.

I have not regretted making this decision!

Cheryl Toles

[Sabrina]

Thanks, Cheryl!

It looks like that might be the road I'll take! I appreciate your input!

Sabrina Schneider
S.O.S. Scoping Services
www.sosscoping.com