Financial Managment / PayPal

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Cormac

New Member
I'm considering setting up a PayPal A/C to manage my incoming finances for a website that i'm running. The site is due to make a turnover of approx E2,000 leading to the end of this year. Is using PayPal a wise choice for managing this fund. If i was the only person involved in the site then i would just lob the cash into my own personal A/C, however, there are five of us involved. We have monthly expenses and we each need a certain level of access to the funds.

How easy is it to withdraw/transfer funds from Paypal to your Bank A/C and can that be done using a general A/C or do you need to setup an advanced A/C? The FAQ's on the PayPal site are horrible and full of ****e and don't work


Any recommendations on what is the best avenue to take.
Also, what s/w is best to use for simplified Account Management. I had a gander thru SourceForge and i came across this:
http://sourceforge.net/projects/swam > > > Simple WebAccount Manager.
I'm only going to be doing simple ledger and balance sheet accounts. Maybe a few equity/liquid ratios....or maybe not!
 

louie

New Member
We use paypal for one of our website and it works fine.
You can transfer money to your Irish bank account or I think you can have few accounts as well.

It is only available for Ireland in the last year.
 

Cormac

New Member
very good.
Are there any transfer costs from PayPal to your Bank A/C? Which Bank are you using if you don't mind me asking?
And also what was the turn around like?

Do you use any A/C software Louie?
 

mneylon

Administrator
Staff member
You'd need to get a business account if you want to handle any volumes.

The only problem you are likely to run into is with separating a personal and business account if you only have one credit card. You cannot have two paypal accounts linked to the same CC
 

mneylon

Administrator
Staff member
Do they offer an API?

Do any of the shopping carts support them?

One of the advantages paypal has over a lot of the others is recognition. It's a name we all know and trust ...
 

Gavin

New Member
Can you get a debit card with an Irish paypal account?

I have a US Paypal business account with a debit card and works great and if I use the debit card for any purchases Paypal gives me cash back into my account.
 

mneylon

Administrator
Staff member
Cormac - an Irish paypal account allows you to transfer money to your bank and that's about it. It works fine though
 

writie

New Member
Do they offer an API?

Do any of the shopping carts support them?

One of the advantages paypal has over a lot of the others is recognition. It's a name we all know and trust ...
I didn't get that far in the fine print! I've used them three times already on different sites (as a customer). So they seem to be pretty broadly accepted. If I get the time, I'll check it more closely.
 

Cormac

New Member
i'm still looking for a recommendation on a decent server side ledger app. Nothing too fancy mind. It's just basic accounts stuff i'd be doing. I have yet to play with SQL Ledger but it might be over kill. Every app i installed from SF.net either didn't work or wasn't suitable...
 

writie

New Member
BN, I still haven't signed up (I won't be selling anything new over the coming weeks, so I'm not in a hurry).

here's the general blurb from their site:

# High level of market acceptance
# Simple access to international markets
# No additional costs for investment, programming and system maintenance
# Quick and easy implementation
# No separate contracts with banks and credit card companies
# No need to spend time operating an expensive gateway
# Enables you to implement any conceivable Internet pricing model
# Excellent possibilities for price differentiation
# No expenses for plausibility, scoring and credit checks
# No expenses for bookkeeping, billing, etc.
# No expenses for payment follow-up, reminders and collection
# No additional fees for processing returns
# No reporting costs
# No expenses for maintaining a call center and for customer service
# Increase sales through marketing actions
# Marketing consulting

Not much, but quite a lot as they say.
 
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