Hey, welcome back, Marianne DeNovellis here with the Six Figure Mastermind. PayPal, is
it safe? Am i protected? Am i going to be like
hijacked or something? We got to know the answers to this right? So stay tuned. I'll
give you the full scoop.
You've probably heard of PayPal and maybe you've even paid some invoices on
PayPal and maybe you're a small business working after that six-figure business
and you're wondering, "oh is PayPal something I should be using? Is it even
safe?" Well, let me just share with you a few of the details about PayPal and
that'll put all of those fears to rest. First of all, PayPal has been around
forever. You guys... well not literally forever but pretty much since the
beginning of online transactions. PayPal is the top dog. They own a lot of the
other smaller companies like venmo and several others. And in fact, they used to
be the only pay method accepted on eBay which handles transactions from all over
the world. So, PayPal they've got a long track record, they've got a great history
and they've got a really strong encryption system to keep your
transaction safe. One of the things that PayPal does to keep your financial
information safe, it doesn't share financial information with the sender or
the receiver. Unlike writing a check and sending it through the mail. Which is
probably one of the most dangerous ways to pay people. You know either through
online or personal transactions. PayPal won't have a record of your social
security number. I won't have a record of your account number, won't have a record
of your routing number that it's going to share with any of your clients.
Definitely won't to share your credit card information, definitely won't to
share your your billing address unless you know you're having something shipped
there. In which case it's the same as your shipping address. But none of that
information crosses hands. It all stops right here with PayPal. So these people
over here don't see it. These people over here don't see it. It's just that nice,
smooth, easy medium. PayPal also has something called website purchase
protection for both buyers and sellers. Now, one of the cool things about PayPal
being such a leader in this industry and one of the forefront leaders and with
eBay. You know think about eBay ten years ago. It was a wide open marketplace.
It was not as fine-tuned and regulated as it is today because eBay
both and PayPal had to go through some learning curves as people tried to
unfortunately, go through the backdoor of the system or sell bogus products or
anything like that. So PayPal saw all of that going on with the early e-commerce
age and the early electronic business stage and the early
online ordering stage. They saw all of that happening. They said, "you know what?
we've got to come up with something to protect our buyers and our sellers." So
they developed something called website purchase protection. Now, this will allow
a buyer or a seller to log a dispute about the transaction. PayPal has an
excellent conflict resolution system. What they do is they track everything
that goes on between the buyer and the seller through an online platform where
they're seeing all the transactions and even sometimes some comments. Especially
if you're handling with a third party like eBay or Amazon or Etsy or something
like that. They have a history of everything that's gone on. They also have
a time limit on this protection that says 60 to 90 days, depending on the
purchase, depending on the price but that's generally the window. So
if you're a seller and someone buys your product and they had something go
wrong with it after 60 days of using it. right? Maybe that product wasn't
intended to last longer than 60 days. Maybe it was you know a sticky pad or
something that's disposable and reusable. If that client tries to return
it outside that window, you're protected as a seller because you get to keep your
inventory clean and stocked and not lose money on false returns. For example, a
pair of shoes. You know, I once had a client as I was working at a department
store. Try and return a pair of shoes for store credit. For like full-priced or
credit when the shoes had clearly been worn and used and the soles rubbed off
over the course of the last two months. You know, so they were not
returning a product in integrity for credit because the product had been used.
That's how PayPal protects the sellers. PayPal also protects the buyers in case
maybe the seller doesn't ship their item. Maybe the seller sends a knockoff item
or one that wasn't as high-quality or as described. PayPal will protect the buyers
and enable the buyers after they submit a conflict or submit a complaint to then
get their money back in some cases not all cases, but in very, very many cases.
PayPal will protect the buyer there. So it's an intermediary platform
that protects both buyers and sellers from each other essentially. From buyers,
you know not giving the money to sellers giving bogus product. It's going to keep
all of that nice and clean. They've got a really good reputation and conflict
resolution center for that. There's another reason to trust them.
PayPal is one of the oldest platforms of payment and they've kept their model to
this date. You'll see anywhere online most places that you go online will
offer PayPal as a payment method. They've even got their own credit department now
where you can have a PayPal credit card right? So they are an established entity
and with the establish entities comes trust. Because they've been around,
they've been doing business, they've been through the thick and thin of all of the
e-commerce transactions. So if you're needing as a merchant to take payments,
PayPal is a very, very safe thing to do. Very, very safe manner for transacting
those. It also keeps you from having to open up brand-new merchant accounts for
different categories of your your products and things. PayPal is kind of an
umbrella for that okay? Don't worry if you're ever a buyer using PayPal. Rest
assured that PayPal has got everything encrypted, your information is protected
and got your back should anything go wrong. Okay, I use PayPal. I've used it
since almost the beginning of the PayPal days. so I wouldn't recommend anything to
you that I don't use myself. So yeah, totally safe, totally secure, you're going to
love it, use it for your business. In fact, leave a comment below. Ask us some
questions about what you need to know to grow your six-figure business. Hit the
subscribe button and I'll see you tomorrow.