Saturday, December 15, 2007

Step One: Sign Up for PayPal Merchant Account

Since so many of the ways to make money on the internet that I will show you involve either full-automation (i.e. sit back after set-up and earn money) or semi-automation (i.e. involves some part-time maintainence work on your part to keep things running profitably), a new financial reality has arisen of how to send and receive money via the internet. One can't expect to pay by check or make payment by bank wire-transfers - as they are just not practical in today's Internet Economy. A major part of the internet's appeal is its ability to provide instantaneous transactions, to send and confirm receipt of the payment instantly, and either instantaneously receive the product (e.g. software downloads, membership access to subscription web sites, etc.), or immediately know that the goods or services you have purchased are now being processed and soon will be delivered (e.g. purchases from Amazon.com or Ebay).

Since your goal is to make money with the internet, you will also need to establish for yourself a Merhant Account so that you, too, will have the ability to accept payments via electronic (internet) money transfers and payments by credit cards.

One option is to open yourself a Merchant Account with a Credit Card Gateway / Payment System so that you could access credit card payments, but with this option you will pay no less than 25 USD /month (and sometimes more than 100 USD /month) PLUS a percentage commission for each sale/purchase, as well as set up the web site software which is often very difficult to configure and set up properly. Additionally, many people don't feel comfortable giving their credit card information to unknown merchants (i.e. you and me), so this is not a viable option for most smaller merchants like us.

The solution is to sign up for a PayPal Merchant Account. PayPal is absolutely Free with no monthly fees to pay, and no software to set up and configure. The buyer pays only the price of the purchased goods or services, and the merchant (i.e. you and me), pay only a small percentage fee per-purchase of 1.9% to 2.9% (depending upon purchase amount) +$0.30 USD per transaction to receive the payment from the buyer. PayPal provides a secure way to pay by credit cards, as well as provides a secure way to send money directly from your bank account - i.e. the merchant NEVER knows your sensitive financial information - PayPal operates as a trusted financial payment system that guarantees to the buyer that the financial information is secure, instantaneously confirms that payment is good, and transfers the money (minus the transaction fee) to the merchant's PayPal account. Additionally, PayPal also insures for the buyer all transactions up to $1,000 USD so that if the buyer receives faulty merchandise (or no merchandise at all) after payment, PayPal will work to resolve the issue and if not possible to resolve with the merchant, the buyer can rest assured that no money will be lost or stolen.

Additionally, after you sign up, when others that sign up for PayPal Merchant Accounts through your referrals (either by e-mail or by web sites and blogs that I will show you how to create), you will receive Merchant Referral Bonuses based upon their earnings. During the first 12 months you will earn 0.5% of their total business done with PayPal - up to $1000 USD - from both their activities of BOTH receiving and sending money. So if a Merchant either sends (purchases) or receives money using his/her PayPal account for e.g. $10,000 USD, you will receive $50 USD bonus. The sooner you sign up, the sooner you can start making money. Remember, this is just step one. Not all of our eggs will be in this one basket. I am going to show you how to implement a comprehensive program of how to make money with the internet.

So if you want to start making money (including receiving money electronically) with the internet, step one is to sign up for a PayPal Merchant Account. Make sure you choose either PayPal Premier Account or PayPal Business Account, and NOT PayPal Personal Account. Personal Accounts don't provide the same merchant services, and involve higher fees the limited merchant servies it does provide. Both Premier and Business Accounts are ABSOLUTELY FREE so sign up for a PayPal Premier or Business Merchant Account, and then move on to Step Two (in the next blog post).

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