Paypal

Introduction

Paypal is an excellent way to collect money because it allows people to pay quickly while they are thinking about it and doesn't require people to send checks or require the chapter to deposit the checks.

Signing-up

Go to http://www.paypal.com to sign-up and register for a business account. This will allow your chapter to take credit card payments for a minimal fee (typically 2.9%). You will need to have a bank account you can link to the paypal account. You can transfer money to this bank account from the paypal account.

Advantages of Paypal

  • Ability to accept credit card payments
  • Ability to invoice people for payments
  • Ability to easily collect many payments and make a single direct deposit to the chapter bank account

Disadvantages of Paypal

  • Small transaction fee
  • Some people do not trust web based transactions
  • Greater risk of losing control of banking information
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