While there are many great things about using PayPal, most users aren’t big fans of PayPal’s fees. Thankfully, if you’re smart, you can avoid paying fees and keep more money in your wallet. Keep these tips in mind if you’re looking for ways to skip PayPal fees.
Look at What You’re Spending
If you want to pay fewer PayPal fees, you’ll want to get a better sense of what you’re paying in the first place. Crunch the numbers and try to get a better sense of just how much you’re paying in fees each month. You can do this with financial tracking software, but you can also track your spending in a basic spreadsheet.
Once you see how much you’re paying in fees and when you’re paying those fees, you’ll be able to find ways to bring your total spending down. When you see everything, all laid out in front of you, you’ll likely see a lot of great ways to save.
Plan Ahead and Be Patient
PayPal offers instant transfer services that will allow you to instantly move money from your PayPal account to your bank account and vice versa. These fees max out at $10, but they can still add up if you transfer funds regularly.
The easiest way to avoid paying these kinds of fees is to plan. If you opt for a slower transfer, you can skip these fees entirely. It may take a few business days for your transfer to complete, but if you plan things out ahead of time, it shouldn’t be an issue for you to wait.
Switch to a PayPal Business Account
If you use PayPal for business purposes, and you don’t have a business account yet, now is the right time for you to make a switch. You’ll enjoy many different benefits of using PayPal for business account, and you might find that it helps you save money.
You won’t have to spend anything if you want a PayPal business account, and it could help you in several ways. Don’t be afraid to make the change. You don’t have anything to lose, but you do have a lot to gain.
Use Friends and Family
PayPal charges fees for business transactions, but you don’t have to pay those fees if you use the Friends and Family option instead. When you opt for Friends and Family, you won’t have the same kinds of protections, which is why you should use this with caution. However, it’s one of the best ways to avoid paying regular PayPal fees.
If you have clients that you’ve been working with for a long time, you may want to contact them and see if they would be willing to switch to friends and family. If they agree, you’ll be able to enjoy savings.
Pass Fees Along to Your Clients
Another way to skip PayPal fees is to have someone else pay them. Do the math and try to include PayPal fees in your pricing. While you’ll still have to cover these fees, they won’t impact your finances.
It’s becoming increasingly common for companies to pass PayPal fees along to their clients. Your clients won’t have to pay all that much more, and you’ll be able to keep fees from hurting your bottom line.
Try to Minimize Transactions
Do you have clients that pay you several times a month? If you have a large number of transactions, you may want to try bundling all of these transactions into one lump payment. If there are fewer transactions, there will be fewer fees, which will translate into savings for you.
Most clients will be happy to pay you less frequently. Talk to your clients ahead of time, and from there, start sending them one invoice each month. If you’re able to reduce your total transactions, PayPal fees won’t feel like such a big deal.
Look Into PayPal Alternatives
PayPal isn’t your only option. There are many alternatives to PayPal out there, and in some cases, those alternatives will have fewer fees. While transitioning to a new payment processor can be a hassle, it’s worthwhile to look at some of your options so that you can make the best decision about how to handle your funds.
Using some of these other payment processors doesn’t mean that you need to stop using PayPal. It’s possible to use more than one payment processor. Make sure you know more about your choices so that you can find the best ways to save.
PayPal fees can be painful, especially when you have to pay them regularly. Thankfully, if you follow this advice, you’ll be able to find ways to sidestep PayPal fees and spend less in total. PayPal fees can be avoided. Consider these suggestions and decide what you want to do next.
