Tuwaze.com

THE ENTREPRENEURSHIP MEETING POINT

Doers Only Allowed. We Rehabilitate Procrastinators too.

11778 Members
593 Friendships
Guest
Tuwaze Youtube

Kenyan Entrepreneurs and PayPal Services

ArticleID 198  
Writer Tuwaze Mawazo
Category Personal Article
PayPal is an online payment system that enables an individual or business to receive payments and send payments for goods and services anywhere in the world without revealing your financial information. If you work online, then PayPal is the safer, easier way to pay and get paid online.

How does PayPal work?

1. A buyer and seller both need to open up a PayPal account online.
2. The buyer then links their payment method (either credit card or bank account details) to the PayPal account
3. After a transaction, PayPal debits the payment method linked to the buyer’s PayPal account and credits the seller’s PayPal account
4. The seller can now withdraw the money to their local bank account

In the past, Kenyans had difficulties withdrawing funds from their PayPal accounts. However, things have changed and there are now multiple ways one can access their PayPal Cash:

Equity Bank

The bank allows you to withdraw from your PayPal account to your Equity account. It takes 5-8 days for the money to reflect in your account

Payoneer

Payoneer is a global payment and money transfer service allows you to receive money through a MasterCard. You can then withdraw your money using any ATM nationwide that accepts a MasterCard. Another alternative is to allow Payoneer to send funds to your bank account

ePay Kenya

This service offers PayPal to MPESA transactions. You can use this service to send money to a PayPal account via MPESA.

Pro’s of using PayPal as a Kenyan Entrepreneur

1. If most of your clients are internationally based, this is the safest way to transfer and receive money.
2. The account is fairly easy to set up and integrate with your website
3. A lot of Kenyan banks allow you to link up with PayPal (Equity bank, Chase bank, Co-operative bank)
4. You offer your clients a globally accepted payment method
5. PayPal makes it easy to use. You need to enter your card details just once and not after every transaction
6. Offers affordable transaction fees
7. PayPal accepts 21 global currencies
8. Offers multiple payment methods e.g. business credit cards or debit cards, bank accounts, MPESA
9. Very secure and protects both the buyer and sellers private financial information.
10. Offers security because you need not to worry about a cheque bouncing
11. No monthly or maintenance fees

Con’s of using PayPal

1. PayPal can freeze your funds without first notifying you.
2. Can take up to 6 months to receive your money after an investigation
3. In case of an issue or mix up, you cannot resolve the issue face-to-face
4. Their say is final once PayPal makes a decision regarding a dispute
5. After a PayPal investigation, the customer can keep the product, even after they have received a refund
6. If you have large sales volume every month, the transaction fees might be too high

PayPal, when used cautiously is very good for home based entrepreneurs. It was acquired by EBay and has won countless Internet awards, including “Best Financial Service Site”
Send Money Paypal, Kenya, Entrepreneur
Back   | Next Article  

Comments

MemberCommentDate

Post Your Comment Here

 
 
Copyright Tuwaze.com© 2013 - 2020 All rights reserved Privacy - Report Bug - Jobs