I tried to use a new system to get deposits from my customers this year. I made the mistake of using PayPal and had to fork out 3% of each deposit back to the company. Lesson learned the hard way! I love PayPal, but if there is something out there to save me some money, I’ll switch! If people still want to use PayPal, only the Friends & Family will be accepted. Any that use the goods & services setting will be subject to paying that 3% fee.
From now on I will also accept digital payments from Venmo or Zelle® as they don’t charge a fee when you send money from Online Banking or Mobile Banking. It’s very easy to set up, I just did it with about 2 to 3 clicks of buttons on my bank’s website for Zelle and on the Venmo website!
Of course cash or check are also acceptable forms of payment as well.
Learning curve with all this new technology! hahaha