They say that expenses are the silent killer of your portfolio wealth.
Yet for those of us who make our income freelancing, or who accept any sort of payment online for their business the choices are not very appealing.
Credit card issuers take a hefty 2.9% fee from the seller.
Paypal isn’t much better – they also take 2.9%.
While I didn’t track my transaction fees last year (I only counted incoming revenue after these fees were applied), I’d estimate I spent thousands of dollars in lost revenue.
However, there is a better way to accept payments called Paypal Business Payments.
Business payments only charges $0.50 per transaction!
So whether you’re receiving $100, or $10,000, the cost remains $0.50.
How to sign up for business payments
The best way I’ve found to date to get access to this awesome feature is by using Harvest.
Harvest is time tracking and invoicing software.
While the basic package starts at $12, you can also use the free plan, which permits use of invoicing.
When you need to accept a payment, just issue and invoice, and the invoice will include an option for your client to accept Paypal, and the business payment fee will automatically be applied.
A simple change for freelancers and others who accept payments online that can save you thousands of dollars each year, which can then be used to grow your income snowball.