This will be a brief one but I wanted to talk about paypal and why I won’t use them in my business. Over the years I have heard umpteen horror stories from other marketers where they have just started their big product launch or are midway through their product launch and suddenly disaster strikes! Paypal have frozen their accounts and it could take up to 6 months to get their money out which is just the ultimate nightmare scenario.
Imagine being in the middle of a 5 or 6 figure launch and suddenly you can’t pay your affiliates, or pay any expenses you have – all of a sudden you have a bunch of unhappy people who will never work with you again. From what I’ve heard paypal are extremely twitchy – you might never have launched a product before and because paypal isn’t used to seeing a high volume pouring into your paypal account they freak out and freeze it.
I decided from the get go that I absolutely would not allow that to happen to me and even though I’m sure it is a rarity I would never, ever want to take that kind of gamble with my business or with the affiliates who are working hard to promote me. So what to do then? I could use a 3rd party like JVzoo or clickbank but I like running things my way on my own, without having to pay any hidden fees.
Stripe is just so easy to set up I would recommend it to anyone – you can process card payments on your site just like paypal but your customers don’t ever need to leave your website to buy your product and the payments you receive are paid straight into your bank account on a weekly rolling basis. From all of the research I’ve done, I have never heard anyone complain of account freezes or the sometimes psychotic behavior of paypal, so I’m sticking with them.
Obviously they may not fit you and what you want to do in your own business but for mine it’s perfect and until paypal stop behaving the way they do, they will be the only payment processor for me!