But we’re going to focus on the direct deposit (ACH) payment processing as it’s only a 1% fee plus $0.30 per transaction. WePay accepts all major credit cards and ACH payments. It works with invoicing services such as FreshBooks, Zoho, and more. WePay, a Chase Company, has an online payment portal that’s completely customizable. And if the transaction is under $10 there’s no fee at all. The best part? No matter how big or small the payment transaction is, Dwolla’s fee is only $0.25. Here are some of the best direct deposit services to use as a freelancer: Dwollaĭwolla makes it easy to transfer funds from one person to another and works with many of the best accounting services. Not only will the funds be deposited into your account much faster than a 2-day transfer request from PayPal, but you will save money on transaction fees. Request Direct Deposit as a Preferred MethodĪvoid paying PayPal invoicing fees by requesting direct deposit instead. While accepting credit cards virtually can cost 2.9% plus an additional $0.25 fee, encouraging clients and customers to pay with a bank transfer is totally free (for everyone!). Seriously, ACH transfers and e-checks are a completely free option for service providers who send invoices and accept payments online. If you use a traditional invoicing software like QuickBooks Online, you can accept ACH bank transfers and e-checks for no fee at all! This is why it’s totally okay to include a standard PayPal percentage fee on invoices sent to clients. And since this is the most widely accepted form of online payment, most clients request it. PayPal charges anywhere from 2%–4% to accept payments from clients, so this could save you a lot of money. The best way to avoid PayPal fees is to have clients pay the fees for you! You can include the PayPal fees directly on client invoices as a small percentage business fee. Include the processing fee in your invoice Here are some proven ways to decrease or eliminate PayPal transaction fees:ġ. In This Article 6 Ways to Avoid PayPal Fees When it comes to accepting payments virtually, why do we let online payment systems rob us of our hard-earned income?Īfter being tired of giving up my freelance income to PayPal transaction fees, I started looking for other options. Adjust the % for your fees as you require.No one likes paying fees to receive the money they’ve rightfully earned, but PayPal fees aren’t something you can change, right? Then just multiply your invoice total by the % you want to include for the transaction fees, and make that the total cost of the item.įor example, if you have an invoice total of $1000 and your want to add 3% for transaction fees, then the line item for the fees should be $1000 x 3% = $30. You can name the item "credit card fee" or "convenience fee" - whatever you think will make sense to your client. If you want the client to see the fee on your estimate or invoice, or if your local laws require you to itemize transaction fees, you can add it as a line item. * Make sure to check your local laws to ensure that including any portion of a payment processing fee on an estimate or invoice is permitted in your area and whether or not it might need to be itemized. Many clients are happy to pay the processing fee for the added convenience of paying you online with Joist Payments. If you know the client wants to pay online ahead of time, consider enabling Joist Payments and turning on Cover Payment Processing Fee on the estimate you send them as well. Turning on Cover Payment Processing Fee means the client* is now paying for the cost associated with offering them online payment options like credit card and PayPal.ĭepending on the situation, you may wish to discuss this with your client ahead of time.Īlso be aware that if you issue clients both an estimate and an invoice, enabling Cover Payment Processing Fee solely on the invoice would present a discrepancy in price. You can learn more about how Markup in Joist can help protect your profits here. It does this using our built-in Markup feature, a powerful yet simple tool for ensuring your overhead and profit margins are factored into your estimate or invoice. Turn this on, and Joist seamlessly updates the pricing on your document to include the cost of the Joist Payments processing fee. Whenever you have Joist Payments enabled on an estimate or invoice in Joist, you’ll see an option to turn on Cover Payment Processing Fee. That convenience comes with a transaction fee, but thankfully Joist has 2 easy ways for you to easily cover that fee so your profits stay protected: Joist Payments makes it easier for your clients to pay you, so you get paid sooner and with less effort.
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