PayPal is a great platform for consumer payments. However, using PayPal for a business payment can quickly become expensive.
For online payments and invoicing, a fee of 2.9% + $0.30 per transaction applies. If you’re using PayPal as your main platform for invoicing and payments, these fees stack up quickly.
For example, let’s say you invoice a customer for $1000. You’ll end up paying $29.30 in fees on the incoming payment, netting only $970.70. Ouch!
Fortunately, Bill.com provides an affordable, efficient way to get paid via ACH payments.
An ACH payment, or ePayment, is an electronic payment made through the Automated Clearing House network. It’s a secure, bank-to-bank fund transfer—think of a Direct Deposit from an employer—that arrives in your bank account much faster than a paper check.
Businesses of all sizes are using Bill.com to facilitate ACH payments. They quickly get paid electronically by their customers and efficiently pay their vendors and contractors. Plus, they save more time and improve visibility with an automated approvals workflow and online payment tracking.
All this without the costly PayPal business charges.
Platforms designed specifically for ACH business payments are a great alternative to a PayPal business account. Switching to a cloud-based platform like Bill.com allows you to easily send, receive, and track ACH payments from any device, on the go.
Instead of a percentage fee that eats into every transaction, Bill.com only charges $0.49 per ACH payment. This rapidly drives down the cost of getting paid electronically, even when you factor in the cost of a monthly subscription.
And since Bill.com works with your accounting software, all incoming payments are synced automatically. You reduce the amount of time spend on double data entry, speed up to account reconciliation, and improve the accuracy of your books.
The best way to see why Bill.com is the best PayPal alternative for business is by starting a risk-free trial.