3. PayPal – accessible tools with online account
As an early innovator in online payments, PayPal is well-known among businesses and consumers alike. The familiarity of the brand and Buyer Protection mean that your customers are likely going to feel safe paying through PayPal – but it is far from the cheapest payment system for most businesses.
It is easy and free to sign up online for a PayPal Business account, which you’ll need for any of the payment tools. It is an e-money account based online, meaning it is not a bank account or traditional merchant account such as Worldpay’s.
Money received through PayPal will go straight into your online account. If you need to have the money in a bank account, you have to manually withdraw it to the bank account connected to the PayPal account. This can take a few working days or hours, depending on your bank.