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About to Close $3200 Deal....Need Advice! How do I accept large amounts of money?

Discussion in 'Making Money' started by gmarch25, Jan 8, 2013.

  1. gmarch25

    gmarch25 Junior Member

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    Hey Guys,

    I could really use some help/advice.

    After months of thinking of a product I threw up a website promoting a completely untapped and growing niche just to see if anyone would bite.....I did a ton of research on this niche, and knew this would gain a lot of interest.... If I advertise I know this can turn into a $40,000+ a year idea easily.

    that's all I can really say about it.


    Within the last 6 weeks I have received 6 serious inquiries...and I am doing 0 advertising. They have found me just through Google.

    The product is a shippable product that I will be shipping on a monthly basis for 12 months.

    Anyway, someone is ready to go through with the payment for $3200, however they want to pay monthly for 12 months ($265 a month). In the past I've dealt with small transactions on my other websites of like $40 where people just pay with paypal.

    How the heck do I accept payment of $265 monthly ? Should I just throw up a paypal, or is that unacceptable for such large transactions?
     
  2. bonzo90

    bonzo90 Jr. VIP Jr. VIP Premium Member

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    Either Paypal or Wire,

    Its not un-acceptable to ask for that method of payment, but the best would certainly be bank wire!
     
  3. gmarch25

    gmarch25 Junior Member

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    Ok I think I'll probably do paypal then. Thanks
     
  4. whynotmakeit

    whynotmakeit Power Member

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    paypal is fine, but you will pay a percentage in fees remember so there may be better options like bank transfer if in same country. Paypal is liked tho as it gives them some security if you don't deliver
     
  5. whynotmakeit

    whynotmakeit Power Member

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    forgot to say congrats. Imagine what you will turn over when you try if you get that already :)
     
  6. gmarch25

    gmarch25 Junior Member

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    Hey,

    Ya I am in Canada and they are in the US so I am not sure what that does to bank fees. I think I will try paypal with this first client and then see how it goes and if I want to continue for the future.

    and thanks! I've been working on this idea since June 2012 and just put the site up 6 weeks ago. I am not even ranking high yet for my keywords so I can't wait till I actually do
     
  7. kapub

    kapub Jr. VIP Jr. VIP Premium Member

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    That's awesome! Congrats on the success to a fellow Canuck. Scale, scale, scale and soon you'll be in the Caribbean and not in this mild winter we're having...ha

     
  8. gmarch25

    gmarch25 Junior Member

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    hahah it's funny you say that...That's my ultimate goal. I want to be able to live 6 months in Canada and 6 months away.

    I really think this is my ticket, but who knows. I still have a ton of work to do to even close this sale
     
  9. LukaB

    LukaB Jr. VIP Jr. VIP Premium Member

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    Congratz on success, use escrow.com .

    Watch out with PayPal, ALWAYS, you can easily get f*cked over, escrow is the best or bank wire, just be careful and don't get scammed.

    Best of luck.


    LukaB
     
  10. artificial_genius

    artificial_genius Jr. VIP Jr. VIP

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    If it is recurring in any way shape of form I'd try doing a merchant account or Paypal.

    If it is a one time payment I would do wire transfer or check.


    If you are accepting money I'd try to avoid using escrow, as that will just delay the time it takes to get your money. A wire transfer would accomplish the same thing without making you wait. The only time you should do escrow is when the person sending money demands it.
     
  11. sovereign

    sovereign Jr. VIP Jr. VIP Premium Member

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    Agreed with Luka, people have been using Paypal to scam on big deals since the dawn of Paypal.

    Always use Escrow on anything over $500

    Best of luck and congrats on everything!
     
  12. allenpaul123

    allenpaul123 Regular Member

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    If that's a shippable product then try using 2checkout which offers almost all payment options including paypal. Their fees are not so high but you will get a protection in terms of adding shipment invoice number etc.

    Thanks
     
  13. EmpireQuality

    EmpireQuality Elite Member

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    paypal is a bad option because its much too risky for sellers.
    bank transfer or wire transfer is the best option if you are getting 1 or 2 large upfront payments.
    escrow seems great as well for big payments.
    but if you are going to accept automated monthly payments, then payza should be fine.
    2checkout also seems like a good choice for monthly payments.
     
  14. angelas111

    angelas111 Jr. VIP Jr. VIP Premium Member

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    i would recommend stripe. they are fairly new and you can set up recurring billing with them. they have instant approval and you should be able to accept payments the next day (at least i was). just make sure you aren't selling something they prohibit. best of luck!!

    i would also recommend square. they have a little reader you attach to your phone but you can also use the app. but stripe is better for invoicing and stuff with their api.