A few friends and I (Who all live apart), are about to go live with our reselling company (Domain hosting.), and we would like to know what to use to handle users, their money, and their plans? We were thinking about paypal, because of the LOW rates, but they can't handle login/passwords... We COULD send a random one of each, but thats not exactly easy-to-use for the user. Any ideas?
Edit: Forgot to mention, one of us lives in Canada, the other in PA, and I live in Kansas.... So splitting the money is also hard, any suggestions? We each have a paypal account as well.
Open up a business checking account. Each of you dump in x dollars as your contribution to start the business and then use that checking account to start your paypal business account. You can then pay yourselves from that checking account.
Eventually, if you are making real money, you will probably want to use a real credit card processing service and then you can have them deposit the money straight into that checking account. Don't get me wrong, I have been on the paypal bandwagon since the beginning and I have never had any problems with them, BUT I found SO many people "ditch the cart" once they got to the paypal step and that all stopped when I started using Authorize.net along with paypal. The internet savvy use paypal, those who aren't use Authorize.net.
You should also pay all of your bills out of this one account instead of using personal money to pay them. It is a really hard habit to break once you start mixing the business and personal finance too much and the IRS will not like you for doing it either.
i live in PA, and i can wholeheartedly recommend PNC bank. they are geared towards business accounts, very responsive and polite. there is a good chance that your partner from PA will have a branch nearby.