Yesterday, PayPal unveiled a new way for its members to get paid. Instead of providing the email address associated with your account or having to direct someone to a shopping cart page for them to buy something from you, you can simply provide the person with your PayPal.Me link.
PayPal states on their blog that this new method is a “free, simple and personal way for you to request money from anyone across the globe.” Since it’s a link, people can easily remember it and can pay you quickly without having to jump through a bunch of PayPal’s hoops.
The really neat part is that you get to personalize your link. As an example, if I had mine set up – it might be paypal.me/Kate or something like that. Keep in mind though, that at the moment I don’t have an account set up, so if you really want to send me money and try to use that as a link, it might actually go to someone else named Kate! o_O
If you are interested in having this type of unique personalization for your link, it’s probably best to go ahead and set yours up fairly quickly. I suspect that the more common names will get snapped up in the same way that Facebook names were when they first allowed people to start personalizing their Facebook pages.
There is a little caveat to this new method of payment, however. While PayPal touts this as a “free” way to collect money from friends or colleagues for something like buying a cake for someone’s birthday party or to repay someone when you borrowed money, this “free” part is not entirely true. If you use your link as a personal account, then yes, there is no fee. If you use your link as a way for people to pay you to for services or goods, then you have to set your link up as a PayPal Business Account.
Take note that you do have to pay the appropriate fees when you use this service as a merchant. Another small thing to remember is that if you have a PayPal Business Account, the link can only be used to receive Purchase Payments. This means that your friends and family will have to find another way to reimburse you if they owe you money.
You can read more about PayPal.Me here.
Do you have a PayPal.Me account? Leave a comment below.