- Paypal is the easiest & most reliable
- Create, verify & pre-fund the account
- Click “send money”, enter email & dollar amount
Since I work in a payments business and since I've been an owner of a small business in the past, a lot of people ask me how they can affordably send money to suppliers.
The best way to affordably and instantly send money to suppliers in my experience is using PayPal. All you have to do is create a PayPal account, link your bank account to that PayPal account. Make sure you keep a balance at hand so prefund that PayPal not with whatever dollar amount you think you might need to use for your suppliers, if you want it to be instant. Otherwise, you'll have a 3-5 day delay.
And send—click the send to money tab inside your account, enter your client’s e-mail address or your vendor’s e-mail address and enter the dollar amount you need to send and click confirm. And instantly, your vendor will receive an e-mail where they can learn about the funds available which they can then transfer to their bank account in real time.
So, the recap, the good way to send money without paying $15 to Western Union and MoneyGram is to keep a PayPal account on hand with money preloaded.
Ben Katz is a serial media and technology entrepreneur. In this video he discusses how effective and affordable it is to use Paypal to instantly send money to your suppliers.