WorkingPoint can help you get paid faster by making it easier for customers to pay you with PayPal. If you have a PayPal account, you can send your customer a link on their invoice. When a customer clicks the link, they are directed PayPal to make their payment. WorkingPoint records the invoice payment in your WorkingPoint account for you, saving you time and reducing data entry errors.
To receive a PayPal invoice payment:
Configure your WorkingPoint account settings to receive PayPal payments through your existing PayPal account and choose whether to add a button to your invoice or send a link in your invoice email or both.
If you don't have a PayPal account, you'll need to sign up for a PayPal account before configuring your WorkingPoint account to receive payments through PayPal.
Create an invoice for your customer.
When you have finished your invoice, send your customer their invoice by clicking Send via Email or clicking Print PDF and emailing the PDF to your customer from your email client, like Microsoft Outlook or Gmail.
Note: WorkingPoint passes along the currency selected in WorkingPoint to PayPal as the amount due. For example, if you have selected Euros as your currency in WorkingPoint, your customer will be asked to pay in Euros in PayPal. More
When your customer clicks the PayPal link on the email or invoice, they will be directed to PayPal to make their payment for the balance of the invoice.
If you have a business account, your customer will have the option of paying by credit card or by using their PayPal account.
If you have a personal account, your customer will only be able to pay using their PayPal account.
When the payment has been submitted, WorkingPoint records two transactions in your account:
Payment
Received on Invoice
This transaction records the full amount of the payment in your
PayPal bank account, a protected
account created by WorkingPoint to ensure the proper handling of the
payment. Use this account to track the balance of your PayPal payments
and record the transfers of money from your PayPal account to your other
bank accounts as you move money out of your PayPal account.
As you can see from the sample transaction above, WorkingPoint records the date the payment was collected, the transaction type, the PayPal reference number, a link to the transaction details, the invoice number, your customer's name, and your customer's PayPal email address.
Online/EFT
Payment
This transaction records the transaction fee charged by PayPal
for their services. When you receive a payment into your PayPal account,
PayPal automatically takes a percentage off the top. This transaction
reduces the WorkingPoint PayPal bank account by the amount of the fee
and increases the Merchant Fees expense account, another protected account
created by WorkingPoint to ensure the proper handling of the PayPal transaction
fees.
As you can see from the sample transaction above, WorkingPoint records the PayPal reference number, a link to the transaction details, PayPal account name and the transaction memo: Transaction Fee.
In addition, WorkingPoint records the payment in the Payment Received and History & Notes sections of the invoice and updates the status of the invoice to Paid in Full.
When you transfer money from your PayPal account to your checking account or other bank account to get hold of the funds, record the transfer of funds from your WorkingPoint PayPal bank account to the receiving account. This way, your WorkingPoint PayPal bank account will reflect the balance in your PayPal account.
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Note: PayPal will send you an email notification to the email on file with PayPal letting you know that a payment has been made to your PayPal account. Review this email for special instructions from your customer and to confirm that the payment has been made successfully or log in to your PayPal account to see all the transaction details. |
*Access to this feature may depend on your account plan. Log into your WorkingPoint account and click "Account" (in the upper right hand corner), then "Change account plan" to view your plan details.
How do I set up my account to receive PayPal payments on invoices?
