FreshBooks is Early Adopter of PayPal Business Payments

Oct. 26, 2010 - PRLog -- INNOVATE 2010, San Francisco – FreshBooks (www.freshbooks.com), the leader in online invoicing, is using PayPal X to help answer a major question facing small businesses: How can I give my clients the convenience of online payments, without having to pay a large service fee?

Today at Innovate 2010 in San Francisco, FreshBooks announced that it is an early adopter of the PayPal Business Payments program. Select FreshBooks users during the pilot, will be able to offer their customers a low-cost electronic payment solution being powered by PayPal X, the world’s first open global payments platform.

Most significantly, the online business payment service only costs businesses a flat fee of $5.50, instead of the typical 3% service fee charged when using a credit card for online invoices. This new price model is an ideal solution for any invoice over $150 that is typical in freelance, contractor, and service based businesses. For example, an invoice totaling $5,000 would entail a $150 payment-processing fee based on a typical 3% service fee. With the new online business payment option, it's just $5.50.

Online payment processing has a broad appeal beyond online merchants and shopping carts. Increasingly, the 'check in the mail' is being replaced by the convenience and speed of the 'check in the cloud.' The new pilot program furthers the adoption of online payments between businesses, by making the service cost effective for larger dollar transactions.

"We have dreamed of offering such a service since we began in 2003," said FreshBooks CEO Mike McDerment. "With PayPal Business Payments, professionals can benefit from the speed, convenience and security of PayPal's online payment processing, while being able to keep more of their hard-earned money. It's fantastic news for the FreshBooks community."

"FreshBooks is a valuable business relationship and we’re pleased to include their customers in the PayPal Business Payments pilot program," said Damon Hougland, senior director of PayPal X. "Millions of small businesses send invoices to receive payments, yet they have traditionally been underserved in the online payment market. We're excited to work with FreshBooks to give them an affordable, fast, convenient, and secure online alternative to the paper check."  

At initial launch, the pilot program will be limited to the United States and to select FreshBooks users.

FreshBooks offers tiered pricing (starting from a free account for the solo professional user) that let businesses of all sizes – from designers to law firms - choose the plan that fits their needs. No contracts are required. Sign up for a free account at FreshBooks  and begin sending invoices and tracking time a few seconds later.

FreshBooks, The Company
FreshBooks, the leader in online invoicing, helps professionals in over 100 countries save time, get paid faster, look professional and focus on what they love to do — their work. Since 2004, the company has helped more than 1,000,000 users create, send, print and pay invoices online, taking the pain out of billing and bookkeeping. FreshBooks users are served by a tight-knit team of dedicated individuals based in Toronto, Canada. For more information, visit www.freshbooks.com.