Online Payment Options With RapidDirect: Paypal Now Available
Mar 06, 2020
RapidDirect wants to improve every aspect of the manufacturing process, and that includes paying for your parts. To make things faster and simpler, we now accept PayPal.
Speed is paramount during prototype manufacturing. As businesses develop products, they need to iterate and test their designs in the shortest possible timeframe.
Failure to do so can be costly.
In competitive industries, the speed of prototyping can be the difference between success and failure. Because if development slows down, another business can bring their product to market first, snatching profits from their hesitant competitor.
There are several things that can slow down prototyping. Finding a reliable manufacturer and negotiating a price takes time, and the manufacturer may need to source particular materials for the job.
Unfortunately, businesses often forget that payment can also grind manufacturing to a halt.
In the 21st century, consumers are used to paying for things quickly. Go to a store or a restaurant, and you can complete a purchase by simply tapping your credit card on a machine.
But the business world is different. Large transactions are much more common, which limits the use of instant payment methods.
If a company is mass manufacturing a new injection molded part, for example, they’ll probably need to pay the manufacturer via wire transfer, because the total sum may be much greater than a typical credit limit.
However, because wire transfers take a few days to complete, they can delay the onset of manufacturing as the manufacturer waits for the funds to appear in their account.
And this seemingly minor inconvenience can be catastrophic. Two days is enough time for a product to become obsolete, as a more expedient competitor gets their alternative product on the shelves.
On the other hand, faster payment methods can incur fees, which can be prohibitive if the payment service takes a percentage cut of the transaction. For example, a 3% charge would be negligible when ordering a one-off prototype for $200, but could represent a serious outlay when mass manufacturing.
So how does a manufacturer accommodate the needs of different customers, large and small, long-term and short-term? How can it balance efficiency and value?
When the customer is attempting to meet product deadlines, not having the right payment option can be a big obstacle.
The RapidDirect solution
RapidDirect has built its online manufacturing platform to suit all situations, from one-off rapid prototyping to full-scale production, and to suit a wide range of customers, from startups to major corporations.
We want the RapidDirect experience to be simple and efficient for everyone, but those different customers and different situations have different requirements.
That’s why we’re now accepting payments for orders via wire transfer, PayPal, standing order or (in some cases) net 30, giving customers a range of payment options to suit their specific needs.
1. Wire transfer
A wire transfer is an electronic method of moving funds from one account to another. The payer goes to (or contacts) their bank, which uses a payment network like SWIFT or Fedwire to move funds from the payer’s account to the account of the payee.
Wire transfers typically take one or two days to complete, with a little extra time required for international transfers.
Importantly, wire transfers cannot “bounce” like cheques, and the recipient actually receives the money after the 1-2 day transfer period. This makes the method safe for the recipient, since they do not have to worry about the funds disappearing.
Wire transfers are suitable for moving large amounts of money, because they incur low fees and are not subject to limits.
However, the two-day delay may not be acceptable in all situations, and businesses wanting to bring a product to market quickly may prefer a faster payment method.
RapidDirect accepts wire transfer payments for all orders, big or small. When completing an order via wire transfer, you’ll receive our bank details via email, which you can use to complete the payment with your bank.
You can then upload your payment receipt, which our accountant will verify in order to start production.
RapidDirect has recently introduced PayPal payments, opening up our services to new customers and providing a lightning-fast payment option for businesses in a hurry.
PayPal is an online payment system that facilitates the transfer of funds in several ways. Users can connect their PayPal account to a bank account, credit card or debit card, and can use the service to pay for international transfers.
Using PayPal will generally incur a higher cost than sending a wire transfer. Fees vary by region, but buyers can typically expect to pay a low percentage fee on the transaction and, if applicable, a credit/debit card fee and currency conversion fee.
On the plus side, funds are transferred in real time, which means production of parts can begin as soon as the order is received.
If turnaround is critical, PayPal may therefore be more appealing than wire transfer.
Paying with PayPal on RapidDirect is also very simple. When completing an order on RapidDirect’s My Orders page, simply select ‘Go to payment’ and choose PayPal on the next page.
This will redirect you to PayPal, where you can select a payment option from your PayPal wallet. These options may include bank accounts, debit cards or credit cards. (You can also add a new payment option via this page if you haven’t yet set it up.)
When payment is complete, you can return to RapidDirect to confirm the payment.
In addition to serving businesses working with tight deadlines, PayPal may be useful for customers placing small orders, customers in remote locations or customers who do not have a bank account for their business.
For small businesses that lack cash flow but that need to meet deadlines, or for those that may find wire transfers difficult for whatever reason, RapidDirect can also accommodate payments via the net 30 arrangement.
net 30 is a form of trade credit in which payment is made 30 days after order dispatch.
We only offer these terms of payment in specific situations, and customers must request net 30 in advance. Once the request has been made, we will assess whether the terms are acceptable.
The arrangement may be possible if, for reasons of quality assurance, a customer wants to see their parts before payment.
4. Monthly payment
At RapidDirect, we want to build long-term relationships with customers. We provide the best possible service, and that often brings customers back for more.
For regular customers that place repeat orders, we can therefore accommodate a monthly standing order.
This is a pre-arranged payment that goes from the customer’s bank account to ours at the same time each month.
A monthly payment has the twin benefits of eliminating regular trips to the bank and reducing payment charges.
To set up a standing order with us, get in touch with us via email.
The most important part? RapidDirect is flexible and can adjust payment options for different situations. Whatever your priority, we’ll find a payment solution that suits you. Learn more about our payment methods in our Help Center.
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