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What do you need to get paid in a digital business?

The first step to monetize any digital project is to establish effective methods to get paid. In a previous module, we discussed the importance of turning your idea into a profitable business. Now, it's time to talk about how to get paid, a crucial aspect of any business. Exploring various payment platforms and methods, knowing their advantages and limitations, and choosing the best option for your situation is essential.

How to get started with bank accounts?

Having a bank account is the obvious and essential first step. But, not all accounts work the same way:

• Account type: There are savings accounts and checking accounts. While a checking account allows you to write checks, a savings account does not.
• Natural person vs. legal entity: Evaluate whether your account should be personal or business, especially if the business will expand.
• Minors: If you are a minor, you can open a bank account with the help of an adult. You will need certain documents such as identification, proof of address and an amount to open the account.

When choosing a bank, consider the transaction costs and whether the account can receive money from abroad. For the latter, you will need the SWIFT code, which facilitates international transfers.

How does PayPal work in the business world?

PayPal is a popular and simple alternative to the traditional banking system. Although it is not a bank, it allows you to send and receive payments internationally. Here are a few tips:

• Business account: In many Latin American countries, only business accounts allow you to receive money. It is convenient to create one of these to have greater monetization options.
• Fees: PayPal charges transaction fees. Keep this in mind when calculating your costs.

What is Stripe and how can it help you?

Stripe is another essential platform, especially for specific services like Anchor. This service asks you for a phone number to open an account and, like PayPal, charges transaction fees. However, to withdraw money, you'll need to link it to a bank account, either traditional or an option like Payoneer.

How can you expand your options with Payoneer?

Payoneer is a tool that offers flexibility in handling currencies and foreign accounts:

• Multi-currency: You can have virtual accounts in dollars and euros, among other currencies.
• Debit card: Although it is virtual, you receive a physical card that you can use at ATMs or to pay for purchases. Keep in mind the fees for uses such as cash withdrawals.

Are there other options in Latin America?

In Latin America there are alternatives to PayPal and Stripe that could fit your needs:

• Mercado Pago: To receive money locally, although it does not yet allow international payments.
• Nubi and Neki: Good examples in Argentina and Colombia, respectively, that allow linking with PayPal to withdraw funds.

If you know of other methods, please share them! The evolution of payment platforms is constant, and staying informed is vital for any digital entrepreneur.