CFO Consulting Services, Long Island CPA Provider, Discusses Small Business Lean Toward PayPal Payments Online

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Following an article published by Businessweek, Lawrence Teicher, founder of CFO Consulting Services, discusses how more small business owners are accepting PayPal for online payments.

Lawrence Teicher, founder of CFO Consulting Services, comments on an article published by Businessweek on September 17th, which discusses how many small business owners denounce credit card payments over the Internet.

According to the Businessweek article titled “Online Merchants Don’t Want Credit-Card Payments,” many online merchants are shying away from online credit card payment options. A new study published by the National Small Business Association found that less than 70 percent of small businesses accept credit or debit card payments on their websites today. In 2010, that number was over 90 percent.

However, the study also found that the amount of small businesses using PayPal for online payments has doubled from 22 percent to 47 percent in the past three years.

Lawrence Teicher, founder of CFO Consulting Services, agrees that the shift toward safer payment options like PayPal stems from heightened threats of cyber security. “Over 44 percent of small businesses have fallen victim to a cyber-attack, costing them over $9,000 on average,” he says. “While businesses can increase security by purchasing safer computer software and securing their websites, credit card information is still vulnerable. Hackers target websites that do business online because they can gain access to personal bank account information.”

With PayPal, Teicher says consumers and business owners can make transactions more safely. “PayPal takes away a lot of the risk, so it’s no wonder why many businesses are leaning toward that type of payment system,” he says. “If you want to ensure your customers are safe and your business bank account information is guarded, you should think about also offering PayPal transactions on your website.”

CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by Long Island CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.

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Lawrence Teicher

Scott Darrohn
CFO consulting services
since: 08/2013
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