Music Publishing and Licensing Blog

Managing your collection options

There are several ways you can collect payments from your clients from your LicenseQuote powered store. You can use any or all of four options to collect directly into your own PayPal account or receive payment by check, wire or a custom payment method. We’ll review the four options available to you on your Billing Options page in your LicenseQuote account:

Online Credit Card or PayPal
By using a free PayPal Premier or Business account, you will be able to collect all licensing sales transactions instantly directly from your licensing clients, buyers or other customers. Be sure to enter the the email address of your primary PayPal account in the Paypal account field. This will enable buyers to pay online directly to your PayPal account using a credit card or their own PayPal accounts. A fully registered and verified Premier or Business PayPal account is necessary, and please keep in mind that PayPal may deduct some transaction fees.

Check by mail
Buyers will pay you offline by sending you a paper check. Enter the address to send the check to, payment terms or other instructions (optional) in the field. This information will appear in your Store at time buyer makes a licensing purchase. After you receive the check, you’ll be able to mark the inquiry as paid on your Licensing Inquiries page. This will automatically move the purchase transaction to your Licenses Sold page.

Wire Transfer
Buyers will pay you offline sending you the payment by wire to your designated bank account. Enter the wire address (bank and account number) along with any payment terms or other instructions in the Wire Transfer field. As with Check by mail, you must mark the inquiry as paid after you receive payment.

Custom payment
When enabling the Custom payment option, you can define a label (name) to be used for any kind of custom payment mode you want to offer. For example, if your clients are already set up on account or have an established means (e.g. Net terms or credit card, etc.) to pay you with. This makes it easy to manage any kind of custom billing for current or new clients. As with the Check by mail and Wire Transfer options, enter the payment mode, terms or other instructions in the Custom payment field.

Making a test purchase to check your settings
It’s always best to make a quick test purchase to check your settings, and when starting out, understand what the buyer experience will be in your store. Start by setting up a test (fake) buyer account and then test your selected payment method (collection) options.

Live PayPal testing

For doing a live PayPal test, we suggest you purchase a song from yourself with the “personal use” option. For example, if set to $1.00, you’ll only pay that much, and after the test you can refund yourself. Note however, you won’t be able to buy and sell from the same PayPal account, so you may need to set up a second PayPal account, one to be used only for your Publisher (seller) account, and one for the testing, unless you already have two set up, then just go ahead with those.

Check, wire or custom collection settings
You won’t need a PayPal or credit card to test these settings, because you’ll be simulating receipt of a check, wire transfer or other custom collection method. After you see the inquiry appear on your Licensing Inquries page (you’ll also receive an email notification!), click it to enter a memo and then click the “Recieved payment” button. This marks the transaction as paid and moves it to your Sold Licenses admin page.

Following this basic purchaes testing procedure will ensure that your options, settings and any additional instructions (e.g. check mailing address, or wire account numbers) will appear correct in your Store so your clients can pay you according to the options you’re providing them.

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