Review Of PayDrill (Updated)

(I updated this review on March 25, 2016 after upgrading the Paydrill software to Pro)

Is PayDrill the answer?
Is it better to use a calculator or spreadsheet to get all your Paypal numbers crunched? Or is PayDrill the answer? You may be surprised at what Micheal found.

I purchased the Lifetime License to the Basic Version of PayDrill at 10:12AM on March 21. Within 15 minutes, I had downloaded and installed it. I purposefully ignored the upsells (at first). I wanted to see what the basic version is good for.

I will be brutally honest. This software is crippled in the basic version. But with that said, it does have some uses. You can use it to instantly send money to anyone without logging into your Paypal account (or the Paypal app on your phone). You can instantly see how much money you earn (or spend). But with the Basic version, you will quickly find that you can’t do much more than see how you are doing.

The Process

Let me tell you about the process. When you first install the software, it does not really give you a whole lot of info to get you started. One thing I was peeved about initially was the “Create Account” section. It does not tell you that you are creating an account for the software on the PayDrill servers. So, since I did not know this, I used my Paypal account info (I didn’t want to have it create a new Paypal account and I hoped it would say an account already exists). Once it was successful (to my dismay), I realized that it was for the software to authenticate who I was before it gave the user access to my Paypal account in the event that someone is using my computer. So you have to use this info the next time you load PayDrill.

Once you have an account, then you have to register the software using the email and code you were sent from Ankur. Once that is done, the software is ready for you to connect to your Paypal account.

Not For Hobbyists

PayDrill is not for the casual user. Even though the basic version is not really a business tool, the software will not connect to Paypal unless you have a Business or Premier Paypal account. Paypal only gives access to the API to Business and Premier members. It is easy to upgrade, they even give you instructions right in the software on how to do this. (I just wish they had done that for the account creation thing).

Once I got the credentials for the API (another step that I had to use the instructions that they provided right from the software – but I had to change my Paypal dashboard to “Classic” for this task because the instructions did not show how to access the API creds from the “new and improved” Paypal dashboard) the software needed to know how much data to import from Paypal. I told it to bring in 13 months worth of data. If you use your Paypal a lot, you will have to be careful in the Basic version. The Pro version allows you to import 20,000 transactions which is pretty good.

The software really does give you a lot of info that you would have to sift through a lot of spreadsheets to get to if you tried to simply use Paypal alone. Imagine being instantly able to see how much you earned on 1 product or product line. Or see what month brought you the most refunds. Those are easy to find right on screen. The graphs are great! You can visually see how you are doing each month.


Pro Tips

In the drop down menu, you will find dashboards and a settings menu item. In this section, you can upgrade to pro and do a lot of things that I wish I had seen before my initial review of Paydrill, as I would have given it a much better grade.

paydrillsettingsAs you can see in this image, the dashboard tab from the settings menu allows you to change the date format to one of your choosing. You do have to scroll all the way to the bottom. I didn’t do that on the day I initially reviewed this software. My apologies to anyone who read that and decided not to buy PayDrill. One thing that I noticed in the Pro version (and is probably in the Basic version, too) is the lack of archiving. They want to you buy the Enterprise edition for that functionality. In my opinion, if you have that many transactions where you need to archive your old transactions, you probably need the Enterprise version anyway. But I would think that being able to save old data would be something you should be able to do.

Do I Really Need PayDrill Pro?

There are 3 versions of PayDrill. Basic (the one that does not really give you any reporting capabilities), Pro (gives you all the reporting capabilities you wished for in Basic) and Enterprise (gives you the ability to access multiple Paypal accounts and reports for your entire company – if your company uses multiple Paypal accounts). I know for a fact that I would want Pro and I am not really in need of Enterprise. Sure Yvonne and I each have a separate Paypal account, but we aren’t really an Enterprise. I would probably just get 2 Pro versions instead of the Enterprise version. If I was a partnership among 3 or more people, then the Enterprise version would be the one (and the person using it would have to be the accountant or someone all of the partners trust to have access to their Paypal accounts).

WSOInsider Paydrill Bonus

Recommendation And A Grain Of Salt

Ok, so I would not waste my time with PayDrill unless I was willing (and I am) to pay for the Pro version right off the bat. I would spend more time with my spreadsheets than it took me to get all set up and my reports run in PayDrill Pro. The dashboards in Pro are awesome. They are set up to give you realtime (as long as you give instructions to PayDrill to update your transactions every 15 minutes or less) visual data on how you are doing.

After using PayDrill Pro, I am still not 100% sold on the usefulness of the software on the whole, since it was not useful for my tax purposes. I was hoping that I would be able to generate more complex reports to help me with my taxes, but I am still going to have to do what I do every year: download all my transactions to a spreadsheet and go through them to separate the business transactions from the personal ones. (Maybe if I had a personal Paypal account, that would not be an issue, but I use my Paypal debit card for business and personal use).

Don’t get me wrong, it is useful, just not for what I had hoped. Maybe, if enough people request it, Ankur would be able to include new reports that we could use for tax purposes: Commissions paid,  Business expenses, etc. The reports that are available are: Complete Financial Report, Sales Report, Products Report and Countries Report. You could use these for your taxes if you are only using your Paypal for business.

Now I had to buy my copy, but I do get paid for any sales made from anyone who buys from my link (but you do get a pretty cool bonus for buying from my link, so it is a fair trade in my opinion).

 Get your PayDrill Bonus here!

Don’t Use Paypal For Business Without This Software!

Paydrill Bonus
If you use Paypal for your business, you probably wish you could run more detailed reports to get more data from your existing transactions.

For years, online business owners have been working with Paypal to process payments because it was the most business friendly payment processor available without spending a large chunk of your earnings on specialized equipment and software!

Unfortunately, Paypal has never really allowed you to run specialized reports of your transactions. I have to export all of my Paypal transactions each year into a large CSV (comma separated value) file to import into Excel so that I can figure out my taxes. So I can understand how challenging it would be to try and figure out which customer buys the most stuff from me or which one charges back the most.

A new software solution was just introduced called PayDrill, and it is going to change the way businesses use Paypal! And for the next 7 days, we are going to offer you a bonus for buying it from us!
PayDrill Bonus