The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Do you run a business and hope to have an accounting system that could also handle your payments and collections? Are you a consumer who wants to make safe online purchases without disclosing your credit card details on any online store? Then, perhaps, you may want to look into what PayPal has to offer.
PayPal is a payment platform created to aid consumers and companies to make payments and accept payments. One can also remit money through it without having to provide any financial information. Its technology is similar to those of banks, ensuring security between customers and vendors. You may also use various credit debit cards with PayPal, so long as the platform supports it. You also have to choose to get a PayPal card and have PayPal activatecard for your use.
You may accept payment online, in-store, and even by a bank. You may send your customers or clients invoices as well. Hence, apart from being convenient for consumers, PayPal is also comfortable for merchants. It also has services like PayPal Ship Now at merchants’ disposal. Customers experience simplified checkout processes while merchants have all their needs in one place.
PayPal has the latest technologies to encrypt data and detect fraud, thus guaranteeing your peace of mind when you transact, especially only. Besides, you have PayPal Here, an app that works on all types of devices and OS. it lets you accept all forms of payments using your mobile device during POS.
With PayPal, you can also use your credit card safely online. You don’t have to encode your card details all the time, thus avoid the risk of being hacked. Then, the One Touch feature removes redundant actions to speed up the sales and checkout process. With this feature, there’s no need to re-type passwords or even the transaction and payment details, among others.
Yet another excellent feature is the customization option, allowing you to create and send branded invoices using existing templates. You may also enjoy out-of-the-box integrations given the POS solutions; this feature is regardless of size and type of goods. Should your purchase fail to ship or is different from expected or described, PayPal could intervene in sorting things out with the seller. More importantly, PayPal keeps your financial details confidential.
PayPal owes its popularity to its provision for users to send payments to overseas sellers instantly with only the Email needed. That means a hassle-free transaction, free of the need to memorize trivial details like bank information. Log into PayPal, and you’re off well to buy or sell.
- Accept Payments Online
- Express Checkout
- Bill Me Later
- Credit Card Reader
- Barcode Scanning
- Inventory Tracking
- Mobile Card Reader
- Online Invoicing
- Shopping Cart
- Virtual Terminal
- PCI Compliance
PayPal is in the TOP 100 accounting software products of Finances Online and remains to be the most famous, not to mention most widely used. PayPal is not perfect–it has higher interest and lower conversion rate compared to other competing platforms–but it is, nevertheless, considered an excellent product, that is why it is still in the running for the top position.
If you have a company or if you are a vendor or merchant, it is still best to compare platforms before deciding on which on to use for your business. Try out the free trials of every platform and read reviews, then try each one yourself. To help you out a little bit, the list below provides you some “must-know” details about PayPal’s services. You could check other platform’s services as well to compare before deciding.
|Pay using PayPal||Free|
|Sell (website with an invoice or email payments)||4.4% + USD 0.30|
|Sell (eBay)||3.9% + USD 0.30|
|International transactions||may have currency conversion fee may apply|
|Platform||Windows, Android, iPhone/iPad, Mac, Web-based|
|Customer types||Small Business, Large Enterprises, Medium Business, Freelancers|
|Customer Support||Email and phone|
Paying using PayPal is free, but for international transactions, there could be a currency conversion free. Meanwhile, you don’t incur any monthly fee or cancellation fee if you sell using PayPal. The cost is when you make a sale only.
Meanwhile, PayPal has apps that could run on Android and iOS. There is also web-based access. While many consumers use PayPal to purchase items, most of the clients of this platform would be small to medium businesses, large enteprises, and freelances. Finally, reaching out to them could be by two means: Email and phone
If you run a business, and you are eyeing to use PayPal, then here are its top competitors: Contractually Pricing, SutiAP Pricing, LedgerMax Pricing, PayorCRM, and Denali (Cougar) Pricing. You might want to compare before you decided. Here are also the top alternatives, QuickBooks Enterprise, Invoice Meister, Compiere, OnPay, Contractually.
Generally, users say Paypal is secure, user-friendly, and convenient.
PayPal indeed is one of the best payment, collection, and accounting systems out there. Of course, this is not to say you should go on and jump right into using this platform. It would always be wise to explore other platforms and compare so that you get the best service that fits your needs.