PayPal Payments - a simple, essential solution with limitations.
August 30, 2016
PayPal Payments - a simple, essential solution with limitations.
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with PayPal Payments
We use PayPal Payments on our website. We sell to over 60 countries from the site in 14 currencies. Approximately 50% of our revenue comes by this payment method. PayPal is globally recognised and known to be safe/trustworthy. It is, significantly, popular across Asia and Australasia which can have a range of cards and payment methods which we cannot readily access. PayPal bridges this gap.
- Bridges the gap for different payment methods in different countries.
- Cash is immediately available.
- Some seller protection.
- PayPal buyer protection rules - sometimes even if PoD is provided.
- Payments received in foreign currency can only be received in your domestic currency so this conversion costs over 2% which is very high.
- Expensive at the low end of volumes and very expensive to send money B2B where up to 4% can be taken as the fee.
- PayPal gives an instant cashflow although you should not take the cash until you have shipped the goods.
- PayPal has positively enabled growth of the business due to being widely accepted globally.
- Barclaycard and Braintree Payments
PayPal complements other payment methods. PayPal is simple to use and implement on your website. Braintree payments (a PayPal company by chance) handles credit card payments and can has an advantage of paying out in currencies of my choice and not just the single currency afforded by PayPal. For those companies that need to receive and pay out in multiple currencies then a facility other than PayPal is an essential complementary payment method. If you bank all receipts in your domestic currency and don't need to pay out in foreign currency then PayPal can handle the whole site for card and PayPal payments.