Is PayPal really your friend?
PayPal has been a favourite online payment provider for a long time now but is it really your friend?
PayPal was originally the first choice and main payment option for eBay which helped build its popularity. But eBay has now replaced PayPal on its site for Managed Payments.
As a payment option for e-commerce websites it was always the first choice solution with easy integration. But e-commerce solutions are now switching to alternative payment options.
For a customer PayPal is attractive because they feel that they don’t need to enter bank details when checking out making the user feel more secure. But for the seller PayPal is an expensive solution with rates nearly double of other popular payment solutions such as Stripe.
Stripe offers far greater payment options such as Credit Cards, Apple Pay, Google Pay, Klarna, etc. Stripe fees per transaction are less than half that of standard PayPal
For corporate customers PayPal offers BrainTree as their solution which does offer lower rates but only just bringing it inline with other standard options.
There are many payment options available with secure payment processes for both customer and seller that have lower transaction fees which will help increase your margin.
Most banks offer their own secure payment solutions with lower rates.
If you are thinking of selling online then you should consider your payment provider to make sure you get the best rates and security your customers deserve.
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