PayPal is an American, international digital wallet based e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders.
PayPal is one of the world's largest internet payment companies. The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.
Cloudswave Score for PayPal
Rating based on 17 Critic Reviews
Juan Angel Gomariz Hernandez, on GetApp
Do not use PayPal, never. Mostly if you run an online business, they can block your account anytime for any reason. You will find that you can not take your money for months. PayPal will abuse with currency exchange fees always charging you as buyer and seller with abbusive exchange rates. In fact, they are stablished in North Irland and Luxemburg to avoid USA laws and most European ones and avoid tax paying. STAY AWAY FROM THEM
Philip Parker, on CardPaymentOptions.com
PayPal is a huge company and in some circles has a bad reputation. In spite of this, the company remains one of the best options for easily accepting electronic payments and continues to gain popularity. PayPal is comparable in cost to many merchant account setups, but is much more expensive than merchant accounts under the Interchange Pass-through pricing model. Although PayPal has a lot of complaints, most of them are due to the fact that even the most inexperienced and naïve business owners can set up an account in a matter of minutes. Overall, PayPal is a solid choice for accepting credit card payments and can be offered as an additional payment option alongside a normal merchant account and payment gateway setup.
Amad Ebrahimi, on Merchant Maverick
PayPal is a good payment option to start with, and should be kept around as a second-form of payment for all businesses. Account setup is fast, it’s easy to use, and it’s widely accepted; so if you’re a brand new business and you need to accept payments quickly, then PayPal is the way to go.
As your business grows, and you exceed $1,000/month in revenue, then it makes sense to sign up for a traditional merchant account, because the costs will be lower. However, as I mentioned before, PayPal should always be offered as a second payment option. Some of your customers may prefer it, so it’s really a no-brainer.
With that said, PayPal should never be the sole payment option for a large enterprise. They have a very trigger happy underwriting and risk department which has been known to hold money, freeze, and even terminate accounts. The last thing you want is for all of your cash to be tied up by PayPal because getting it from them may turn into a long and arduous process.
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