PayPal

Pros

I have the ability to send and receive money online, from both local and international funding sources, with no limit on my account, meaning that, I can receive any amount of money on my account and as well as withdraw same amount of money to my local bank account.

Cons

PayPal does not support all countries in the world, making it hard for those countries to utilize PayPal for sending and receiving funds online. Also their customer support team is not a good gone, especially during your tough account situation.

Pros

PayPal is a standard payment method for me when it comes to online payment transactions. It's easy, quick, and straightforward. The customer can choose between different payment methods (PayPal account with direct debit, credit card or purchase on account/installments). Dealers immediately get payment confirmation. In addition, all business payments are covered by buyer protection. This makes it a very convenient transaction method.

Cons

Some points are rather negative. For instance, in the past PayPal has frozen higher incoming payments directly (suspicion of money laundering). Verification of your account is a must. I also find the fees that are charged occasionally very questionable. Therefore, as the operator of a digital payment, the amount of the order sums have to be questioned. Not all payments should be managed with Paypal as it can get very expensive.

Alternatives Considered

Reasons for Switching to PayPal

Pros

I like the ease of invoicing, receiving payments, and logging all invoices from one app. It is perfect for a small business starting out and takes the hassle of finding different apps for each tool.

Cons

I don’t like the wait time on refunding customers. I’ve learned it takes too long of a timeframe for the customer and resorted to using a different menthols for my refunds.

Alternatives Considered

Reasons for Switching to PayPal

Pros

There are very few places that do not take paypal. You can easily add multiple ways to pay. It also easily integrates with many things like woocommerce, zapier and wordpress to take payments if you would like. It is easy to get money from friends or people who owe you for business.

Cons

There is really only one annoyance that I have with paypal. If I have a say $10 visa or mastercard gift card and say I want to buy something for $15 most places online don't take 2 forms of payment for the same item so I need some way to put the gift card into my paypal account, but they don't allow you to easily send money from a credit card or prepaid gift cards. So the work around is to make an invoice and send it to another email and then pay with the gift card. There are 2 things with this the first is then that you must pay a fee which I understand and would be fine paying the fee. The other is that the whole process is a pain in the butt. They should just allow prepaid gift card amounts to be added to your balance and then just charge you the fee. Annoying but not a deal breaker.

Alternatives Considered

Reasons for Switching to PayPal

Pros

Easy integration into my WordPress site and easy setup.

Cons

When I have a sale on my WP Site, the totals never come through showing the fees attached as they do with the Stripe payment system. It makes bookkeeping a little longer as I have to go into PP to see the fees. Maybe there is a setting or something that I'm just not seeing.