Is PayPal the alternative? – Part 1
Everybody knows PayPal; just in case you’re an astronaut who’s been discovering Mars for the past 10 years, Wikipedia covers the company and its history extensively. In short, PayPal allows you to send and accept payment and was bought by eBay, a giant in the online business, in 2002.
Particularly for start-ups PayPal is often referred as “the alternative” to a full merchant account. Today we’ll take a closer look at PayPal; there’s a big controversy about this topic here at SBB. On the one hand we feel that writing about PayPal might be interpreted as bad-mouthing a competitor, though on the other hand – being a merchant account acquirer ourselves – we can bring a lot of market insight and knowledge to the table. We did our best to point out the great aspects of this company along with the not-so-good sides possible merchants should be aware of.
As the lead author of this article, I thank you in advance for your comments and posts. Feel free to let me know if you liked this article or not, find me on Twitter @ SBBSam.
1. Pro #1:
Being part of a huge internet giant like eBay, PayPal is very unlikely to go out of business tomorrow. PayPal itself accounts for 10% of eBays total revenue already and is likely to become even bigger in the upcoming years. So apparently they must do something right; after all why should so many people go with PayPal if it wasn’t working, right?
1. Con #1:
Being big often times means that you’re just a number. Even larger companies, I mean the big guys processing north of $100 Million annually, share these kind of problems because for an $8 billion dollar giant it still means peanuts.
1. Pro #2:
With a global reach like PayPal’s, many people can pay you through their system. Implementation is fairly easy which makes it a prominent payment system particularly for start-ups and on-the-side businesses and most importantly, the technology in use is proven and works.
1. Con #2:
PayPal’s technology works; if they want it to work. All too often that’s exactly the problem. There are many angry customers out there who vent publicly in forums and internet pages about PayPal’s customer service. There’s even a full website dedicated to “PayPal nightmares”, though one must add to PayPal’s defense, it’s a pretty big organization and you can’t make everyone happy all the time.
Stay tuned for Part 2: 3 Things You must know about PayPal. Till then, I’m waiting to hear some feedback from you. Contact me personally at Twitter (personal account).
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