Disadvantages of Using PayPal as a Primary Payment Processor
PayPal is a very popular way for people to transfer money online. Many businesses use it to accept payments from customers. Some of them even use PayPal as their primary payment processing service provider. While it might seem as though choosing PayPal to handle all of your payments is an easy and logical choice, that’s not the case.
There are a number of clear drawbacks to allowing PayPal to be your primary payment processing service – read on to learn what they are and how you can avoid them.
Want to Access Your Money? Not So Fast
When it comes to suspected fraud, PayPal isn’t a vendor’s best friend. The company is quite quick (some would say too quick) to hold sellers’ funds and even freeze accounts when it thinks that fraud has occurred.
There are almost too many reviews to count in which vendors complain that they can’t access their money because PayPal’s risk department is investigating the matter. These funds are the lifeblood of your business – can you afford it if they were frozen and inaccessible?
Not the Cheapest Rates
PayPal claims to have 173 million active users in 203 markets. That doesn’t mean that it’s the cheapest option available for processing payments, though.
When you sell a good or service, you want to be able to take home as much of your profits as possible. You don’t want to spend huge amounts of money so that someone else can process your online payments.
Poor Customer Support
If you have a problem with your PayPal account, you want to be able to resolve it quickly and simply so you can continue to run your business. You don’t want to spend hours on the phone. And when you hang up, you want the issue to be resolved.
Because PayPal is such a large company, it can’t guarantee the quality of its customer support. As a result, many vendors who rely on PayPal become frustrated and disappointed with the company.
More Complicated Transactions
When customers send money to merchants through PayPal, they actually leave the vendor’s website and go to PayPal’s website. Wouldn’t it be easier to offer shoppers an option in which they could complete their transaction on one site – yours?
Companies that accept credit card payments in addition to PayPal can give their customers an easier way to pay. If a customer pays by credit card, he or she stays on one website, which is more secure.
Power Pay: The Better Way to Process Payments
PayPal isn’t your only option to accept payments online. Power Pay allows you to accept major credit cards quickly and easily. We have some of the lowest payment processing rates on the market, meaning you keep more of your money. Also, our customer service has won acclaim from our clients – they rave about our friendly, helpful staff. So many shoppers like using credit cards online – give them that option with Power Pay. Call today at 1-800-483-8815 to learn more.