PayPal Review
Everyone should know about PayPal payment system. With the biggest e-commerce eBay, PayPal became popular in early days of the e-commerce industry. This most popular payment system has been used by millions of online businesses and individual shoppers around the world. It seems that no other payment system can come close to PayPal's dominance in this field.
With a network of more than 103 countries, PayPal really is trying to dominate cyberspace for its online business. Many businesses accept PayPal payment these days, not just businesses at eBay. Your current PayPal account can make or accept payments in the following currencies:
- Canadian Dollar
- Euro
- Pound Sterling
- U.S. Dollar
- Yen
- Australian Dollar
- New Zealand Dollar
- Swiss Franc
- Hong Kong Dollar
- Singapore Dollar
- Swedish Krona
- Danish Krone
- Polish Zloty
- Norwegian Krone
- Hungarian Forint
- Czech Koruna
PayPal protects against unauthorized payments sent from your account, including 24/7 customer support team to help you sort out any transaction you don’t recognize. They have been providing excellent customer services, especially for eBay sellers. Of course, PayPal now is owned by eBay.
However, the best part probably is its convenience. Any webmaster can use PayPal to start a business with ease. No shopping cart software is needed with PayPal. Simple html code is all you need. For buyers, they could open PayPal accounts for free, and start sending money with a debit card and email account.
PayPal's early promotion strategy was the free $5 for opening the account. This probably attracted millions of people. Their referral programs also assisted that promotion campaign. But eBay was promoting PayPal first, and this has been very successful.
Account Type & Fees:
Personal account is limited in receiving money. But if you do not own any online business, there is no need to upgrade your account.
Receive payments funded by PayPal Balance, PayPal Instant Transfer or PayPal eCheck
Free
Receive payments funded by Credit Card, Debit Card or Buyer Credit
4.9% + $0.30 USD (limit of 5 transactions per 12 month period)
Premier/Business Accounts are for business owners. There is no limitation to receive money from buyers. However, the fee is higher than personal account.
Receive payments funded by PayPal Balance, PayPal Instant Transfer or PayPal eCheck
1.9% to 2.9% + $0.30 USD
Receive payments funded by Credit Card, Debit Card or Buyer Credit
1.9% to 2.9% + $0.30 USD
Multiple Currency Transactions for all PayPal accounts - Exchange rate includes a 2.5% fee
Few Cons:
Though PayPal's popularity tells you online shoppers and businesses like PayPal, here are few cons that need to be mentioned.
1. The cart is not really customizable. Very limited options.
2. Some people still prefer to use credit card, and those who don't have PayPal need to sign up. It's an easy process, but it could discourage people to shop.
3. The fee. Although PayPal fees are reasonable, you may be able to find a better deal with another merchant account.
