PayPal is one of the most popular companies which brought digital payment convenience into our world. It allows you to pay and take payment online as well as handle invoices digitally.
Advantages of using Paypal
Using PayPal your customers can pay how they want - whether you sell in person, online, by phone, or email. Also, for the small businesses to start using PayPal one of the advantages is that your clients/customers might already be familiar with the payment.
Also, the platform is easy to set up and customers don't need to get an account to pay you.
Using the platform, start-ups and enterprises can get access to their money quickly and easily, so they can manage the cash flow, pay suppliers, send funds to other PayPal users, and make online or in-person purchases.
And the best of all - it's safe! It's created to help protect your transactions and give you greater peace of mind.
Disadvantages of using Paypal
Although, PayPal also has some disadvantages. PayPal's Seller Protection policies do not cover digital goods, so if you are thinking about opening one - you may consider other options. There are still some people who refuse to pay by Paypal, and it might cause a loss in the business.
It is a cheap solution for a start-up to begin because you do not have to spend time developing a payment solution themselves and maintain it.
PayPal is one of the cheapest among many other merchant accounts (currently 2.2% - 2.9% + $0.30 USD for debit and credit card purchases, for international sales - 4.4% + a fixed fee based on currency received).
To sum up, the software is available worldwide with unit-based pricing. It will help you to succeed at every stage of your business.