Brief Description of Both Online Payment Options
Square and PayPal are both very popular online payment services that have created an easy way for users to perform transactions through electronic devices. However there is a constant comparison between these two platforms; users wish to know which is better, faster, cheaper, simpler and more. So we are going to give our review on Square vs PayPal platforms for sending and receiving money online.
Like we all know already PayPal is a very popular online payment service with millions of active users patronizing it and probably enjoying its services. It has helped reduce the stress of going to banks to send money or perform transactions, now you can buy and pay for your favorite products online without having to give out your bank details.
You can just simply pay with your PayPal account which is highly secured and free most of the time. It has its own credit cards and debit cards you can use in making purchases online, withdrawing money from ATM and paying for products in stores, restaurants and gas stations. But mostly PayPal is seen as the best options for making purchases online like on eBay and other sites. It even has an app that can be installed on phones which the users can use in making purchases with just a few taps of their fingers.
The Square payment platform is also a popular medium mostly for small businesses that allows them to accept credit card and debit card payments through a plastic dongle that can be inserted in the port of a phone so if you are a business owner looking for an easier way to receive credit card payments from customers you can do so with square.
Square Point-of-sale (POS) is one of the easiest methods for paying for purchases in stores or any business at all; square serves as a service provider that enables sellers or business owners to receive the money for the purchase. The square reader helps to capture the buyer’s account information and transfers the information to the acquiring processor via internet connection get the transaction done in no time.
You can also check the available balance of money you have on your square app whenever you like. The square cash allows its users to send or receive money for free using their mobile app.
Square vs PayPal for Online Payments
Square and PayPal both serve as alternative payment methods to bank transaction method, checks are now considered old-fashioned and square, and PayPal has so far been seen as being quick, fast and simple for its users. Now you can get transactions done with your Smartphone, but both payment options seem to compete with each other. The question is which is better or most preferred service? Square vs PayPal!
PayPal and square basically have almost the same advantages as they provide easier ways of transferring and receiving money for its users. These two payment tools do not charge fees for transactions, except of course some percentage of transactions value; Square takes 2.75% while PayPal even takes less at 2.7%. When you perform transactions with PayPal, the fund is almost immediately moved to your pay pal account, but for your square account, it may take two business days to get funds moved to your account.
These two payment platforms are quite similar, so before you decide which is better, you have first to consider the feature you want to see or enjoy and the purpose you wish to use either of them for. Though PayPal is a popular household name, which most users use for online payments, square is also a popular tool for business owners for receiving credit card payments.
PayPal also has its own POS product but most business owners use square for accepting credit card payments in stores, and PayPal is often considered a better option for online payments. If you are a business owner looking for the right POS for your business, you might be in a dilemma of whether to choose PayPal or square. Well, they both offer great services, but you have to choose based on your particular business needs.
Square POS is a free app that has varieties of features that can help you receive credit card or debit card payments, manage inventory, track employee hours and more. You will also need to purchase hardware like square reader which has varieties of prices up to $999, you just have to choose the best option and what you can afford. You have to put into considerations the prices of hardware and software, fees for transaction values and others to enable you to make your decision about using square.
Your PayPal payment tool helps you organize your business profile, enables you to read cards and process payments through a smart device in person, customize receipts, calculate sales tax and more. PayPal hardware is mostly card readers that rely on smart device functions which are sold at different prices; they are non-countertop points-of-sale. So you might have to choose square if you are looking for countertop point-of-sale since PayPal card readers are mostly dependent on mobile devices.
PayPal fee charges depend on the way you process the payment, manual transactions cost more just like for square payment options, but when payment is made through PayPal card reader, you just pay 2.7% of the transaction value. The process of payment you use determines how you will be charged for the services of both PayPal and square. Square and PayPal offer good payment services.
However, square is considered a better option for retails businesses that offer face-to-face payments because of its superior countertop hardware. PayPal is often considered a better choice for online payments, which do not have to do with face-to-face payments, its hardware is not quite enough to serve totally as a POS option for retailers who run high volume or in-person retail business.
Users have also complained about the customer services rendered by square, it just has an online help center for users to visit if they need help, but PayPal has representatives to answer customers’ calls for inquiries. PayPal’s credit check and background verifications are done before issuing accounts to users might also be seen as a drawback since square doesn’t go through this process before issuing users accounts.
The bottom line is that these two payment services Square vs PayPal are very good options for its users and have made transactions easier and better for users to conduct. It is left to you to choose which of them suits your need more than the other.