PayPal currently boasts over 20 million active merchant accounts, with online businesses taking advantage of its ease of use and secure payment gateways.
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However, PayPal’s attractive simplicity often sees businesses default to the service instead of sampling other platforms and, ultimately, missing out on rewards in reduced fees and integration.
Here Is How You Can Avoid PayPal Merchant Account Pitfalls
In this article I will highlight some of the PayPal pitfalls which may be limiting your business success – and outline steps on how to avoid them.
Compare fees
- Reviewing the fees associated with managing a PayPal merchant account, when making and receiving payments
- Comparing PayPal’s gateway fees with similar providers, for both domestic and international card transactions
- Explaining how PayPal’s fee structures impact lower-cost transactions, e.g. those for $1 or less
- Looking at the costly nature of PayPal transaction disputes for merchants
Calculate currency conversion
- Examining PayPal’s currency conversion fees when repatriating foreign revenue and comparing these against other providers
- Highlighting the challenges with adding foreign currency denominated accounts outside of the business’ registration country, to the PayPal merchant account
- Looking at the relevant regional PayPal fee structures for the business, when paying out to foreign-denominated currency accounts
Assess integration
- Reviewing the potential for integrating a PayPal merchant account with multi-currency accounts, depending on regions, and comparing this against other providers
- Pitting PayPal against its competitors in terms of ease of integration with automation apps like Zapier
Review customer service
- Emphasising the value of efficient and personalized customer service when managing a merchant money transfer account
- How businesses can use trusted and authentic review sites to assess PayPal’s customer service record, especially in speed and accessibility
- Reviewing PayPal’s track record for suspending accounts and considering the impact of suspension actions on both the business and customer
About the Author
Gavan Smythe is Managing Director of iCompareFX
The post A Guide To Avoiding PayPal Merchant Account Pitfalls appeared first on ValueWalk.