PayPal and Square are two renowned payment processors. We are living in an era where online payment has become the new trend. Well, an online transaction is the most reliable and secure way to make bill payments. Considering the present situation where people are giving more preference to the contactless transaction, small merchants are making new strategies to accept credit card payment from the consumers. If you are running an online business, you need an online payment gateway in order to receive payments from the consumers.
If we talk about the online payment gateway providers, the names of PayPal, Stripe and Square definitely come to our mind. Each company has its own distinct characteristics. Here, we have made a brief breakdown of PayPal and Square in order to give you a concrete idea. So, have a look at the following points:
PayPal is one of the most popular online payment solutions that have more than 265 million customers. If we talk about the merchant accounts, it has almost 21 million merchant accounts. Along with the online merchants, PayPal is used by freelancers, non-profit organizations, entrepreneurs and many more.
PayPal generally offers three different types of service plans. We have elaborated each of them below:
- Payments Pro: With the help of Payments Pro, merchants can have their own virtual terminal and hosted checkout page.
- Payments Standard: In such a case, you can choose PayPal as your primary payment processor.
- Checkout: If you want to choose PayPal as your alternative payment processor, you can go with this service plan.
Square is another well-known payment service provider. It is rich in features such as mPOS application, Online Payments, Invoicing and Virtual Terminals.
mPOS application is also known as Square Point of Sale and it has endless features. The application has the capability to accept all forms of credit and along with it, it can issue partial and full refunds. The device has invoicing and cash drawers support. Moreover, it can record the entire cash transaction of your business day.
With advanced Online Payment from Square, merchants can now easily accept online payment. Square also supports various forms of payments and therefore, the merchants will not have any problem to accept payments from the customers.
Invoicing And Virtual Terminal
Invoicing and virtual terminal allow the merchants to accept payment from anywhere they want. So, this is a comparison between Square and PayPal. We hope that this article would be helpful for you.