Choosing the Right Online Payment Processing Service
The whole world is online, and when we say that we don’t just mean a whole planet’s worth of people, we also mean everything they buy, everything they love, everything they enjoy doing, and everything they play. So when it comes to the billions of consumers online at any given time there needs to be reliable online payment processing services to care for their credit card transaction needs in a secure and expedient way.
At Palace of Chance, we deal with only the best in online payment processing services, but we’d thought we give you a little bit of information about the top 3 most popular payment services, and their pros and cons.
PayPal
PayPal is the go to online payment processing service in the world. Owned and operated by eBay, PayPal is available worldwide. A PayPal account can be attached to any bank account or credit card, and PayPal is accepted by most national and many international businesses.
Pros & Cons
The pros are that if you want to buy or sell online, PayPal is one of the most secure and simple ways to pay or get paid. Also, PayPal offers a separate service, Bill Me Later, which is a line of credit. So you can buy on credit using just your PayPal email address.
Cons? Well, unless you are buying an actual item through PayPal you have no real guarantee that you will get your money. PayPal policies do not offer protections for PayPal users who sell services. There is also a 4% (minimum) transaction fee PER transaction.
WePay
Founded back in 2008, WePay is an online payment processing service that is a lot like PayPal. The one exception is that the transaction fees are lower (3.5%).
Pros & Cons
WePay basically allows anyone to set up an account and collect payments via ACH bank transfers and credit card. The service has no setup or monthly fees, and no service length requirement, you are free to use it whenever you want. Cons? There have been complaints regarding long holds on deposits from payments. On these cases WePay would request additional information from the Payee which may or may not include details about the transaction or their personal identity.
Square
Square isn’t an online payment processing service per say, it is more like a mobile payment app that utilizes a nifty card reading cube that plugs right into a mobile device; smartphone, iPad, or Window’s tablet, it doesn’t matter as long as the device is using the Square app. To send money from one credit card to another (or bank account), the user just swipes their card and signs the box with their finger or stylus. Easy peasy.
Pros & Cons
The pro is that this is so easy and is ideal for small business owners who don’t use a typical office for business. The con is that if anyone got a hold of your phone, you’re boned.
With this short yet completely interesting guide to online payment processing services, you are better informed about your choices, although these services are currently not used at Palace of Chance, processing payments are something everyone needs at some point and who knows, these may be implemented in the future.
