Familiarization with online payment systems

Modern life sets the fast pace of actions: decisions and payments should be made pretty quickly. The last point could be released with online payment systems. There is a huge variety of payment systems and everyone judges for themselves.

So let us help you to make the right choice according to the pros and cons of each system. The real experience of our experts would be also a cautionary example.

Recommended Read:

How to Choose a Marketplace Payment Solution

Top 3 Online Payment Systems: PayPal vs Payoneer vs Stripe

 

PayPal

PayPal is one of the oldest global giants among electronic billing systems. The customers from more than 200 countries prefer this system for either commercial relations or for habitual actions.

Some of the indisputable benefits of PayPal:

  • here is a mobile app, that allows making payments with credit cards using a mobile phone
  • straightforward sign-up procedure: only email and password are needed
  • high-level security for clients and salesmen: it’s possible to return money in case of disputes
  • fraud prevention: all payment operations will be checked each time they were released
  • corporative and private bills for each customer correspondent to activities and requirements

However, there are some issues in PayPal payment system:

  • despite the fact of worldwide acceptance, PayPal has palpable limits in different countries. Some package services include more convenient conditions and some have strict red lines
  • from time to time user account can be locked and the system requires to confirm the user’s personality with photos of documents or with sharing personal information

Feedback on PayPal by its user:

Josie, 22 y.o.
CEO

“My choice is PayPal billing system. It`s easy to use and it saves my time while I`m shopping online. I can also get or make a money transfer in a wink.”

The Payoneer

The Payoneer payment system has other priorities.

List of benefits comprises:

  • no fee during online payments
  • partnership with best-selling freelance and e-commercial platforms
  • rewards program with an extra 25$ money bonus

Cons of Payoneer:

  • It is necessary to request the card after signing up, it takes for its issue and delivery up to 3 weeks depending on a location;
  • There is a user fee for a card as well as a fee for viewing a money balance, a fee for denial of cash, replacement of the card and so on.

Feedback on Payoneer by its user:

Dmitry, 30 y.o.
2D Artist – Freelancer

“As a freelancer, I appreciate the ability to get a payment quickly from almost any cash dispenser. The Payoneer works with Upwork, so it simplifies my life”.

Stripe

Stripe is a company, responsible for the acceptance and processing of online payments. The main task is to provide technical support and banking infrastructure for their clients.

Convenient, that customers can implement Stripe in their own web site without becoming a merchant. Furthermore, using Bitcoin was announced as a further step in Stripe development.

Unfortunately, Stripe doesn`t integrate with a 3D secure process. So there is no verification procedure per message. There is a 7-day waiting period for introductory actions, so it`s not so fast, to begin with. Not each country can be involved in holding a Stripe account because of limited spread.

Related Articles:

Stripe Pros & Cons

Stripe vs Braintree

Feedback on Stripe by its user:

Monika, 43 y.o.
Entrepreneur

“Best decision for my business. Managed Accounts allows us to establish fruitful relations with deliverer by taking care of all articles of agreement”.

Conclusion

As you can see, there are a lot of opportunities that can be provided by using a payment system. Some are more convenient for e-commerce activities, marketplaces and other reaches out with wider business dimensions. Anyway, don`t hesitate, choose the best one for you!

Posted by Contributor