PayPal is a very known medium when it comes to mobile payments market, and undoubtedly it has acquired the market by storm with Smartphone gadgets processing solution that is various ways gets the superior of the present times market leader, the Square.
Immediate funding, live customer support as well as supporting multiple payment channels which also includes free check acceptance, it appears as Square needs to catch up with it to continue with its rapid development and growth.
It is quite premature to call up a winner here, especially as PayPal Here’s blue triangle has not even commenced with its shipping, and the smack down between both PayPal and Square will more likely to fume back and forth for a moment. Nevertheless, I have outlined some vital points about both PayPal and Square with both having different advantages over one another.
Debit and Credit Card Processing Rates
- Square: For Square, if a Debit and Credit Card has been swiped, it charges around 2.75%. However, if entered manually, it charges 2.50% with an additional charge of $0.15.
- PayPal: For PayPal, a Debit and Credit Card has been swiped, it charges around 2.70%. However, if entered manually, it charges 3.50% with an additional charge of $0.15.
Square has been offering its users with a smooth processing rate with no free related to credit card transaction at all. Whereas Paypal, came up with some better options and earned a competitive advantage over Square which it has to deal with anyway! Therefore, PayPal is the one that holds an advantage here for its users.
Check Processing Rates
Checks are not exactly mainstreamed nowadays, and the potential of these appears pretty bleak. PayPal being in place is offering users with a fully developed infrastructure to settle and process checks. This becomes a vital feature offered by PayPal. The service is offered for free.
Startup Cost
Both PayPal and Square are offering their users with free apps and card readers. The readers for both can be easily plugged into the microphone of an electronic gadget. This makes a tie between PayPal and Square.
Credit Check
- Square: It is going to offer facility to process the credit cards to nearly anyone. It appears to be a leg up on PayPal by Square.
- PayPal: Users have been complaining about the credit and background check and verification procedure that PayPal actually requires before creating a user’s account.
Payment Mediums
- Square: It offers signature and credit cards such as Discover, American Express, MasterCard, and Visa. Card Case, which is now called as Pay With Square.
- PayPal: It also offers its users with signature and credit cards such as Discover, American Express, MasterCard, and Visa. It also offers Checks, Electronic invoices and PayPal.
Thus, PayPal has the advantage here!
Funds Availability
- Square: Funds are available the next day
- PayPal: Whereas, PayPal offer funds immediately. The funds are available within User’s PayPal account immediately, and later on can be withdrawn through a debit card by PayPal or ATM.
Thus, PayPal has the advantage here!
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