Once PayPal was a real revolution in the world of online payment processing and no one was looking for PayPal alternatives. People could quickly send and accept money from their friends and family, and enjoy safer transactions as compared to other options in the field.
PayPal has an immense presence in the world of online transactions as it offers solid invoicing, payment processing, e-commerce, and reporting tools. Thanks to the advantages provided by PayPal, you can accept payments for services and products without any challenges.
However, the main reason why PayPal is still so popular is because people are so used to it. Only a few other alternatives to PayPal offer better customer service, lower rates, and better interface.
Due to some compatibility issues, people have been hesitant to switch to other alternatives to PayPal over the years. Today, there are no such issues anymore, so you can look for other options that are more reliable and provide more advantages for your own business needs.
One of the disadvantages regarding PayPal has to do with merchant accounts. PayPal has very strict rules for merchant accounts, thus making this payment processing tool not the best option to choose. PayPal can freeze accounts for any reason. Whenever they suspect any little thing associated with your account, they can freeze it. Even a single chargeback or challenged charge can create problems for merchants.
PayPal works for those who have a small side business, or sell on Etsy. PayPal isn’t ideal for high risk businesses as they are associated with a higher rate of chargebacks and disputes. That’s why high risk business owners often turn to reputable payment processors like EMB to get approved for a merchant account other than PayPal. EMB is voted the #1 high risk processor in the United States and boasts an A+ rating with the BBB.
If you think PayPal is not right payment service provider for your business, look for a merchant account provider that has experience dealing with your type of business. They will understand the issues that may arise from your business and offer the best solution to your own specific business needs.