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Payment Processors: PayPal vs. Stripe vs. 2Checkout
Many people sell something online but they tend to gravitate towards PayPal as their payment processor since it's the biggest name in the field. PayPal is definitely a great processor, but there are some out there that might fit your needs a bit better, and two of those could be either Stripe or 2Checkout.
Depending on the services or products you offer, the areas you sell in, and the payment methods you want to collect will determine which of these 3 big processors is just right for you. Not all of them do the same thing, so please stick around and keep reading, this discussion might open up your eyes and you might jump over to a different processor
Using PayPal as your payment processor
The majority of people out there will go with PayPal by default, but that's only because it's the most well-known company to help you collect payments. This is definitely a great choice for anything you want to sell online, except if you want to target specific countries.
PayPal isn't available to a lot of countries around the world, which will limit your sales if you sell internationally, but it's not usually a deal breaker for most companies out there.
Using Stripe as your payment processor
When people get banned from PayPal, or they're looking for a new platform entirely just because they want a change, they will usually check out Stripe as one of their options. Stripe has been around for a while now and is rising in popularity because they pride themselves on their security. There are advanced fraud filters that you can adjust to block or accept payments from people who have less than credible purchasing histories.
Stripe is definitely powerful, but it still has 2 downsides to the overall system. The first downside of Stripe is that you can't use it for certain niches like Direct Marketing, which is what I was going to use it for, because it goes against some terms they have in place. The other downside is that they only allow a few dozen countries to access them, which means you can't accept a payment unless your buyers are from those specific areas, and that means fewer sales for you if you sell internationally.
Using 2Checkout as your payment processor
I've recently set up a 2checkout (2co) account and it seems to work pretty well. What I like about it is I can accept payments from pretty much anyone in the world, they buyers can still use PayPal through the platform if they want, and they don't discriminate against direct marketing.
The downsides that I've heard are they don't have the best 1 on 1 support and they hold your payments for 7 days before releasing them to your bank account. Those aren't deal breakers for me, and that's why I went with 2co instead of Stripe in order to collect payments on my new website
If you collect payments online you should educate yourself about the top 3 companies I've talked about. If you're using PayPal you will be limiting yourself if you sell internationally. If you use Stripe you will have advanced fraud filters but still, be limiting yourself. If you use 2checkout you will be able to sell to everyone, but you won't have the best customer support and you will see your money on hold for 7 days before you have access to it. No matter which you choose, they all have upsides and downsides, so just pick the lesser of the evils and be happy with your sales
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