Paypal Size Comparison Square Payments

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One of the more intriguing services offered by Square is the Square Market, an online marketplace where Square merchants can establish a store profile and sell their products online for a rate of 2.75% per transaction. Although these online stores are fairly simple in layout, they may be a very desirable option for merchants who simply want to make their products available online rather than fully commit to an e-commerce operation. PayPal does not offer a comparable service at this time, although it does offer solutions for already established e-commerce merchants through various service packages. At this time, Square wins this category for offering a free online store with easy setup and transparent pricing.

So you are trying to choose between Square and PayPal. Which has the better pricing, customer service, device compatibility, and features for accepting card payments? Figuring all of this out can be a daunting task (this article took over a week to put together), but don’t worry, we’ve done the research and broken it down for you.

PayPal’s per-transaction costs vary depending on a merchant’s monthly sales volume and the method of payment acceptance. Any payments swiped through the PayPal Here reader will receive the 2.7% rate, while online payments are scaled as follows:

PayPal wins this section due to the company’s support for a wider range of devices and processing options. PayPal also offers live support options and appears to have better hardware and software reliability based on user reviews of both services.

Both Square and PayPal suffer from numerous complaints about large, sudden fund holds, often without advance notice or explanation. Regardless of whether these merchants have had legitimate transactions frozen or have actually been violating Square’s and PayPal’s terms of use, reserve account disputes are best resolved through an available and capable customer service channel. Due to its lack of customer service, Square has seen a much higher volume of complaints regarding its reserve account policy than has PayPal, and PayPal therefore takes the win in this section.

Both Square and PayPal offer mobile card readers that are fairly reliable, well-designed, and reportedly secure. However, Square is showing far more complaints about service interruptions and incompatibility issues than PayPal is, despite the fact that PayPal is integrated in a wider variety of machines. Square’s complaint totals are almost certainly inflated by the fact that the company offers no customer support to quickly resolve device malfunctions, but this only makes service interruptions a more serious potential problem for Square users.

Both the Square Wallet and the PayPal mobile payments app provide a free mobile wallet service to users. On the customer’s end, there’s very little distinguishing one service from the other, except for the fact that Square Wallet links to a customer’s credit card while the PayPal app can link to a customer’s PayPal account, credit card, debit card, or bank account. Both Square Wallet and PayPal are making inroads among merchants and gaining popularity, as Square recently signed a POS agreement with all Starbucks locations and PayPal continues to push its PayPal-linked payment card. Merchants will want to pay careful attention to the growth of both services before deciding to offer one or the other in their stores, but PayPal gets the nod for now due to its name recognition and wider array of payment options for customers.

This category is essentially a toss-up. Square offers next-day deposit of funds into a merchant’s bank account, while PayPal makes funds available to merchants almost immediately within their PayPal accounts. In order to withdraw money from their PayPal accounts, merchants must make a transfer request and wait approximately three days for the funds to be deposited. They may also be subject to ATM fees when making withdrawals using a PayPal debit card. Because of this, Square is the better option for merchants willing to wait a day for their money, while PayPal is the better option for merchants who don’t mind keeping most of their funds in their PayPal accounts and paying for or withdrawing money using a debit card. We’ll give this category to Square because the company doesn’t automatically impose an extra step between merchants and their money.

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  • January 9, 2018
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