PayPal needs very little introduction and its ubiquitous nature, for personal and business payments alike, can be reassuring those taking on their first virtual terminal.
And with this presence, comes a very impressive infrastructure. PayPal says it will accept major cards from over 200 markets and you can get paid “in minutes”. This, in essence, is PayPal’s competitive advantage — it is at the forefront of technology.
What’s more, PayPal has a massive global presence in payment systems, so you can rely on fast transactions from anywhere in the world. Many businesses already rely on PayPal for invoicing and receiving online payments, so the virtual terminal would perfectly accommodate this.
Reliability and security are a given with PayPal, and the business has spent many years engineering strong fraud protection. Not only will your data be secure, but PayPal customers helpful instruction and support, and someone is available on the phone 8am to 6:30pm, Monday to Sunday.
But if you’re thinking that PayPal may be the perfect virtual terminal provider, let’s talk fees first.
Being a part of its large ecosystem, PayPal’s virtual terminal comes at a cost. Whether you’re receiving business payments, converting currency or processing MOTO payments, the fees are substantial. For its virtual terminal, both its monthly and transaction fees are some of the highest in the market.
Indeed, scratch a little beyond the surface and two fee structures are on offer from PayPal. First, its Blended Pricing Structure of 3.4% + a fixed fee of 20p per transaction. Second, its Interchange Plus Fee Structure of an interchange fee (charged by the customer’s credit or debit card provider) of anything between 0.2%-2.0% + 2.90% + a fixed fee of 20p.
Who is PayPal best for?
PayPal is ideal for high earning companies that already use PayPal’s other services, such as invoicing. Additionally, companies looking for state-of-the-art fraud protection and cyber security infrastructure will be impressed by PayPal’s stature.