2checkout vs PayPal: What are the differences?

Introduction

In this article, we will compare 2checkout and PayPal, two popular online payment platforms, and highlight their key differences.

1. Integration options: 2checkout offers a flexible integration process, allowing businesses to directly integrate their online store with the platform using API, as well as offering pre-built integrations with major e-commerce platforms such as Shopify and WooCommerce. On the other hand, PayPal also provides API integrations but is known for its wide range of integrations with various e-commerce platforms, making it a more versatile option.

2. Accepted currencies: While both 2checkout and PayPal support multiple currencies, 2checkout supports a comparatively larger number of currencies (over 180), enabling businesses to process payments from customers worldwide. PayPal, on the other hand, supports around 25 major currencies, which might be limiting for businesses operating in more niche markets.

3. Payment methods: 2checkout allows businesses to accept payments through credit cards, debit cards, and PayPal. Additionally, it supports various alternative payment options, such as local payment methods specific to certain regions. PayPal, on the other hand, primarily focuses on accepting payments through PayPal accounts, but also allows credit and debit card payments.

4. Transaction fees: 2checkout has a transparent pricing structure with fixed transaction fees based on the business's sales volume, currency, and payment method. PayPal also has a transparent fee structure, but it may vary depending on factors such as sales volume, currency conversions, and whether the payment is made within the same country or internationally.

5. Fraud protection and dispute resolution: Both 2checkout and PayPal offer fraud protection measures to minimize the risk of fraudulent transactions. However, 2checkout provides an additional layer of fraud detection through its proprietary Risk Management System, which includes various advanced features to detect and prevent potential fraudulent activities. PayPal, on the other hand, focuses on dispute resolution, offering a buyer and seller protection policy to resolve any transaction disputes that may arise.

6. Payout options: 2checkout offers flexible payout options to businesses, including bank transfers, prepaid debit cards, PayPal, and other local alternative payment methods. PayPal primarily focuses on payout through PayPal accounts, but also offers bank transfers as an option.

In Summary, 2checkout provides flexible integration options, supports a wide range of currencies and payment methods, and offers advanced fraud protection, while PayPal offers versatile integrations, supports various currencies and payment methods, and focuses on dispute resolution.