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PayPal vs Pin Payments: What are the differences?
Introduction
In this article, we will explore the key differences between PayPal and Pin Payments. Both platforms are widely used for online transactions, but they have distinct features and functionalities that set them apart.
Fees and Pricing: PayPal charges a percentage-based fee for each transaction along with a fixed fee, which can vary depending on the country and type of transaction. On the other hand, Pin Payments has a transparent pricing structure with a flat percentage fee for each transaction, making it easier to calculate the costs involved.
Currency Support: While PayPal supports multiple currencies and allows users to receive payments in various currencies, Pin Payments primarily focuses on Australian dollar transactions and has limited support for international currencies. This makes PayPal a better choice for businesses with a global customer base.
Integration and Developer Support: PayPal offers extensive integration options and has a well-documented API, making it easier for developers to integrate the payment system into websites and applications. Pin Payments, though it also provides integration options, has a more limited API and documentation, which may be a consideration for businesses heavily reliant on custom integrations.
Payment Processing Time: PayPal offers instant payment processing, allowing recipients to access funds immediately. Pin Payments, on the other hand, requires a bank transfer to access the funds, which could take 1-2 business days. This difference in processing time may impact the cash flow for businesses.
Payment Methods: PayPal offers a wide range of payment methods, including credit cards, bank transfers, and PayPal balance, providing flexibility for customers to choose their preferred payment method. Pin Payments primarily focuses on credit and debit card payments, offering a streamlined checkout experience for customers, but limiting payment options.
Dispute Resolution: PayPal has a well-established dispute resolution process, providing protection for both buyers and sellers in case of disputes or fraudulent transactions. Pin Payments, while it does have a dispute resolution process, may have limited options compared to PayPal, which can be a consideration for businesses concerned about fraud protection.
In summary, PayPal offers a wider range of international currency support, instant payment processing, more payment method options, a well-documented API, and a robust dispute resolution process compared to Pin Payments. However, Pin Payments has a more transparent pricing structure, streamlined checkout experience, and may be a better choice for businesses focused on the Australian market.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
Pros of PayPal
- Most known service196
- Consumers know it135
- It's available for many countries113
- Easy70
- Best way to get paid outside US54
- Most widely used payment processor35
- Express Checkout25
- Consumers trust it16
- Flexible and secure15
- Digital Goods for Express Checkout6
Pros of Pin Payments
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Cons of PayPal
- Not well written recurring payment api1
- Less countries supported1
- Harder to get started with1