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PayPal vs TrapFi: What are the differences?
What is PayPal? Send Money, Pay Online or Set Up a Merchant Account. PayPal is an online payments and money transfer service that allows you to send money via email, phone, text message or Skype. They offer products to both individuals and businesses alike, including online vendors, auction sites and corporate users. PayPal connects effortlessly to bank accounts and credit cards PayPal Mobile is one of PayPal’s newest products. It allows you to send payments by text message or by using PayPal’s mobile browser..
What is TrapFi? Instant payouts for freelance developers. Complete freelance work and get paid instantly.
PayPal and TrapFi can be primarily classified as "Payment Services" tools.
Some of the features offered by PayPal are:
- 2.9% + $0.30 or less- With our flat, transparent pricing, you’ll never be surprised by hidden or variable fees. We also offer discounted rates when you sell a lot, or when you use our card reader.
- Keeping every seller secure- If you’re sent an unauthorized payment, or a buyer claims they never received an item, our Seller Protection covers you for the full amount of the eligible payment.
- Easy for them, easy for you- With just a few clicks, you can get paid by debit card, credit card, or a PayPal transfer. All someone needs to start buying from you is your e-mail address or mobile number.
On the other hand, TrapFi provides the following key features:
- Instant Payouts
- Automated Invoicing
- Automated Tax Documentation
Hi Folks,
I represent Showwcase, which is a network built for coders.
We're introducing a paywall for content creators on the platform to start accepting payments from their Followers for premium and unique content over and above the general free content. We are internally considering either Stripe or PayPal to handle this for us.
If we take the pricing out of the debate, what's the go-to choice when choosing which to integrate? Our current standpoint is that Paypal has wider consumer adoption, and since most creators are individuals, it makes sense to just use Paypal because they already have an account. However, our business uses Stripe, and so it makes it easier if both the platform (Showwcase) and creators to be on the Stripe platform. That being said, if creators don't already have an account, they will need to sign up with Stripe on the spot, which is a friction point.
I would like to hear the pros and cons in developer environments as well as any other things we might not know.
PayPal is a dinosaur and a nightmare to work with, both in terms of API as well as on the business side. We support both because our A/B tests showed a material increase in conversions by offering both, but I would drop PayPal in a heartbeat if I could. Stripe is a joy to work with.
I prefer Stripe for developers' ease of integration and PayPal for providing the simplest user experience (i.e., improved revenue.) In my experience, neither platform requires a user register to pay via credit card. However, as noted, many people have a PayPal account, which allows quick and easy payments through a "more" trusted name.
I used Stripe and Paypal and settled on Paypal for the customer. However, the PayPal web hook back end is a complete mess (at least in PHP). Unless they have improved very recently, PayPal web hook integration is poorly documented and barely supported with bits and pieces of important code on GitHub and elsewhere. I can't speak for other languages. But given the popularity of Paypal (i.e., improved revenue), I decided to keep using Paypal after I got the web hook integration worked out.
Stripe is strong because of their security. It is difficult for the programmer to install it, and in my case was impossible since my hosting provider did not have up-to-date software that it requires. I had to use another program on top of it as the shopping cart instead of using Stripe's shopping cart. But Stripe integrates with everything if you can get it to install, and is stable.
The big reason to go with PayPal is the 6 months same as cash or multiple payments over weeks for your clients. Some clients need this and you will lose them without PayPal. PayPal may change their policies, so in my opinion, PayPal is not as stable as Stripe. Some clients refuse or can't use PayPal, where Stripe is available to everyone with a credit card.
In summary, I set up both for my clients. And I used Zoho for everything else - shopping cart, accounting, CRM, banking, etc. It integrates with both Stripe and PayPal and pretty much anything else you use.
Be sure to read the Terms of both Stripe and PayPal, and I think that will help you with your decision.
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 service195
- 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 TrapFi
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Cons of PayPal
- Not well written recurring payment api1
- Less countries supported1
- Harder to get started with1
Cons of TrapFi
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