Looking to grow your business? If you’re currently using PayPal for payment processing, there’s just no way around it: You can’t get there from here.
There’s good reason for that. When most people hear PayPal they think of “payment method,” not “payment processor.” Joining a Fantasy Football league? Sure, pay with PayPal. Buying a geeky gift online? PayPal works there, too. In fact, PayPal is accepted by a huge number of merchants—both in-store and online—and is counted among the most widely accepted digital payment methods in North America.
We’re not knocking it as a payment method.
However, problems arise when merchants start using it as a payment processor. It’s quick to set up and works nicely for small business owners who love having the ability to tie their PayPal accounts to their checking or savings accounts—which makes it easy to pay bills fast using money generated by sales. But they soon discover that PayPal’s main focus is not on payment processing for merchants; it’s on meeting the needs of consumers using it as a payment method.
Below are some of the areas in which PayPal falls short, and why PayPal alternatives (like BlueSnap) are better positioned to support growing businesses when it comes to payment processing.
Four Reasons Merchants Look For PayPal Alternatives
1. A lack of merchant support.
The problem: Payment processing isn’t as straightforward as it seems, and the larger your business gets the more questions you’re likely to have. If you’re using PayPal, you either have to speak with a customer service representative via the general support line or find the answers to those questions through online searches, on PayPal’s “Frequently Asked Questions” page, or on a help forum elsewhere.
A PayPal alternative like BlueSnap offers a higher level of merchant support. And by “support” we mean more than just talking you through technical difficulties. At BlueSnap, there’s always someone you can contact (in some cases your own account manager) when you have questions about anything from adding new functionality to accessing various types of reports to optimizing sales. In fact, we encourage you to call us for advice! We’re happy to talk, and we will do everything we can to ensure your payment process is working as hard as possible.
2. A lack of reporting.
The problem: The road to growth is paved with data… unless you’re using PayPal for payment processing. Merchants who have a good understanding of how well their checkout pages and payment processes are performing can increase sales by making targeted improvements. With PayPal, you get basic sales and distribution reports showing movement of funds, but the information provided isn’t detailed enough to help you improve.
A PayPal alternative like BlueSnap offers a rich reporting library that drills down deep. Far beyond basic sales data, you’ll have access to in-depth information on all aspects of payments—everything from sales comparison data to payment and conversion dashboards to declined transaction information. Plus, you can get all that data wherever you happen to be using our mobile reporting app.
3. A lack of support for global currencies.
The problem: While PayPal supports a number of different currencies, currency is only one piece of the puzzle when it comes to processing cross-border transactions. Foreign transactions have a higher rate of failure for other reasons: They are submitted to U.S. banks for approval (which makes those transactions 20% more likely to be declined!). They also pose a challenge for customers, who lose confidence in what’s clearly a foreign transaction (not to mention the additional potential for miscommunication about product information and pricing). Since PayPal can’t address these issues, you’re much less likely to experience success when conducting business globally.
The solution: BlueSnap is a great PayPal alternative for international sales. You’re still covered when it comes to currencies—we accept 100 local currencies from around the world as well as alternative local payment solutions in every market, like SEPA Direct Debit in Europe and AliPay in Asia. On top of that, you’ll see fewer declines overall because we have bank partners around the globe and send every transaction to the bank most likely to approve it. (That alone boosts transaction success rates by up to 17%!) Finally, no matter where they are, your customers will feel right at home making a purchase with you thanks to our ability to “localize” the checkout experience. Checkout pages are always presented in the shopper’s language, with prices appearing in their local currency.
4. A lack of support for other digital wallets.
The problem: Since PayPal is a digital payment method, Apple Pay, Masterpass, and Visa Checkout are considered competitors—which means you as a merchant can’t accept these popular payment types as long as you use PayPal for payment processing. With 19 million registered users for Visa Checkout and Apple Pay transactions continuing to grow, you could be missing out on a whole lot of potential sales.
The solution: Find a PayPal alternative for your business that doesn’t limit payment options. With BlueSnap, you can still offer PayPal as a payment method—right alongside other popular digital wallets.
Looking for the best PayPal alternative for merchants?
Why not check out BlueSnap? Our payment processing solution was designed to support merchants in all stages of growth, so you can get what you need whenever you need it. (And as easily as possible!) If you’d like to find out more about what we can do for your business, talk with one of our conversion consultants today!