Coming from the giants in the industry, Google Wallet and PayPal are certainly two of the most popular and reputable payment processors online today. For many businesses and professionals, PayPal has been a trusted brand for sending and receiving payments. Freelancers too vouch for PayPal as their lifeline when it comes to financial transactions.
Whether you want to send money to a family member or receive payment for goods and services you sell online, these payment processors allow you to send and receive money on a virtual platform to and from anyone in any location.
PayPal certainly leads the pack having been around for many years even before Google Wallet was introduced in the market. But, being first does not always mean you’re the best. Just the same, being the new player does not mean you’re better. Here’s a rundown on the pros and cons and comparative review of these two giant payment gateways:
You can send a payment via PayPal in a few seconds. That speaks volumes of how reliable and efficient PayPal is. Established in 1998, PayPal is known for its simple, sleek, and user-friendly interface that allows you to send and receive payments in just a few clicks. The PayPal.me is also very revolutionary because it has made money transfer or payment quicker than ever. They just have to click on the personalized link and enter the correct amount for sending.
With PayPal, you can transfer huge amounts with a limit of up to $10,000. It does not initiate instant transfer to your bank account. Your funds stay in your account if you choose not to move it and this can be used for making online purchases or for paying contractors.
Although it’s from the same creator, this is different from Android Pay. Google Wallet is pretty much like PayPal with a few differences that make it unique. Google Wallet is specifically designed to enable sending and receiving payments. The maximum amount for every transaction is set at $9,999. There are also no fees whenever you use your credit or debit cards and when making bank transfers.
It’s an intuitive payment processor because this integrates easily with other Google apps or services. You just have to press on the dollar sign on the toolbar to enable sending money or opt to use the actual app for your transactions. It is also very easy to send payments because you just need the recipient’s email address.
For someone who uses Google or Gmail all the time, you never have to leave Google or open a new browser to send payments. Yes, PayPal makes it very simple to send and receive payments but Gmail makes it even easier. This also available on mobile or desktop so you can send payments remotely or even while on the move. You just have to compose a new message and then attach the amount that you would want to send.
When trying to figure out which of the two platforms work better than the other, you have to consider what works best to your advantage in terms of fees, speed, security, and reliability. Both of these platforms work optimally for your business although Google Wallet is only available in the United States for now which makes PayPal a winner in that department.