- Mainstream payment processing platform
- Millions of people already use the tool
- External integrations
- Difficult to get customer service support
- Withdrawing funds could take long
- Paypal can freeze accounts without warning
Paypal offers a variety of payment processing solutions which campaigns and nonprofits can deploy as a means to accept multiple forms of payment. Despite the functionality and Paypal’s market share, it does have its problems, amidst the benefits.
It’s simple to use
Paypal’s essential functions are straightforward. Users create an account to send money back and forth between organizations, vendors, employees, clients, donors, and stakeholders. Also, you can tie your personal or organizational bank accounts to your Paypal account for simple financial transfers, readily accepting or sending payments and maintaining in-account balances.
Paypal for Campaigns
Deploying Paypal as a means to process donations your campaign or nonprofit receive is easy. By creating a business account with the platform, you can process payments from donors.
Through button customization and several back-end support features, you can create a method to accept payments via campaign websites, social media pages, or over email. This cross-platform utility also transcends into the tool’s API and external integrations with CRMs, website builders, and other marketing software. Additionally, if you are running a national campaign, Paypal has political campaign data sheets and campaign finance compliance tools.
It isn’t perfect
Despite its size and continued growth, Paypal has notoriously flawed customer service. The website prominently highlights its FAQ and Knowledge Base; however, when issues require more scrutiny, the email, chat, and customer support lines fall flat. Disputes could take weeks to resolve and those resolutions, when reached, aren’t always the most fundamental outcomes.
Just like any other payment processing platform like Anedot and Revv, bank transfers can take some time. In some cases, Paypal can take up to 4 to 5 days to process what the average business account transfer does in 1 to 3 business days. Plus, there’s little to no warning if Paypal freezes your account, making it essential that users educate themselves on permissible uses of the Paypal service.
Paypal charges a 2.9% commission on each transaction with a $0.30 transaction fee, well below its smaller rivals. For comparison, both Anedot and Revv charge 4% per transaction plus a $0.30 transaction fee.
Paypal has been used in several industries and by scores of organizations of varying types. That’s why your campaign and nonprofit could benefit from the low commissions and the stability of a platform that controls the market of digital payment processors.
Nevertheless, be wary of any interactions with customer service and have a basic understanding of campaign finance regulations and integration to ensure compliance.
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