The advantages of using paypal for our transactions

[louis_h]

Hello, I wanted to know if there were any advantages using PayPal for transactions instead of going directly through my own bank.
For example, are there things I can do with PayPal only and not with my bank?

Thank you in advance,
Louis

[FolkLondon]

We don’t know the terms of your bank account or the structure of your business so we can’t really compare. Generally PP is a very expensive way to accept card payments but the processor that is right for you will depend on your business turnover.

[Lurch]

In most cases thnough, PayPal is not the right answer.

[louis_h]

thank you for your feedback,
Why would PayPal be more expensive than going directly through a bank? Is there an article that explains the different possible services available for each bank? Working with HSBC I wonder if it is not more interesting to use Paypal. Indeed, I don’t know the services offered by HSBC in connection with Quick File.

Thank you

[Lurch]

@louis_h

Why would PayPal be more expensive than going directly through a bank?

Because PayPal charges a fee for transfers, banks generally don’t.

@louis_h

Is there an article that explains the different possible services available for each bank?

There may be an article somewhere on the internet explaining the differences between the services available from each bank but that is beyond the scope of Quickfile forums and knowledge base articles. All the banks should have an explanation of their fees freely available though.

@louis_h

Working with HSBC I wonder if it is not more interesting to use Paypal.

Interesting?

@louis_h

I don’t know the services offered by HSBC in connection with Quick File.

I’m not sure you fully grasp the difference between an actual bank and PayPal. PayPal are not a bank. Also, HSBC do not offer any services via Quickfile, I think there may be some confusion in general here. Maybe back this up and start again.

What are you trying to achieve/what is it you are wanting to do?

[louis_h]

Thanks for all his info, I should be able to manage on my own. Indeed, I misunderstood how it worked.

I wish you a good day,
Louis

[JohnJ]

@Lurch

PayPal are not a bank.

To expand what Lurch wrote, although PayPal are registered with the FCS be aware that their registration is not as a bank but as a ‘provider of e-money’ and that is the extent of their liability. Balances are not protected by the Financial Services Compensation Scheme and the Banking Ombudsman will not adjudicate disputes. You’re actually dealing with PayPal (Europe) Sarl and while they boast about how well protected everyone is, dispute resolution is of the “computer says ‘no’” style, with any further action to be pursued in Luxembourg.

You may find a significant number of potential clients refuse to use PayPal for these reasons so don’t rely on them as the only means of payment.