Reasons why PayPal is one of the best payment platforms for freelancer
During their career, chances are that freelancers from all around the world often ask themselves which payment method is bound to give them the most benefits, while also being easy to use. For most, the answer is PayPal, and although it has some of its special flaws, it remains one of the best payment methods for freelancers, as it is easy to use, most clients have a PayPal account, and withdrawing funds is bound to be quick and easy.
In this article, based on some of the facts included in a Play-N-Pay infographic, we will outline some of the main reasons why PayPal is a great choice for freelancers, and why things will likely remain this way for the years to come.
1. PayPal has a solid and active community
Most freelancers want to stick to one payment platform that is also used by their clients, to make fund transfers easier. Well, considering the fact that PayPal has over 203 million active users, has processed more than 1.7 billion transaction and holds a total of 16 million merchant accounts, it most likely is a good choice in this regard. After all, it is also available in 202 countries, allows users to withdraw in a total of 56 currencies, enables users to hold balances in 25 currencies, and allows its users to receive funds in more than 100 currencies in total, thus making it practical for freelancer, regardless of country.
2. The payment platform is a market leader
At this moment in time, PayPal is only surpassed in terms of value transferred by the world’s two largest credit and debit card providers, Visa and MasterCard. However, on the Internet, PayPal is king. With this in mind, their market share is of over 83%, 18% of ecommerce purchases are processed by PayPal, and is ranked as the 193rd company in terms of market value by Forbes. While PayPal surely has a couple of competitors on the online payment market, most of them have a fairly low market share. For instance, Authorize.net, which is ranked as their biggest competitor only holds around 2.11% of the market share. Amazon Payment for instance, holds 1.44% only.
3. The payment platform is used across all industries
It doesn’t really matter what niche you choose to operate in. PayPal is used by people regardless of industry, yet some of the most popular are shopping, business, vehicles, technology, travel, entertainment and health.
4. The risk level is low
The only risk that you are exposing yourself to when it comes down to using PayPal, is the fear of having certain customers charge back their transactions, thus scamming you after the product or service has been delivered. This isn’t always the case, and PayPal has a resolution centre where you can enter your own side of the story for evaluation.
Based on everything that has been outlined so far, PayPal is and continues to be, one of the best payment methods for freelancers all around the world, significantly quicker and cheaper than a bank transfer, but also very easy to use.
About the Author:
Karthik Reddy, Community Manager at WebMastersjury, is the author of India’s Number 1 travel blog. Having an MBA in computer science he once decided to get away from the office desk life and take the breathtaking journey of traveling the world. He is eager to use the sociability of the web to inspire others. A passionate traveler and photography enthusiast he aspires to share his experiences and help people see the world through his lens.
Originally published at Freelancing Philippines.