PayPal Vs Stripe On Medium As a Payment Method.
The reasons I think PayPal may not come to Medium as a payment method for writers.
I know a lot of writers have wanted to see this happen. Oh my goodness! PayPal is here on Medium. Now everybody can get paid regardless of their geographical location or region. I’m sorry to say this, but this might never happen, and I have a few reasons.
Even though these are just my thoughts and reasoning, I still believe they could be a major setback for seeing PayPal as a method of payment for writers.
1. PayPal charges for making withdrawal.
Should I tell you what happen whenever I tried making withdrawal with PayPal? It is very simple. If I want to make a withdrawal to my linked debit card on PayPal, I usually pay a fixed $5 withdrawal fee. This always favours me when I withdraw a huge amount of money. At the same time, it discourages me from withdrawing a small amount of money.
Unlike Stripe, where writers can withdraw their money regardless of how much they earn, PayPal is different. If Medium pays you anything below $10, then consider it stuck in your PayPal account unless you want to transfer it to the U.S. linked bank account. I have seen a lot of writers get paid as little as $0.05 to their bank account with Stripe. This particular feature makes Stripe an outstanding payment method.
2. PayPal is not directly linked to a local bank account in some countries.
Unless you have a bank account in the United States or you reside in a country where your bank is compatible with PayPal, you cannot link your local bank account to PayPal. This is a good reason why PayPal linked a debit card instead for users without a U.S. bank account. Stripe, on the other hand, allows users to link a bank account in more than 46 countries including United Arab Emirates, Hong Kong, U.S, U.K and other European countries.
3. Stripe makes taxation easier than PayPal.
When it comes to tax filing, no one does it better than Stripe. Stripe is a robust payment method that gives users a lot of banking integration. If you own a website and would love to keep a record of taxes paid by users, then Stripe can easily help you with that.
Advantages of PayPal over Stripe
1. PayPal is a global payment service.
When it comes to universal payment, PayPal is great. PayPal is available in more than 200 countries across the globe. This makes them an easy platform to get paid with. More than 90% of internet companies use PayPal as a means of payment.
2. An email address is equivalent to a PayPal account.
Setting up a PayPal account is much easier than setting up a Stripe account. The advantages Medium writers have that make owning a Stripe account very easy are due to the help from Medium. Unlike Stripe, owning a PayPal account is as simple as having an email address. This makes money transfers very easy and convenient for PayPal users.
3. PayPal enables quick transactions.
The easiest way to pay someone and get paid online is through PayPal. It got a lot easier as users could easily pay for services or make payments with their PayPal accounts. This is a very good reason why Medium uses PayPal as a means for their readers to easily become members.
I know there are a lot of writers that would love Medium to use PayPal as a payment method for writers. If all the points are given above won’t be a limitation, then PayPal would be a great means of payment for writers.
What did you think? I would love to hear from you!!!
