myPaySystems vs. PayPal - What Are The Advantages and Disadvantages Of Both Companies

[BusinessEmpire]

How is everyone doing? We all know about PayPal. But, I just recently came across another company called myPaySystems. myPaySystems seems to be a pretty good company.

As a novice, who has not had any experience with either of these companies, what is it like dealing with these companies? Are they trustworhty? Are they legit? Is their setup easy for a novice entrepreneur and his customers to understand and operate? I know some members in this forum probably have accounts with either PayPal or myPaySystems, how are things going with the company you chose?

Is PayPal and myPaySystems in the same business or are they somewhat different?

Can either of these companies except payments for downloadable products that can sell from 99 cents to $4.99?

By the way, I heard about myPaySystems from a recent thread.


Thanks In Advance

[Boyscout]

Hey BusinessEmpire,

Our company currently uses Paysystems Inc for primary CC processing and PayPal for customers that wish to use it.

Ive found Paysystems to be fantastic, no problems whatsover and better than a bunch ive trialed and used (Note: Stay away from 2checkout)

Both PaySystems and PayPal are highly reputable companies, although I have heard some people have problems with their paypal accounts etc although Ive never personally experienced this.

To start, its probably easier and cheaper to run with PayPal and then add PaySystems as you need it. Most sites that sell with PayPal alone tend to be start up sites, and usually a site using only paypal does look a little less professional than one that has a proper merchant.

PayPal can be annoying, because users have to setup a new paypal account if they dont already have one.

Since paypal doesnt cost u anything to start, theres no problem with just signing up and getting started.

Personally, I would recommend an option of BOTH ordering facilities, so users can choose which of the two they prefer. I know when ordering online, I prefer to use PayPal if there's money in the paypal account, otherwise, id be more inclined to use the Credit card...

Good Luck!

[virtualbina]

Hi BusinessEmpire,

I currently use both PayPal and PaySystems. They are both reasonably
good payment processors. I would suggest, however, that you think
about using both of them at once.

I've been a PayPal business user for a long time. But I still have my
account frozen from time to time due to what they believe to be
'suspicious' activity. I've yet to figure what this activity is. I suppose
this is kind of good, in a way. It shows that they're trying to keep
their system safe and secure to some extent. But once frozen, it may
take awhile to have your account reinstated. In my experience, at least
24 hours.

Because of PayPal's popularity though, I would advice you still make
PayPal a payment option.

In terms of features, because of PayPal's 'popularity', there are many
services, softwares and scripts available to help you expand the use
of your PayPal account. You could easily set up affiliate programs,
for example.


With PaySystems, I have not had a problem with them as yet. But I
have had friends whose account has been closed due to high chargeback
ratio. Many claim that if PaySystem's system was high tech enough to
detect possible fraudulent transactions, they wouldn't have the
chargeback in the first place.

In terms of features, PaySystems is probably similar to PayPal to a
certain extent. Again there are scripts available to extend the usage
of PaySystems. The only thing that you may want to be aware of
with PaySystems is that their do not process payments in real time.
They do it in batches. It could take from minutes to a few hours for
them to verify a payment.


Both PayPal and Paysystems will allow downloadable products but
I'm not sure what the minimum sale value should be.


In short, if you're thinking of using PayPal or Paysystems, my advice
would be to use both . Just in case one let's you down, your business
will not come to a halt.


I hope this helps.


Warm regards,
Bina

[webbom]

I also suggest you to use both systems. There are people (like me) that doesn't have paypal account. So when I see a site that only accepts paypal I just go to another one.

[PayPalGeek]

btw, new feature just launched for US-based biz accounts... buyer signup with PayPal is no longer required for Buy Now, Donations, and Cart transactions.

this has been a long-requested feature by many merchants, and we're happy to announce it's finally here

we also launched several new features for color customization, accelerated checkout (auto return), and partial refunds, among others.

for more info, check here:
http://www.paypal.com/cgi-bin/webscr...r/news-outside
or here:
http://paypal.typepad.com/

enjoy!

(note: the buyer-signup-optional features is not yet rolled out to non-US merchants or Subscription transactions, however we hope to expand the offering to other geographies and products in the very near future).

[Boyscout]

Ahh great work! This will definetely cause some major changes for paypal merchants

[Backlinker1]

<quote>(note: the buyer-signup-optional features is not yet rolled out to non-US merchants or Subscription transactions, however we hope to expand the offering to other geographies and products in the very near future).</quote>

Any idea what 'tge near future' means ???

Graham

[BusinessEmpire]

Thank you all for answering my questions. PayPalGeek, thanks for the new info.

[PayPalGeek]

Any idea what 'tge near future' means ???

Graham -

don't quote me on the timelines, but best guess is sometime in the next 2-3 months it will start becoming available for other countries. however, note that launch dates are *always* subject to change -- we may have additional legal clarifications to make for EU countries, based on previous experience with other features.

that said, it's a high priority for the International team and i know they're working on it...

[Backlinker1]

Thanks for that Dave. I can understand ( sort of ( why international dealings would be different but why does the 'site subscription' part cause a problem ???

Regards.
graham

[PayPalGeek]

can understand...why international dealings would be different

but why does the 'site subscription' part cause a problem ???

Regards.
graham

well, currently the PayPal subscriptions & recurring billing product assumes that the user is a PayPal member -- when we do subsequent billing after the 1st initial transaction, it's based on the PayPal member having agreed to the recurring billing. they can also then manage funding options (credit card, paypal balance, bank acct) and/or cancel the subscription via their account.

we could allow non-members to be billed on a recurring basis, but it would be a little more challenging to handle cancellations and modifications w/o the user already having a PayPal account.

anyway, perhaps not impossible to revise, but you can understand why it might be a little more complicated to do a subscription without a PayPal account, as opposed to a single transaction initated/confirmed by a user.

[Backlinker1]

So that bit is not likely to happen then.... Shame

[PayPalGeek]

backlinker -

how important is PayPal Subscriptions/Recurring Payments to you? i'm interested to hear what people think of our service there... it's one of our less-well-known features, however i've always wondered if we could do more to make people aware of it.

are you currently a user? how does it compare to other services?

any info appreciated,

[Backlinker1]

I have only been a member of paypal for a few months and have been using paypal recurring for just five weeks !!!

It is ( in principle ) ideal for what I want. I have a site that has just started taking memberships and I am doing that exclusively through paypal recurring at the moment.

The idea of automatically charging once a year ( or whatever ) is of paramount importance. The percentage of people who would renew for a second and subsequent year is bound to be smaller if they are left to their own devices than if we do it automatically.

There is one major factor, however, that concerns me and that is the 'valid til' date on credit cards..... If my members were already members and users of paypal ( as most are ) then it should not be a problem, but if they joined paypal just to join my site ( not the sig line ) as some have, then the chances of them changing their credit card details when their current one runs out seems remote.

Only time will tell but so fat everything is looking good.

graham

[Backlinker1]

I forgot to mention.... I am a little unclear on the 'subscription' part of it. Every person that joins my site generates two entries on my paypal account. One for the recurring payment and one for 'Subscription'

My site uses a seperate script to protect the member area and regulate membership and something within that script is obviously 'talking' with paypal and generating that but I dont really know if it is a part of what I need or not

graham