In a tech world full of the next big things, it’s not unusual to see even established concepts and brands disappear virtually overnight. While PayPal has been virtually a household name for years now, concerns both new and old are begging questions regarding its continued longevity. It’s cornered the online payment market virtually since it launched, but it has been getting new competition and has suffered in customer satisfaction.
It’s not surprising, given the success of PayPal that other companies are seeking to emulate it or get in on the market of online payments. Over the last several years, companies like Google Wallet, Apple Wallet and Square (to name a few) have begun to command increasing shares of the market.
These newer companies are doing what only new companies (like a digital marketing company) can do with such finesse; they are reinventing the field in such a way that established and often complacent companies seldom can. They are giving consumers newer, safer, more convenient ways to handle their online and mobile payment needs.
The biggest issue that utilizing PayPal has cause online consumers is dealing with a third-party financial system. When you require a refund or process a return, you may have dotted your “I’s” and crossed your “T’s” with the retailer in question, been promised a refund, and yet because the finances are processed through PayPal, you may not see your refund for a month or more.
Your avenues for relief are limited, because once the online retailer releases funds back to PayPal, their contractual obligation is over. You have to deal with PayPal’s customer service, which can be time-consuming and often a waste of effort. PayPal has their own timeframes for processing payments and refunds, timeframes which may not remotely jive with the promises of a particular online business.
If customers have no alternative to processing their payments through PayPal, they may opt to shop elsewhere in order to avoid the potential hassle altogether.
One of the most obvious solutions to dealing with PayPal fallout at the online retailer level is to give your consumers options when it comes to payment. Eliminating PayPal altogether isn’t a good idea, with the company having control of such a large share of the market you will likely alienate more business than you’ll save. However, giving your customers the option to choose other payments systems will give both you and them the option to deal with a more consumer-friendly company and avoid some of the pitfalls of dealing with an online payment system that’s alienating more users daily.
The bottom line is that business owners are only protecting themselves by diversifying their payment methods. Customers are demanding alternatives to PayPal, and not providing them will hit you in the bottom line.
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