Difference between Square and PayPal
Making purchase on the Internet is now easier than ever, and for that, we have services such as Square and PayPal to thank. Both offer a range of services that make it possible for anyone to purchase anything on the Internet, a benefit that many now routinely take advantage of. In this comparison article, we take a look at the key features of each service in the hopes of helping you decide which is the better of the two for your needs.
Profile
Square is an electronic payment service that also offers a payment card reading device with the same name.
PayPal is an e-commerce service that allows users to make payments and transfer money over the Internet. Along with Square, services such as PayPal and others like it function as much more efficient and convenient payment methods than traditional checks and money orders.
Services
Square allows users all over the United States to accept mobile phone payment via cards that they swipe through the Square device, or by entering details manually on the phone. The service was launched in early 2010 by Square Inc., and is currently offered via iPhone, iPod Touch, iPad and Android-based mobile phone versions. At present, a laptop version of the service is being planned for eventual release.
PayPal allows the payment and transfer of funds to online vendors, auction sites, and other commercial enterprises in return for a fee. PayPal also frequently charges a certain amount for receiving money, often in an amount proportional to the money received. PayPal fees also vary depending on the particular currency, the payment option, the sender's country of origin, the recipient’s country, the amount sent and the type of account the money will be deposited into. Certain eBay purchases may also be subject to fees of the buyer and seller use different currencies.
Procedure
Making payments via Square is a relatively easy and straightforward process. For payment to businesses that accept mobile credit card payments, Square users will simply have to attach a dongle provided for free by the company to their smart phone. This dongle is typically inserted into the audio jack of the phone. After the dongle is attached to the phone, users can then make payments simply by swiping their credit cards through the appropriate section of the dongle.
PayPal accounts on the other hand can be funded via electronic debit from a bank account or with a credit card. PayPal transfer recipients can then make a request for a check from PayPal, or they can set up their own PayPal deposit account. Recipients also have the option to request money transfers into their account.
Similarities and Differences
Square
- An electronic payment service that also offers a payment card reading device with the same name
- Currently offered in iPhone, iPod Touch, iPad and Android-based mobile phone versions
PayPal
- An e-commerce service that allows users to make payments and transfer money over the Internet
- Allows the payment and transfer of funds to online vendors, auction sites, and other commercial enterprises in return for a fee
