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I switched from Square-Up to pay pal, because it takes too long for me to receive payment from my customers. I need to be able to receive funds for payment immediately if possible. Is this possible? I signed up for the PayPal Debit card because I was told that was a good method for receiving payments faster with out waiting days for processing. I use the money my clients pay me with in order to purchase and ship their products, so I am trying to create as little delay as possible to improve my customer service. I am currently set up with a PayPal Here app, the card reader, and as soon as it arrives, the paypal debit card.
We use both Square and PayPal - both have their good points - however, from our experience, Square is faster as their is no middle man - customer pays, Square deposits your money directly into you bank account. If you setup Square to batch out at the same time everyday, your deposits are constant. Normally the funds are in our bank account within 2 days.
As compared to PayPal, yes assuming your account is verified, has a good selling history (meaning no continued record of disputes, claims, chargebacks or refunds), you do get your funds almost right away. However, when you transfer or withdraw to your bank account, the time can vary from 1 to 4 days. We average 2 days, sometimes 3. PayPal makes it convenient to be able to create and pay for shipping labels but, in the big picture, it's also quite easy to go direct to your preferred shipping service. PayPal's system can also do some strange things - your funds can be held because the customer or sender has a bad track record, there's random security holds and if someone pays with an eCheck, like paper checks, you have to wait until it clears. PayPal is also sometimes too quick to side with buyers when it comes to disputes and claims and if a buyer's issue is not resolved by PayPal, assuming the buyer pays with a credit card, then it's possible the credit card issuer can win the chargeback. This option is good for buyer as now they have second chance to get their money back.
As for PayPal Here - the transaction process rate is less than Square however, you may experience some holds with receiving funds. And as for the Debit Card, although you can get perks like a 1% cash back on eligible purchases, regardless of what ATM you use, there is a processing fee. Suggest you read the card holder agreement.
There's no right or wrong decision with these services, it's what works best for you. That's why we use the best features from both.