Will my store have a chance to compete without paypal as a payment option?

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For now, I can not offer paypal as a payment option, only credit card payments.
How bad is this? will my store be be able to compete and still have the potential to get many sales?
#chance #compete #option #payment #paypal #store
  • Profile picture of the author dave_hermansen
    We have many members of our program that have stores that do not offer PayPal and it has not affected their ability to make money. In fact, if you only could have one but not the other, taking credit cards through a real payment processor is better than only taking PayPal because there are a whole lot of people out there that refuse to use PayPal, for various reasons.

    In an ideal world, you should accept both but you'll make plenty of money without PayPal.
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  • Profile picture of the author MValmont
    A lot of people don't use Paypal.

    Most people in my coaching program only Use Stripe and /or Shopify payments
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  • Profile picture of the author chongjasmine
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    • Profile picture of the author dave_hermansen
      Originally Posted by chongjasmine View Post

      You will be at a disadvantage, but that doesn't mean you cannot compete.
      You can still compete if you try hard enough.
      The only people who will have a problem are people who do not have a debit card or credit card and the ONLY way they can pay for anything is through PayPal. Honestly, people who can't manage to even get a debit card do not tend to be the best people on the planet to do business with anyway, so it is no great loss.
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      • Profile picture of the author HorusEye
        but maybe people prefer paypal for other considerations like disputes / security .. etc ?
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        • Profile picture of the author dave_hermansen
          Originally Posted by HorusEye View Post

          but maybe people prefer paypal for other considerations like disputes / security .. etc ?
          Then they are very naive. The vast majority of people who refuse to use PayPal anymore are ones who were on one side or the other of a dispute. There is no more protection using PayPal than there is with any other payment processor and there is definitely less "security" (PayPal accounts are constantly hacked by fraudsters). In fact, there is less protection, since, according to many, PayPal intentionally ties up the process for many months, not siding one way or another so that they can hold onto the money and earn interest off of the money in dispute.

          But in a sense, you are right. There are plenty of people out there who are dumb enough to believe anything PayPal tells them. Again, though, this is why I say that people who have to rely on PayPal as a payment option may not be the best (i.e. smartest) people on the planet to do business with. Some of them definitely are pretty good at attempting fraud, though, and you are right because PayPal often lets them get away with it. We have far more fraud attempted through PayPal (as a percentage of sales) than we have with people who use a real payment processor.

          Oh, and as a vendor, do not necessarily believe that the "protection" offered by a PayPal confirmed address always protects you. They will try everything possible to get out of that guarantee and if nothing else, will hold up your money for as much as a year.

          No matter who your payment processor is, we recommend getting very good at detecting fraud or using a service like NoFraud that will guarantee every transaction. Although fraud is pretty rare in most niches, it does happen and if you are selling expensive items, it can really hurt when it happens!
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