Another advantage is that merchant accounts are more cost effective. All merchant accounts and third party processors charge fees which can be a set monthly service fee, fees for particular services and/or a per-transaction fee. PayPal doesn’t charge a monthly service fee for their standard account but their transaction fees are far higher. If your business is producing a high transaction volume monthly a merchant account will save you money.
If you have a merchant account, customers never leave your website when they are making a purchase and when they get their credit card bill, the name of your company will show up on the bill. If you are using PayPal, the customer is sent to the PayPal website when they make a purchase and the transaction.
In the past transactions could only be completed if the customer also had a Paypal account. Although setting up an account is a simple process, some customers were not comfortable doing so. Today you can still use your credit card via Paypal without t aking the time to set up an account.
Another factor to consider is the level of customer service you can expect. Most merchant accounts charge a service fee, in return for which, you can expect prompt service should there be a problem. A drawback to a standard PayPal account is a lack of service. It can have a negative impact on you business if you have issues with transactions or if PayPal freezes your account because they have noticed some suspicious activity, and you are not able to resolve the issue in a timely fashion.
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