Comparing Online E-Commerce payment methods
For years, PayPal has dominated in enabling individuals and businesses to transfer money from one party to another. The service is an electronic alternative to conventional ways of transferring money, like money orders and checks. Google, which specializes in Internet search and online advertising, recently launched an ecommerce mechanism of its own, known as Google Wallet (formerly named Google Checkout).
While there are some key similarities between PayPal and Wallet, such as the ability to complete online transactions my making electronic payments, there are also some places that Google does not offer complete functionality. For example, PayPal can be used with eBay as well as thousands of online retailers., on the other hand, does not have integration with eBay, nor can it be used with the wide range of online retailers.
For the time being, Google Checkout is not available for use in international shopping. By contrast, PayPal can be used in 55 different countries with six different currencies.
To sign up for Google Checkout, shoppers are required to enter much of the same information as with PayPal. This includes an email address, phone number, and major credit card. Unlike PayPal, Google Checkout does not give shoppers the ability to use a bank account as an alternate payment source.
The fees associated with making transactions are one advantage that Google Checkout has over PayPal. Sellers incur a fee of 30 cents per transaction and 2.9 percent of the total payment amount when using PayPal for electronic transactions. The fee with Google Checkout is 20 cents per transaction and 2 percent of the total payment. When it comes to cost they clearly have the advantage.
The Big G ‘s integration with AdWords will prove to be beneficial to merchants in a couple of ways. For one, merchants with AdWords will have the ability to get some or all of their checkout fees refunded. Some sellers will essentially receive the checkout service for free. In addition, AdWords ads will begin featuring a Checkout icon next to them, making the ad stand out to internet users.
This particular checkout method is not meant to be a person-to-person payment system. It is not easy to send money to another individual that does not have an online business and does not offer the convenience of sending money to anyone with an email address. The person receiving money via Google’s checkout must have a website that includes a certain code.