MagicPay vs. PayPal
It has been almost three years since we launched MagicPay and from time to time it seems as if merchants are confused between the benefits and advantages of MagicPay compared to almost any other processor on the market, especially PayPal. In this short blog post I will try to break some of the myths that were created and show you how you can maximize profits and minimize expenses using the variety of MagicPay services.
Cost
Probably the most dominant factor and most often misunderstood by small business owners. PayPal might not have monthly fees but their basic 3.50% + $0.30 per transaction is way above the industry average. MagicPay’s pricing structure is designed much different in order to decrease processing fees drastically and show transparency to our clients. Our E-Commerce services are typically 0.75% + $0.20 above interchange. Meaning that you will pay us 0.75% above the credit card networks cost. Our merchants currently averaging at 2.55% for all transactions and that includes monthly and transaction fees combined. So we will let you decide where you save money.
Unique Merchant Account
While PayPal merchants are obligated to use the PayPal logos and gateway for processing payments online, MagicPay provides a unique merchant account, fully customizable. Your clients will see your company name on the transaction page and will not need to be redirected to a third party website (unless requested by you). Our merchant account is fully compatible with most POS systems on the market meaning you can combine the account for multiple services such as retail, mobile and E-Commerce.
Services and Options
There is no doubt that PayPal provides easy transaction features but at the same time leaves the merchants very limited to what they can do. With MagicPay the options are endless, starting with customer credit card vault that allows you to store credit card information of your clients securely for future transactions to recurring billing, multiple user access, electronic invoices and mobile payments fully integrated to the online terminal.
Business Type
As some of you may already know, PayPal does not accept all forms of business due to risk involved in different industries. Due to MagicPay’s expertise in the high risk industry, we accept most business types including high risk industries such us online tech support, collection firms and travel agencies.
Funding Time
Every business owner wants to receive the money owed to them as soon as possible. MagicPay offers 24-48 hours funding time while at PayPal this procedure may take up to a week. The reason being is because PayPal acts as a third party that holds the money and then the merchant has to manually go into their PayPal account and request that batch to be sent out to the bank account. With MagicPay you will save the time and hassle of transfering money between accounts as our platform is made specifically for that purpose. Once a transaction is made it will be automatically batched out to your registered bank account.