Do I need 2CO or paypal express checkout if enough (shopify store)

[JDUpper]

Hello,

Do I need 2CO or paypal express checkout is enough (shopify store)

And if I need, then what's better between getting wire transfer or using payoneer debit card.

I see that the wire transfer needs minimum $300 to get payment, how would I reinvest this way?

How you did it?

Thanks.

 

[JDUpper]

Anyone?

 

[zica505]

i was using paypal only untill i got stripe...i think you should get 2CO because in my store 70% of people used stripe and 30% paypal.

 

[HoNeYBiRD]

@JDUpper @zica505:
With the version of PayPal Shopify requires (Premier or Business) you can accept credit cards and payments via PayPal balance too obviously. If you offer PayPal, Stripe is unnecessary. Stripe is a credit card processor, processes the same cards as PayPal does. If you offer both PayPal and Stripe, you'll have two credit card processors, which seems like an overkill. It only makes sense if Stripe's credit card processing fees are lower than PayPal's. Are they?

2Co and PayPal offers the same coverage, because you can accept credit card payments and PayPal too with both. I guess it's a preference a thing, some people hates PayPal because of the amount of disputes they receive/lose, so they side with 2Co or go with Stripe even though they can't accept PayPal payments. If you go with Stripe only, you're leaving money on the table, according to your example around 1/3rd.

@JDUpper:
Payoneer is better for low amounts. If you want your money to be sent to Payoneer from Shopify, you'll need to apply for their US Payment Service, which is a VBA practically and has a 1% loading fee.
A wire usually costs at least $50 on the sender's end and then some on the receiving end, which makes wiring low amounts pretty expensive. If you do the math, receiving less than $5,000 will be cheaper with Payoneer, receiving more than $5,000 will be cheaper via wire. But i'm pretty sure, you can check these numbers within your Shopify and Payoneer account.

Just to make things even more complicated, you'll need to add Stripe and only after that you can add the Payoneer US Payment Service details: https://www.blackhatworld.com/seo/shopify-payoneer-for-non-us-resident.917815/#post-9771028. You might run into trouble, if you aren't a US resident, because Shopify will ask you for your SSN, which is still not an issue, because you can provide an EIN too as a non-resident, but to be able to do that, you'll need to have an LLC registered in the US, which can be done online: https://www.blackhatworld.com/seo/shopify-payoneer-for-non-us-resident.917815/#post-10051138.

 

[zica505]

@JDUpper @zica505:
With the version of PayPal Shopify requires (Premier or Business) you can accept credit cards and payments via PayPal balance too obviously. If you offer PayPal, Stripe is unnecessary. Stripe is a credit card processor, processes the same cards as PayPal does. If you offer both PayPal and Stripe, you'll have two credit card processors, which seems like an overkill. It only makes sense if Stripe's credit card processing fees are lower than PayPal's. Are they?

I was using Payal Express Checkout - customers could use it only if they had paypal account. That's why i needed Stripe so i could accept cards if they did not have paypal account.

 

[HoNeYBiRD]

I was using Payal Express Checkout - customers could use it only if they had paypal account. That's why i needed Stripe so i could accept cards if they did not have paypal account.

Yea, i forgot one thing, PayPal applies country restriction, so if you as a seller are from an unsupported country, you can't accept credit card payments, in that case you'll need a credit card processor, which can be Stripe.