With the introduction of digital/ online payments, the world is moving at a rapid pace, several companies have launched their software for online payment. Currently, the two major systems for online payment are QuickBooks and PayPal. Knowing the difference between them will aid in making a perfect choice.
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On the other hand, PayPal is a technology software company that mainly provides online payment services. It is one of the best services that offer a free version to use too, additional features include Fraud Detection, In-Person as well as Mobile Payments, Data Security, Electronic Signature, etc. To date, it is one of the highest-ranked companies in The United States.
Comparison Table Between QuickBooks and PayPal
| Parameters of Comparison | QuickBooks | PayPal |
| Found on | 1983 | 1988 |
| Description | Accounting Software | Payment System/ Company |
| Training | Documentation | Videos, Documentation |
| Key Features | Billing, Invoicing, Online Payment, Multiple Payment Options, Electronic Signature, etc. | In-Person Payments, Mobile Payments, Fraud Protection, Data Security, etc. |
| Customer Care | Email, Feedback Forms | Phone, Chat, Email Support |
| Free Trial | Yes | No |
| Free Version | No | Yes |
What is QuickBooks?
As mentioned above, QuickBooks is an accounting software developed and launched by Intuit. Although its initial launch was in December 1983, the recent version was released in 2021 with additional features suggested by the feedback of certain professionals. The latest 2021 version has all the significant features like automated payment features, a reminder about the payments, customized receipts, etc.
QuickBooks originated in the year 1983 and was highly inspired by Quickens (Financial Management Tool) which was also developed by Intuit. Initially, QuickBooks was launched by using the same codebase as Quickens, later a new codebase for Windows and Mac Version was introduced.
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Main Differences Between QuickBooks and PayPal
- QuickBooks functions as accounting software that processes payments whereas PayPal is a financial technology company that aids in money transfer.
- QuickBooks support mobile payments while PayPal supports In-person as well as mobile payments.
- QuickBooks provides training through documentation, whereas PayPal trains through videos as well as documentation.
- QuickBooks charge a monthly or annual subscription fee and do not have a free version but a free trial, on the other hand, PayPal has a free version for the users but does not have a free trial.
- QuickBooks support payments through debit and credit cards, manage POS (Point of Sales), securely stores digital cheques, formulate invoices, etc., while PayPal aids in money transfer right from small local businesses like restaurants to huge markets like Amazon, eBay, etc., and also provides almost 25+ currency conversions.
- QuickBooks helpline works through email, feedback forms, FAQs whereas PayPal provides helpline and support through Phone, Chat, Email, Forum, FAQs, etc.
Conclusion
From the above-mentioned points, it is evident that although QuickBooks and PayPal provide similar functions, they carry subtle differences which make them unique and beneficial to every user. QuickBooks is the pioneer of every financing software that is popular currently, while PayPal is easily accessible even to small-scale businesses and serves as a good replacement to the conventional methods.
Nevertheless, the introduction of these cloud-based accounting systems has improved the economic growth of many countries and many third-world countries have started becoming digitally developed. Owing to their accessibility even through a phone, these accounting systems have become quite popular in recent years and the launch of their updated versions is the icing on the cake.
References
- https://www.emerald.com/insight/content/doi/10.1108/case.darden.2016.000167/full/