WePay and PayPal are two of the widely used online digital payment methods. Online payment methods have helped people in many ways such as it saves time, now people do not require to carry a lot of cash with themselves, sometimes if there is any sort of shortage of cash while the payment process then one can use these digital methods, etc. There are many differences between WePay and PayPal.
WePay vs PayPal
The main difference between WePay and PayPal is that the main purpose of the payment methods of both WePay and PayPal varies from each other. WePay is the representation of the online payment that is used for many integrated purposes such as for crowdfunding sites, small software businesses, etc. On the other hand, PayPal is the general digital payment method that can be used for various services easily as paying and receiving payments.
WePay is the representation of the online payment that is used for many integrated purposes such as for crowdfunding sites, small software businesses, etc. WePay allows collecting payments easily without having a prior merchant account or website. WePay simply collects the funds with the help of a Credit card that will further enable the funds to transfer to the bank account that has been linked to the WePay application. WePay provides its users a free trial and at the same time, it is a free version application as well.
On the other hand, PayPal is the general digital payment method that can be used for various services easily as paying and receiving payments. PayPal is simply an application that helps you pay bills or payments directly via its application. The money directly gets transferred to the receiver’s account in seconds. PayPal does not require any specialized merchant account for its usage. Also, PayPal is a free version of the application but it charges a minimal amount of money for its trial every month.
Comparison Table Between WePay and PayPal
| Parameters of Comparison | WePay | PayPal |
| Definition | The online payment application is used to generate customized payments for the purposes such as crowdfunding, small companies, etc via their API’s and therefore this application is known as WePay. | The online payment application is used to transfer money from one place to the other in a single go and therefore this application is known as PayPal. |
| Headquarters | The headquarter of WePay is settled down in Redwood City, California, United States. | The headquarter of PayPal is settled down in San Jose, California, United States. |
| Foundation Year | The initial foundation year of WePay is in the year 2008. | The initial foundation year of PayPal is in the year 1998. |
| Usage | WePay is used to secure money and is mostly used by crowdfunding sites, event management, accounting, and invoicing companies, etc. | PayPal is used to secure the payment processes between the operator and the receiver. |
| Merchant Account | WePay does not require a merchant account. | PayPal requires a merchant account. |
| Screenshot | The WePay application does not allow its users to take screenshots as per their security policy. | The PayPal application does allow its users to take screenshots accordingly. |
| Preference | WePay is comparatively least preferred and recommended than PayPal. | PayPal is more preferred than the WePay. |
| Charges | WePay does not charge anything for the usage of its application from its users. | PayPal does charge a minimal amount for the usage of its application from its users. |
| Advantages | The advantages of WePay include things such as its customized payment feature, its upgraded features of the risk tools and the risk management technology, etc. | The advantages of PayPal include things such as its high-level security system, its convenience, and easy-to-use application, preventing fraud, etc. |
| Disadvantages | The disadvantages of WePay include things such as its poor security system, its slow payment processes, it also has limitations on money while transacting, etc. | The disadvantages of PayPal include things such as its worse customer service, scripts, strict rules and regulations, locked accounts, etc. |
What is WePay?
The online payment method application that helps to generate payments from one place to the other is known as WePay. Generally, crowdfunding, software companies, event management, etc use this application to generate the payment processes through the API. Initially, the payment is collected in the WePay account, and later on, it is transferred to the actual bank account of the receiver. WePay is used widely in the United States and also the headquarter of WePay is settled down in Redwood City, California, United States. The initial foundation year was held in the year 2008. It is a free application and no charges are asked for its usage.
As we know that WePay is used to secure money and is mostly used by crowdfunding sites, event management, accounting, and invoicing companies, etc. It helps these organizations to collectively collect the money and later it is altogether transferred to the bank account. It only requires a WePay account and not any other account as a merchant account as many other online payment applications require. It simply needs to be signed up and a few verifications are asked and therefore it is ready to use. Even though WePay has many amazing and good features but is less preferred than any other online payment application.
There are some advantages and disadvantages as well where the advantages of WePay include things such as its customized payment feature, its upgraded features of the risk tools and the risk management technology, etc. And the disadvantages include things like its poor security system, its slow payment processes also have limitations on money while transacting, etc.
What is PayPal?
PayPal can be defined as the online payment application that makes the transaction process easy and fast. With help of this application, the payment is done within seconds that making it convenient to use anywhere. It directly transfers the money from one bank account to the other. The actual bank account is connected to the PayPal application and hence when someone pays through it, PayPal simply asks for the pin for the account, and therefore the transfer is successful. PayPal’s headquarters is settled down in San Jose, California, United States and it was founded in the year 1998. Since then people have been enjoying this payment method.
PayPal is used to secure the payment processes between the operator and the receiver. It directly deals with the operator and the receiver. One major plus point is its security system that is so strong that it does not allow the user to take any sort of screenshot in the application. And hence it is widely loved and adored by its user and it is recommended to all. Also, PayPal charges a minimal amount for the usage of its application from its users for its maintenance.
The advantages of PayPal include things such as its high-level security system, its convenience, and easy-to-use application, preventing fraud, etc. Whereas, the disadvantages include things such as its worse customer service, scripts, strict rules and regulations, locked accounts, etc. If anyone wants to try any sort of online payment application, then PayPal is going to be the best choice.
Main Differences Between WePay and PayPal
- The online payment application is used to generate customized payments for the purposes such as crowdfunding, small companies, etc via their API’s and therefore this application is known as WePay. On the other hand, the online payment application is used to transfer money from one place to the other in a single go and therefore this application is known as PayPal.
- The headquarter of WePay is settled down in Redwood City, California, United States. On the other hand, the headquarter of PayPal is settled down in San Jose, California, United States.
- The initial foundation year of WePay is in the year 2008. On the other hand, the initial foundation year of PayPal is in the year 1998.
- WePay is used to secure money and is mostly used by crowdfunding sites, event management, accounting, and invoicing companies, etc. On the other hand, PayPal is used to secure the payment processes between the operator and the receiver.
- WePay does not require a merchant account. On the other hand, PayPal requires a merchant account.
- The WePay application does not allow its users to take screenshots as per their security policy. On the other hand, the PayPal application does allow its users to take screenshots accordingly.
- WePay is comparatively least preferred and recommended than PayPal. On the other hand, PayPal is more preferred than the WePay.
- WePay does not charge anything for the usage of its application from its users. On the other hand, PayPal does charge a minimal amount for the usage of its application from its users.
- The advantages of WePay include things such as its customized payment feature, its upgraded features of the risk tools and the risk management technology, etc. On the other hand, the advantages of PayPal include things such as its high-level security system, its convenience, and easy-to-use application, preventing fraud, etc.
- The disadvantages of WePay include things such as its poor security system, its slow payment processes, it also has limitations on money while transacting, etc. On the other hand, the disadvantages of PayPal include things such as its worse customer service, scripts, strict rules and regulations, locked accounts, etc.
Conclusion
WePay and PayPal are two application or software that helps a person transfer money from one account to another. It is easy and very convenient to use this application. These applications have made people’s like hassle-free. Even though these applications are very useful but sometimes they might create difficulties as well. Since we know every object has its pros and cons, the same is with these payment methods. People prefer the PayPal payment method over the WePay payment method. Before, paying anywhere one should also check if the opposite party is legit or not.
References
https://www.granthaalayahpublication.org/journals/index.php/granthaalayah/article/view/IJRG16_C09_126
https://www.degruyter.com/document/doi/10.12987/9780300252453-004/html