WePay vs PayPal: Difference and Comparison

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.

Key Takeaways

1. WePay focuses on integrating payment processing into online platforms, while PayPal offers a broader range of services for individuals and businesses.
2. PayPal has a larger user base and greater international presence, whereas WePay primarily serves the US market.
3. Both payment processors provide secure transactions, but their choice depends on specific business needs and preferences.

WePay vs PayPal

WePay is used for event ticketing and crowdfunding, while PayPal is used for a wide range of transactions, including online shopping, peer-to-peer transfers, and business transactions.  PayPal has higher payment limits than WePay. PayPal users can receive up to a higher amount per transaction.

WePay is the representation of 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 with 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 gets directly 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 charges a minimal amount for its trial every month.

Comparison Table

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 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 the headquarter of WePay is settled 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, invoicing companies, etc. It helps these organizations collect the money collectively, which is later 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, slow payment processes, and limitations on money while transacting, etc.

What is PayPal?

PayPal can be defined as an online payment application that makes the transaction process easy and fast. With the help of this application, the payment is made within seconds, making it convenient to use anywhere.

It directly transfers 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 asks for the pin for the account, and therefore the transfer is successful.

PayPal’s headquarters is settled in San Jose, California, United States, and it was founded in 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 which is so strong that it does not allow the user to take any screenshots 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, prevention of 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 online payment application, then PayPal is going to be the best choice.

Main Differences Between WePay and PayPal

1. 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, an 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.
2. 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.
3. 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.
4. WePay is used to secure money and is mostly used by crowdfunding sites, event management, accounting, invoicing companies, etc. On the other hand, PayPal is used to secure the payment processes between the operator and the receiver.
5. WePay does not require a merchant account. On the other hand, PayPal requires a merchant account.
6. The WePay application does not allow users to take screenshots per their security policy. On the other hand, the PayPal application does allow its users to take screenshots accordingly.
7. WePay is comparatively least preferred and recommended than PayPal. On the other hand, PayPal is preferred to WePay.
8. WePay does not charge anything for its application usage from its users. On the other hand, PayPal does charge a minimal amount for its users’ usage of its application.
9. 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, convenience, easy-to-use application, prevention of fraud, etc.
10. The disadvantages of WePay include things such as its poor security system, its slow payment processes, and 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.

References

1. https://www.granthaalayahpublication.org/journals/index.php/granthaalayah/article/view/IJRG16_C09_126
2. https://www.degruyter.com/document/doi/10.12987/9780300252453-004/html

Last Updated : 13 July, 2023