What it is
PayPal is one of the best-known payment accounts, handy for billing clients in other countries and for selling online with a button shoppers already recognize. It works for freelancers paid in dollars and for stores that want to add a trusted payment option. In Mexico it offers interest-free installments, but currency conversion and cross-border fees add up on every payment.
How to use it
- Send invoices or payment requests to clients in other countries.
- Add the PayPal button to your Shopify, WooCommerce or Wix store.
- Offer interest-free installments to shoppers in Mexico.
- Withdraw your balance to a local bank account when you need it.
What it's good for
- A designer in Bogotá billing U.S. and European clients in dollars.
- An online store in Puebla adding PayPal for shoppers who don't want to share their card.
- An online course creator selling across Latin America with a method accepted almost everywhere.
Pros
- Shoppers recognize it and don't have to share their card with your store
- Get paid by customers in many countries from one account
- Integrates with Shopify, WooCommerce, Wix and QuickBooks
- In Mexico, standard withdrawals to your bank are free
Cons
- Currency conversion adds a 3.5% to 4% markup over the base exchange rate
- Transaction fees tend to run higher than other gateways
- It may hold funds or limit your account after disputes or unusual activity
