BankStride vs. PayPal Payments Pro

BankStride has saved us a tremendous amount of time and has been a key driver of growth and productivity within our company. The platform makes it easy for borrowers to submit documents, so the number of loan exceptions across our portfolio has decreased substantially. As a result, we can quickly identify pockets of risk within our loan portfolio and take appropriate steps to address areas of concern. It also makes regulatory audits and reporting much easier

Paypal is great for personal payments as well as business payments for ecommerce of for paying monthly memberships. It is a user friendly software that needs little expertise to get used to. For larger payments, the fees become high therefore it is more suitable for payments of upto few hundred dollars.

• automates document collection
• automates loan monitoring
• automates risk reporting
• loan portfolio management
• construction loan monitoring
• loan draw management
• loan processing
• secure document collection
• loan exceptions management
• vendor management
• OCC compliance
• Regulatory reporting
• regulatory compliance

• PayPal offers me the option of converting my currency deposited in my account to another currency, so I can complete all kinds of payments and send money to employees who are in another country for business reasons.
• The mobile phone application is too fast, I can make payments to my employees in a matter of seconds without having to wait for the web version to load.
• Scheduled payments are great. PayPal allows me to add a list of contacts to my PayPal Business account, and after adding the contacts, I can schedule payments for a specific day and time. It's easier to make automated payroll payments with PayPal.

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• Wish it was free

• Sometimes the UX flow would not deliver the customer back to our site, leaving orders in limbo "Pre-approved" status. The customer would call days later asking why we hadn't shipped it.
• The PayPal logo on the checkout page can be kind of large and obtrusive.
• They mention new features and programs on their login page, but it's hard to find any details on them deeper in the software.

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Customer service representatives were unable to explain why customer in Australia were unable to make payments using our link. It turned out that customers in Australia must create an account. PayPal's user interface did not reveal this to our customers in Australia. There was plenty about this issue appearing in online forums and PayPal customer service couldn't explain this. This change in PayPal's usability happened between April and May of 2021 and was done without notice to vendors (like us).

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nCino does not offer the automation features that BankStride does, which is why we went with BankStride. nCino is much more expensive (and requires Salesforce) and seems to lag a bit. It's a heavy lift for banks to implement, whereas BankStride can be implemented immediately. I believe BankStride can integrate with nCino which could be helpful, but in my opinion, BankStride is a stand alone product.

I don't think there's really any competition here. There's Venmo (also owned by PayPal) who is now offering business accounts, but it still isn't quite the same. The closest thing in terms of ease of use would be Apple Pay or Google Pay (and there are a handful of others out there, but we offer Apple and Google Pay). As a business, I prefer Apple or Google Pay to PayPal Payments, but we offer either Google or Apple Pay, PayPal, and credit card options and PayPal is always right up there with credit cards. I don't foresee us ever getting rid of PayPal Payments as an option, but we do try to only offer it on request for higher ticket items or high dollar installment purchases.

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• $17,400 saved per user per year on average
• Approximately 290 hours saved per user per year

• Our daily revenue has been increased when started PayPal Payments as the payment gateway.
• Refund rate and recurring revenue is stable and disputes are handled properly.
• Forex Fluctuations is controlled and solved the buying experience for few users.
• Solved problem for different currencies and retained our users.

Incentivized

Independently Invited by TrustRadius

A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info