Dan Schulman took global payments powerhouse PayPal (PYPL) to new heights during his nine-year tenure. When he announced his retirement from the position, the PayPal board needed to find a replacement who could live up to Schulman’s legacy. After a months-long search, Alex Chriss was chosen as CEO and President, effective September 27, 2023.

Schulman reflects on the choice of Chriss and the transition to his successor at PayPal. While still on the board of PayPal, he expressed the need for new leadership in his interview with Yahoo Finance Executive Editor Brian Sozzi. “I've been doing this for almost a decade. You know, it's time… to bring in new leadership, to bring in new ideas, new thoughts," Schulman commented.

Chriss previously served as Executive Vice President and General Manager of Intuit's (INTU) Small Business and Self-Employed Group where he created Intuit's Partner & Developer Platform before serving as the Small Business Group's Chief Product Officer from 2017 to 2019.

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For more on our Lead This Way series, click here, and tune in to Yahoo Finance every Thursday at 3 p.m. ET.

Video Transcript

[MUSIC PLAYING]

BRIAN SOZZI: Is it hard to pick your successor? And then what do you look for in them? Is it a Dan Shulman light? Is it someone that has a couple of your skills or your skills magnified?

DAN SCHULMAN: So the great news is most CEOs don't pick their successor, the board does. And that's a good thing. Because, you know, it's always hard when you have run a company for almost a decade, to think about who your successor could be. They took their time to do the right search, and they found a great successor in Alex Chriss.

I think Alex is, sort of, a natural born leader. What I told Alex is you have a great platform now, there's a lot of things to build on, but that he should be bold in his own way. Make decisions not necessarily continue with the things that I've done because that's the beauty of bringing in new leaders. And I-- kind of when I told the board that I wanted to retire, part of what I told them is like I've been doing this for almost a decade, it's time to bring in new leadership, to bring in new ideas, new thoughts.

Story continues

And I think it's always difficult to say goodbye to something. Your identity is tied up in it, you know, but there's this Buddhist saying that goes something like, "if you have the courage to say goodbye, 100 hellos will await you." And like I'm just so happy with the transition. It's gone, I think, as classy as we could hope for it to be. I'm still on the board. I'll still be as helpful as I possibly can. But it's his company now, and I'm really supportive of that.

BRIAN SOZZI: Is it difficult as a leader to pull back and hand over those reins?

DAN SCHULMAN: I thought it was going to be but it's not.

[LAUGHTER]

BRIAN SOZZI: You have a little more time to yourself, right.

DAN SCHULMAN: Yeah. It's really not. But, you know, it's always interesting. The anticipation of something is never as-- it's never as difficult as the anticipation, it's always easier in reality. And it's been a really easy transition. I think the board has been helpful in making that happen too. I think the whole company has been helpful in that. Alex has been great in that and hopefully I've done my part in that as well.

[MUSIC PLAYING]

PayPal offers several pros for users, including a variety of payment processing options, international disbursements, free bank transfers, invoicing capabilities and easy setup and usage. However, it can be pricier than some PayPal competitors, has limited purchase protection, offers poor customer service and requires a fee for instant transfers. This section overviews these pros and cons, including how PayPal compares to competitors’ pricing.

PayPal Pros and Cons

Despite its many advantages, PayPal isn’t right for everyone. For example, companies that need same-day payment processing or advanced customer support may find a PayPal alternative to be a better fit for them. Here is a look at the pros and cons of using PayPal to process business payments.

PayPal Pros

Some top PayPal positives include:

• Easy setup and usage
• Client familiarity with PayPal
• A wide variety of online and off-line payment processing options
• Instant access to funds for a fee
• Free bank transfers
• Invoicing capabilities
• Available shopping cart integrations
• International disbursement to 96 countries and in 24 currencies
• Subscription and Recurring payment processing

PayPal Cons

Some top PayPal negatives include:

• Slightly higher payment processing fees than some PayPal competitors, such as Square and Stripe
• No protection for intangible item purchases, such as digital and in-person pickup items
• Delayed payments due to disputes
• Up to a three-day delay for free bank transfers
• A 1% fee for instant transfers
• Poor customer service

PayPal Cost

With a fee of 2.99% plus 49 cents per card transaction, PayPal’s fees are slightly higher than many of its competitors. For example, Stripe’s fee is slightly lower at 2.9% plus 30 cents per card transaction and Merchant One’s fees are quite a bit lower at 0.29% to 1.55% per card transaction. When business payments are processed by the hundreds or thousands per month, these differences can add up quickly with higher fees cutting into profit margins.

When To Choose a Competitor Over PayPal

PayPal has weaknesses that can make it unsuitable for some companies. For example, its fees can be higher than some of its competitors and users report that customer service is lacking. If its weaknesses mean it does not meet your business needs, it is time to consider some PayPal alternatives. In addition, if you are turned down by PayPal for a merchant account or your PayPal account is terminated, finding an alternative is often the next step.

Many PayPal competitors offer lower fees than PayPal. While the differences may be minimal for sole proprietorships that process four to five payments per month, businesses that process thousands of payments per month or large-ticket item payments can pay a hefty collective monthly fee. So, if your company is growing or processing a lot of payments or large-ticket payments, consider competitors such as Payment Depot or Square.

Companies that rely heavily on customer support should also consider PayPal alternatives. While users report that PayPal’s customer service is slow or even non-responsive, some competitors’ strengths lie in their customer support. Flagship Merchant, for example, has won awards for customer support excellence and even offers cash rewards if support is not spot on. Its dedicated 24/7 support also means you are never left to manage a problem alone.

Another reason you might consider a PayPal alternative is if you have been turned down for a PayPal account. PayPal vets its clients before approving an account by reviewing their business’s financial statements and stability. It can also terminate your account at any time. If you aren’t approved or your account has been terminated by PayPal, consider a provider that offers a more lenient approval rate. Merchant One, for example, offers a 98% approval rate.

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Ready to sign up for a sportsbook and make a deposit? Here are a few easy steps you can follow.

We’ve kept it pretty general because some sportsbooks use different terminology for everyday actions, e.g., “sign up” or “register.” If you run into any roadblocks while signing up, contact customer service for help.

1: Choose Your App(s)

Select the sportsbook(s) you wish to use. get the app (most are available for iOS or Android) or head to the desktop website.

2: Create An Account

Register for an account. Follow the prompts and fill in the information requested. This will include the following:

• First and last name
• Email address
• Password (you will create one that meets the sportsbook’s security standards)
• Home address
• Phone number
• Date of birth
• Photo ID
• Social Security Number (or the last four digits, depending on the sportsbook)

The information you provide will be used to confirm your identity and prevent you from creating duplicate accounts or claiming multiple bonuses.

3: Connect PayPal & Deposit

If you’re a first-time sportsbook user, you’ll likely be ushered to the deposits page right after signing up. If not, head to the payments page.

Select PayPal as your preferred deposit method and follow the prompts to connect your account to the sportsbook. Usually, the sportsbook will take you to a web page requesting you sign into your PayPal account. Once you do this and allow PayPal to connect, you’ll return to the deposit page.

Select the amount you’d like to add to your account and make your deposit. Remember to check for a bonus or promotional offer, especially a first deposit match that only counts when you first fund your account.

4: Place Your Bets

Your deposit should hit your account almost instantly. Now, you can peruse the odds and betting markets and place bets with your newly funded account.

Yahoo Finance Video

Dan Schulman has led some of the most iconic companies in consumer finance, telecommunication, and e-commerce, including PayPal (PYPL), AT&T (T), Virgin Mobile, Priceline, and American Express (AXP), with game-changing innovation and bold risk taking. In this episode of Yahoo Finance’s Lead This Way, the former PayPal CEO and President shares the values that have driven his decision making as CEO of several of the world’s most iconic businesses. Recognizing that employees are essential to a company’s success, Schulman put in place an extensive program at PayPal that prioritized their financial wellness. Mentored through a tradition that business can be a force for good in society, Schulman has taken principled stands on critical social issues and has led with purpose, compassion and authenticity, while more than tripling the annual revenue of PayPal during his nine years as CEO. The outgoing PayPal CEO and President sat down with Yahoo Finance Executive Editor Brian Sozzi at PayPal headquarters in New York City to share his vision for what makes a good leader. Central to his approach are an adherence to four key attributes: being humble, generous, authentic, and bold. Schulman sums it up by saying, “You have to have the confidence to make difficult decisions.” Schulman’s storied history as an executive began in the late 1990s as President of AT&T’s Consumer Division, which subsequently led to CEO positions at Priceline and Virgin Mobile. He was President of Enterprise Growth at American Express before taking the helm at PayPal, from which he resigned in September of 2023. Lead This Way is a new series that features big interviews with the business leaders shaping our world today. In these one-on-one conversations, we reveal how their approach to leadership helped them become Wall Street titans. For more on our Lead This Way Series, click here, and tune in to Yahoo Finance every Thursday at 3 p.m. ET.

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