PayPal’s great, but it’s far from the only option out there.
So why would you want to check out PayPal alternatives? Well, here are some key drawbacks to Online Payment Gateways solution:
1) PayPal doesn’t provide protection for sellers selling digital products and services
2) Many PayPal alternatives charge lower fees than PayPal’s 3.7 percent plus USD 0.30
3) PayPal has been known to freeze accounts for up to six months without prior warning
4) It can take a long time to withdraw money to your bank account – three to five days to be precise.
So if you’ve ever found yourself asking, “What can I use instead of PayPal?” we’ve got you covered.
In this article, you’ll learn all about the best PayPal alternatives available to help you decide which one is best for you and your business.
Best PayPal Alternatives
1. TransferWise
2. Google Pay
3. Stripe
4. Payoneer
5. Shopify Payments
6. Authorize.Net
#1: TransferWise
Best for: Individuals and service-based businesses with a high volume of international transactions. TransferWise dubs itself as “a cheaper way to send money internationally” and is a fantastic PayPal alternative if you make lots of international transfers. The payment solution claims to provide the “real” exchange rate, without inflating it with additional unseen fees. In one transaction of $2,000, Transfer-Wise cost a UK recipient £106.47 less than PayPal. But that’s not all. The service’s Borderless account provides users with a debit card, allows you to manage money in more than 40 currencies, run payroll, batch payments, charge clients, and more. Plus, with TransferWise for business, you’re able to invoice your customers in their own currency. So how can TransferWise provide such low fees for international transfers? Here’s how it works: Let’s say you want to spend $1,000 on your friend in the UK. Your $1,000 would be deposited into TransferWise’s American account. Then, they would send your friend the equivalent in British pounds from TransferWise’s UK account, using the real exchange rate. In essence, the money never actually crosses borders! This also makes international transfers extremely fast.
#2: Google Pay
Best for Quick, easy, and free payments from a well-known brand. Google Pay is another popular PayPal alternative. This service is a fast, simple way to pay on websites, apps, and in-store using cards saved to your Google account. Simply add your credit and debit card payment details to your account, and enjoy faster, more convenient payments, wherever you are. Google Pay enables businesses to streamline the payment process for customers. Plus, businesses can also use Google Pay to deliver special mobile offers and recommendations to customers, and provide gift cards. The best part? This payment solution is largely free for customers and businesses.
#3: Stripe
Best for: Businesses wanting an intuitive and flexible API (application programming interface). Stripe is one of the most popular PayPal alternatives, particularly for online businesses. This payment solution believes payment problems are “rooted in code, not finance” and they consider themselves a “developers first” business. For this reason, the service is easy to integrate and customize using their simple API. And it’s no surprise that many large digital business tools like Shopify have fantastic Stripe integrations. (For details about Shopify payment integrations, click here.) You can accept payments from all over the world, and Stripe automatically deposits your money into your bank account – plus, mobile payments are available. Unfortunately, the transaction fees are very similar to PayPal’s. All in all, Stripe’s strength lies in its flexibility and customizable nature. However, this could be an issue for those with little programming knowledge.
#4: Payoneer
Best for: Small to medium-sized businesses looking for an all-around solution. Payoneer helps businesses get paid quickly and securely. It’s particularly good for small and medium-sized businesses. In fact, this PayPal alternative places a special focus on market sectors such as eCommerce SEO Checklist, online advertising, freelancing, and vacation rentals. Like TransferWise, Payoneer provides a debit card to go with their online account, so you can withdraw funds from your bank or ATMs worldwide. Unlike Stripe, this service doesn’t require any programming knowledge and it doesn’t take long to set up an account. Payoneer’s pricing is simple too. The payment solution bills your fees monthly and transactions are free between Payoneer accounts. Unfortunately, credit card transaction fees are slightly higher than some other services, and you generally have to pay a fee when transferring money to a bank account.
#5: Shopify Payments
Best for: eCommerce businesses using the Shopify platform. Shopify Payments allows eCommerce businesses to accept credit and debit cards directly on their Shopify store, without a third party. Although this tool is only useful if you have a Shopify store, it’s worth bearing in mind if you’re looking to progress in eCommerce. Why? Because this PayPal alternative makes payments extremely easy for sellers. It’s completely integrated with your Shopify store, simple to get started, and allows you to accept all major credit cards. Plus, customers can sign up with Shopify Pay to make checkout easier. Shopify Payments also works with Facebook shops, Pinterest Buyable Pins, Facebook Messenger, Amazon, eBay, and more. What’s more, if you decide to sell in person, you can take card payments with Shopify POS (point of sale).
#6: Authorize.Net
Best for Small businesses wanting incredible customer support and security. Despite not being as large or well-known as some other PayPal alternatives, Authorize.Net has its merits. The service is a subsidiary of Visa and has the best user support in the business – provided free, from real people, 24/7. The payment solution has also been repeatedly praised for its reliability and security. Businesses will also be glad to know the service provides invoicing, recurring billing, point-of-sale checkout, and a robust API. The interface is intuitive, and the service also integrates with other payment providers, such as Visa Checkout, PayPal, and Apple Pay. However, this PayPal alternative isn’t particularly good for personal use as you can’t send and receive payments from family and friends.
Originally Published at www.oberlo.com
No comments:
Post a Comment