Founded in 1998, PayPal is a digital wallet that has revolutionized online, local and international payment systems. As a matter of fact, PayPal is one of the most adopted payment methods for international payments in the business fraternity.
Its fast setup makes it one of the most popular digital online platforms; you can send the money in a matter of a few seconds without sharing sensitive information such as credit card or bank account number.
It comes as no surprise that the company currently has 403 million active users, and here’s why:
Speed of Transaction: It allows you to store your information, so you don’t have to fill out payment forms every time you shop.
Security: PayPal prioritizes safety; they don’t reveal your confidential information such as card details etc.
Albeit the company is ruling a considerable portion of the digital payment industry, there are several reasons you want to make the switch to other digital online payment platforms:
You are interested in Lower Fees: Many digital online payment processors charge lower rates than PayPal.
Looking for a more Customizable Platform: Even though the company offers several payment solutions, certain online processors offer advanced payment solutions such as Stripe.
More Features and Functionalities: Its POS (point-of-sale) technology is limited compared to other online payment processors.
Apart from these, PayPal can even freeze your account without any warning.
So how to go about it?
To ease your task, we have compiled of list of top 10 alternatives to PayPal that make the most sense for your business and customers.
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Top 10 PayPal Competitors of PayPal
Here’s a list of some of the best alternatives to PayPal so you can decide whether these are the best solutions to your business needs or not:
Stripe
- Founded: 2010.
- Pricing: 2.9% plus 30 cents is charged per transaction.
Stripe falls on number one when it comes to the best alternatives to PayPal, and it was valued at $95 billion (till October 2021), which is nearly 3 times than April 2020.
The payment solution seamlessly integrates with Weebly, Shopify, and Wix, making it an ideal payment processor for e-commerce businesses.
What’s more, its flexible application programming interface (API) allows you to customize payment solutions that fit the need of your business.
Also, it offers multiple payment options, customer interfaces, payouts, third-party integration, support, fraud and dispute options, revenue optimizations, and reports. Moreover, it allows you to manage the transaction from anywhere in the world.
- Stripe is one of the best online payment processors, but the platform is suitable for those that know computer programming.
Skrill
- Founded: 2001.
- Pricing: Charges 1.45% plus 50 cents per transaction but doesn’t charge on funds transferring to the bank account.
Skrill is a lot more like PayPal but comes with a few enhanced features that make it a worthier option for many.
With Skrill’s payment solution, you can link your bank account, send or receive the money regardless of the location, store the cards detail for faster purchasing, and even make online payments using only your email address and password.
The biggest plus, the company issues customers a debit card that they can use at any place all around the globe. Also, transferring money to a bank account is easy and quick.
The platform was created with cryptocurrencies in mind, such as Litecoin, Bitcoin, and Ether. Also, the setup is designed for online games and gambling games that need money to play.
Skrill offers an advanced fraud management tool, simple API, multiple integrations, and a chargeback account that makes it an ideal platform for international merchants.
- They have strict fraud prevention tools that add a layer of security. However, the company may freeze your account if you are not careful.
Google Pay
- Founded: 2021.
- Pricing: Charges 2.9% per transaction, while debit cards and bank transfers are free.
One of the strongest competitors of PayPal, the Google Pay App was downloaded almost 82 million times in 2021.
The payment solution is loved by both sellers and consumers who prefer fast and easy payment solutions.
The platform functions as an online wallet that allows you to save your credit or debit card credentials in your Google account so, it’s readily available regardless of the location.
The best part? Google Pay allows businesses to streamline their payment procedures for customers and even use the platform as a digital marketing tool.
You can send out gift cards, special mobile offers, and product recommendations to the customers using the Google Pay account.
Apple Pay
- Founded: 2014.
- Pricing: Charges 3% per transaction, while bank payments and debit card activities are completely free.
With 227 million active users, Apple Pay is one of the most used and popular alternatives to PayPal for apple users. The digital online payment solution is both quick and secure as it is compatible with most banking systems such as AmEx, Visa, and MasterCard.
The platform works as a virtual wallet, keeping the payment details easily accessible within the Apple Pay account.
The company offers an intuitive interface that is easy to use and ensures that the customers’ data is protected. Plus, you don’t need an internet connection in order to make transactions, making it more convenient for Apple Pay users.
- The only downside is that businesses might need to hire a proficient development team for Apple Pay Checkout integration that might not be suitable for businesses that are at the initial stages.
Payoneer
- Founded: 2005.
- Pricing: Credit cards transactions are charged 3% from the customers, eChecks are charged 1%, while Payoneer customers aren’t charged.
If you are running a small or medium-sized business, then Payoneer can be the answer to your payment solutions. It pays more attention to niches like freelancing, eCommerce, digital advertising, and vacation rentals.
The company issues the debit card to go with their online account, enabling users to withdraw money from ATMs and banks worldwide.
Plus, its efficiency is unrivaled; transactions take only two hours to get completed.
Moreover, Payoneer generated a revenue of $122.7 million in the third quarter of 2021.
QuickBooks Payments
- Founded: 2001.
- Pricing: Charges 2.9% plus 25 cents per card transaction, while basic plan offers free bank transfer.
QuickBooks payment solution works the best when synced with its accounting software. It not only helps you keep a financial record but saves you a lot of time from manually entering the data.
The payment caters to the need of small businesses and emphasizes providing simple, easy-to-use finance tools and speedy transactions.
What’s more, the platform allows you to set automated payment reminders, create and send invoices, accept ACH bank transfers, take mobile cards payments, and schedule recurring payments.
And, if this wasn’t enough, you can connect your payments with timesheets and payroll.
Amazon Pay
- Founded: 2007.
- Pricing: Charges 2.9% plus 30 cents for domestic US transactions, while 3.9% plus 30 cents for international payments.
The platform makes more sense to businesses and consumers who are already familiar with the brand. Due to worldwide brand awareness, Amazon Pay attracts users to make online payments with its trusted reputation.
It enables users to log in to their Amazon accounts, use their already saved payment details, and checkout using the interface they trust and know.
This not only expedites the online payment process but improves the conversion rate.
Furthermore, you can use the digital solution on all devices, allowing consumers and owners to manage their payments wherever and whenever it suits them.
- However, business owners should have some programming knowledge to integrate the payment solution with their eCommerce stores.
2CheckOut
- Founded: 2006.
- Pricing: Offers three types of pricing plans you can choose that go with your business requirements. However, charges per transaction start at 2.9% plus 30 cents.
2CheckOut is one of the best payment solutions and focuses primarily on international transactions and caters to over 400,000 customers globally.
Did you know that the platform supports a whopping 87 currencies, 30 languages, is accessible in over 200 countries, and accepts 45 types of payments?
The plus? You can tailor the checkout experience to meet the needs of your international consumers.
When it comes to online payments, security is always one of the biggest concerns but, it’s even more when dealing with international transactions.2CeckOut provides tight security with over 300 fraud checks for each transaction.
Shopify Payments
- Founded: 2013.
- Pricing: Charges 2.9% plus 30 cents per credit card transaction, while the basic plan starts at $29 per month.
Although the payment solution is beneficial if you have a Shopify store, it’s worth keeping in mind if you really want to get ahead in eCommerce. Why? That’s because Shopify offers a payment gateway that makes payment extremely easy for Shopify shop owners.
This digital payment platform enables eCommerce businesses to accept debit or credit cards directly on their Shopify store, without any third-party integration.
Shopify Payment offers security, shipping, inventory management, hosting, and social selling features.
Also, you don’t have to worry about the data as transaction details are linked with each order – an all-rounder payment solution.
Apart from that, the payment solution works with Facebook Messenger, Amazon, eBay, Pinterest, and other social media accounts, making it more versatile for both consumers and owners.
The best thing? If you plan to sell in person, you can accept the payments using Shopify’s point of sale.
Square
- Founded: 2009.
- Pricing: Charges 2.9% plus 30 cents is per transaction.
The system was initially introduced as the solution to mobile point of sale transactions. Now, the system’s digital readers enable users to make checks, credit cards, and cash payments.
Square offers a plethora of benefits for online payments via real-time inventory management and virtual invoicing.
This PayPal alternative also offers payroll tools, recurring payments, and invoicing. Apart from that, Square Online Checkout seamlessly integrates with online stores that enable businesses to accept online payments. What sets Square apart from other alternatives is that it offer loans to small businesses.
The list of PayPal competitors is not limited to the above payment apps but also includes:
- Samsung pay
- Authorize.Net
- Zelle
- Wise
- Cash Pay
- We Pay
- ClickBank
- Venmo
Wrapping Up
Digital payment solutions have immensely expanded over the years. Whether you are seeking a good user experience or looking for other payment methods, you have dozens of options to choose from.
Different solutions cater to different needs of the businesses. There are a few things you need to keep in mind while evaluating alternatives to PayPal:
- Niches.
- Transaction fees.
- Integration with third parties.
- Monthly charges.
The final decision boils down to what you need from PayPal’s alternative. Nonetheless, we recommend giving one of these aforementioned alternatives a shot when making a change.
