What Are The Ten Best PayPal Alternatives?
Everything You Need To Know About PayPal And The Need For PayPal Alternatives. As the best payment processor, PayPal makes the money transfer completely effortless.
Until a few years ago, only a few payment methods were available other than the banking method.
PayPal started in 1998. Then, the whole idea of online transactions took a massive turnaround.
However, after their tie-up with eBay, PayPal was only introduced to the public in 2002.
PayPal has risen to fame and prominence globally after pairing with eBay. It was not until 2014 that the latter announced a spin-off with PayPal soon.
The order was subsequently carried off in the mid of 2015. Since that, PayPal has been functioning unassisted with its headquarters in California, United States.
Why Do Users Favor PayPal?
Users always favor PayPal for the effortless mode of international transactions. They can receive and send payments worldwide from a single PayPal account.
This means the user does not need to share their bank details to transfer money.
The same rule applies to the customers/merchants while making payments. This makes PayPal far more trustworthy than any other mode of transaction.
However, like all good things are not meant to be perfect, PayPal has also thrived with its own set of drawbacks.
What are the drawbacks of PayPal?
No matter how good something is, it has its share of flaws. Likewise, PayPal has also disappointed many of its users. Hence, the drawbacks of PayPal are as follows:
- Time of Transfer
After sending a request for transfer, the transactions get approved within an hour. However, it takes six to seven business days for the money to get transferred to the bank account.
- Security Threat
No matter how safe the procedures are, there is always a chance of getting scammed. Like any other platform, people use PayPal to fulfilling their illegal motives.
For instance, you might get duped by the name of any reputed website while buying or selling stuff online. The risk is because of sheer negligence or carelessness.
- Charges for Transfer
The transaction fee charged for transferring money to the bank account is unacceptable.
- Account Limitations
Based on the current status of your PayPal account, you might be set off with certain limitations. This usually happens in case of unauthorized transactions or any non-compliance.
These often raise a question about the efficacy of the security terms and the amount to be transferred.
Thus, a total deduction in the hard-earned money is not acceptable.
Hence, the software developers have come up with several other options.
The applications have been able to cope with the limitations to some extent.
14 Top PayPal Alternatives for Online Payments
PayPal alternatives are not only easy but also quite promising in the act. Resorting to PayPal alternatives saves a more significant sum of money in your pocket.
This is also the reason why many merchants are replacing PayPal with better options.
Hence, let us know about the various alternatives to PayPal, which are pretty popular to the mass.
Skrill has its headquarters in the United Kingdom, from where it operates. Innumerable merchants in Europe use it because of the excellent features it offers.
It is one of the best PayPal alternatives today because it is handy and easy to use. Unlike PayPal, Skrill incurs the lowest rate of $0.1 for any monetary transaction.
Hence, merchants worldwide are using Skrill to convert currencies at the cost of nothing. Besides, Skrill is also used for gambling online. Skrill provided risk-free and secured online payment options for the international shopping experience.
Established in 2009, Venmo has risen as one of the most promising alternatives to PayPal. PayPal right away authorizes it, and it works as a private branch. Users often use Venmo for transactions between trusted contacts.
The individuals transferring money always have their bank accounts linked to it. It makes Venmo far more private than PayPal and is only used for mobile payments to someone you are dear to.
Venmo incurs a transaction fee of 3% every time you transfer money via credit cards. However, transferring money via a bank account is free of any charge. Also, you cannot pay your shopping bills via Venmo.
Payoneer has been quite popular among freelancers since its establishment in 2005. This is because it has established direct tie-ups with several international freelancing websites.
Innumerable clients and freelancers use it to send money and receive money overseas.
It also offers a pre-paid Master card meant for use by the account holder anywhere.
It charges a wide range of transaction fees based on the types of transactions involved.
#4 Google Pay
Google pay is available in six different languages in various parts of the world.
It allows the transfer of money to the receiver’s email address right away from the bank account. This makes any transaction relatively easy for the users.
Google pay also allows users to buy or sell goods online in the most secure way possible. Besides, Google pay incurs a transaction fee of 2.9% whenever it accepts credit cards.
Remitly is a service that you can use for sending money to family, friends or to anybody you want overseas
With Remitly, you can send money to over 3000 banks and 3.5 lacs cash pickups location anywhere in the world
Through Remitly, you can send money at meagre rates. Additionally, there is no fee to receive money. They charge zero transfer fees for up to $1000, even when you are sending money using a debit card
So Remitly a great alternative to PayPal, we can say
With Remitly, you can send money to more than 130+ countries
After the invention of 2Checkout in 2000, it has been very popular among merchants. In 2017, 2Checkout had tied up with Avangate, which handles the financial proceedings.
2Chekout is quite popular among the merchants as “2CO”. Users can directly transfer money via a bank account without creating a 2CO account.
You can also use your credit card, master card, debit card, etc. to transfer money to a given bank account.
wise is also a PayPal alternative. It is best for international payments. Contrary to other online payment processors, it is not workable for peer-to-peer transfer.
It allows you to send or receive payments anywhere in the world. Besides, it only transfers money to the bank account within two to three business days. They claim to give you the rates which you see on google.
Amazon has emerged as a one-stop platform for every kind of business. Thus, Amazon Payments is a new addition to the list of features it already offers.
All you need to do is open an account on Amazon, link your bank account or credit card to it, and you are all set to go.
Amazon Payments getaway is not narrowed to transactions made only on Amazon. Anyone holding an Amazon account can use it to buy or sell services in and out of the platform.
Like PayPal, Amazon Payments also incur a transaction fee of 2.9% + $0.30 for every domestic transaction. While in the case of international proceedings, the fee has increased to 3.9% + $0.30.
Many merchants and people in business use Intuit or the Quickbooks Payments. Intuit allows ingress to TurboTax and is one of the best for mobile payments all across the world. It is also used for frequent transactions involving huge turnovers and lump-sum transfers.
Intuit implies a monthly transaction fee of $12.95 for a transfer of $1000 via credit cards. It also charges an extra charge of $0.30. Because of this, users often avoid using Intuit for smaller transactions.
Dwolla is one of the easiest alternatives to PayPal. It provides hassle-free transfer options via contacts available on your smart device.
The users must follow the necessary steps verification procedures like PayPal. After completion, the account will get activated after two to three business days.
Note that Dwolla operates only in the US and not around the world. Considering the transaction fee charged in Dwolla, it charges a flat $0.25 for the smallest transfer of $10.
#11 Binance pay
Binance pay is the best alternative to PayPal if payment is in crypto. It can be used for p2p payments & for sending and accepting online payments.
It’s a crypto payment technology. You can shop or send crypto to anybody in the world.
There are more than 40 cryptocurrencies available for payments. You can choose any.
Binance pay doesn’t charge any fees, so it’s zero fees alternative to PayPal. Integration is quite simple and lets you add the “pay with Binance” icon to your website
However, this service is not available in the united states
Coinpayments is another PayPal alternative. You can add their prebuilt plugin or integration available for all the major e-commerce platforms.
You can do crypto storage and payments through coinpayments. It supports more than 1200 cryptocurrencies.
For sending and receiving payments, you can use wallet address, QR codes or pay by name options
Instamojo is India based company. It’s a platform that offers an online store and online payments. You can sell anything by making an online store on Instamojo.
As we are talking about the PayPal alternative, let’s talk about Instamojo’s online payments features. It offers the easiest way to collect payments online
You can use Instamojo for any payments. It offers payment gateway integration which you can use for your e-commerce business.
You can also use embed pay buttons or payment links besides payment gateway integration. There are more than 100 payment modes through which payment can be sent or received
A huge number of people use Payza as a popular PayPal alternative. Many people in business and companies dealing with frequent transactions use it for payment processing.
Payza is also a popular payment processor for online shopping. Since its establishment, Innumerable sellers in Europe have received payments via Payza.
Payza also has a free application available for download in the Android OS. This makes payza one of the best options for mobile payments
Yes, PayPal might be working the best for you. However, it is always better to be ready with a potential backup to rely on when in trouble. Few of the alternatives mentioned above are more or less like PayPal.
Others have sorted their features either for business or private transactions. This makes it quite easy for the users to choose what they need!