Online payments are at the peak of popularity among modern users. PayPal account is most often used to make them. This system was created in 1998 and, during its existence, has become one of the most popular for online and mobile payments. The service eliminates various inconveniences associated with using cash or checks. At the same time, focusing on multiple services is a widespread practice among freelancers, for instance, with different types of services and payments. Various PayPal competitors are offering no less comfort and speed of payment.
Now, hundreds of apps like PayPal in the world can accept payments online. But before you switch to another system, you should choose the right service. That’s what our article was created for. We researched several dozen payment management systems and compiled our PayPal alternatives. In addition, you can find a lot of other helpful information in our material.
Table of Contents
Almost every business owner has considered the best system for online transactions. However, PayPal is sometimes the only option. Many also start looking for PayPal alternatives, as this service has several disadvantages that do not suit customers:
Therefore, many business owners have asked, “Is there a decent PayPal key alternative?”. Many other online payment systems offer quite comfortable and loyal conditions.
We should consider how this service works before looking at the best PayPal alternatives. Understanding its functionality will allow you to properly evaluate the available PayPal alternatives and find the best solution. The service operates on the principle of a digital wallet. The client can conduct credit and debit transactions using the appropriate card. In addition, the payment service allows you to make payments while keeping your bank account in your account. It is possible to add multiple bank accounts and cards, which can be used to make the corresponding online payment.
There are a variety of PayPal alternatives, but some stand out from the mass of options. An ideal platform may include a payment processor, a payment service, and a payment gateway. Quite a few services will process this data for their client so that they can choose between payment gateway and other systems. All in all, we have compiled a list of the 11 best PayPal alternatives that are great substitutes for the service.
This payment system has a large audience of customers in the USA and Europe, which makes it possible to accept payments without any problems. It pays a lot of attention to security. You can create an account and use the service in simple steps. There is little difference between Skrill and PayPal, but the first option is best suited for those with international businesses. The main features of Skrill include the following:
Therefore, clients of the service can easily make credit card payments and other things. For this purpose, using the “one-click” option to make repeated payments in one touch is possible. Multicurrency accounts, analytics, and advanced reporting can also be created. The system supports multilingual customer service.
Regarding prices, a customer does not have to pay a fee to send money to a bank account in another country. It is a major advantage for those who conduct bank transfers for international business. There is no need to pay to create an account with this money transfer service. You can receive money from your account and send money to your email or another Skrill wallet. Please note that the account will remain free if the customer makes at least 1 transaction every 12 months. Otherwise, there is a $5 service fee. There are other fees as well:
If you have already used HubSpot CRM, the best solution is to connect HubSpot Payments. With this system, you can easily optimize sending and accepting payments. This solution is perfect for small businesses and large companies. For example, your sales team can create payment links that don’t require an access code. You can place payment links wherever they can be embedded – forms, invoices, apps, etc. There are no minimum or monthly fees for using the system. But it’s worth having a Starter+ HubSpot account. The fees are as follows:
It is an excellent choice for making international payments. With this service, you can have multiple bank accounts in different currencies and invoice your foreign customers. You can open a bank account in local currency for businesses in the US, Canada, Australia and other countries, including Europe. Payoneer can also be useful for freelancers, as they often have to work with international partners and clients, who can now easily send merchant accounts.
Payoneer allows you to make bulk or one-time payments. It also allows you to send money, withdraw and accept funds. The system has a partner network and supports integrated and third-party payments. It also provides API support.
To receive money from local bank accounts through the payment system, you must pay up to 2% above the market rate at the time of payment. If you withdraw money from other bank accounts in the same currency, the commission is 1.5 dollars. When making payments to other persons who do not have an account in the Payoneer system, the commission is 1-3%, depending on the selected payment method (credit card, ACH, etc.).
Square is a great processor for transferring money to small businesses. This system is different from the others on our top list. Commissions and pricing schemes are pretty transparent and easy to understand. The service does not impose long-term cooperation. It allows you to simplify transactions. Therefore, if you have a small business and want to carry out credit card processing and save money, Square is the best solution for this task.
The system can be customized to fit your company’s needs. In addition, Square boasts security, so customers and business owners don’t have to worry about it.
Square has 3 pricing tiers, including a free plan with basic options. For money, you can get additional tools:
Quickbooks Go Payment service came to us from a well-known accounting software. If you use a card reader, this system can accept payments from mobile devices on different operating systems. In addition, the client can set up regular billing and real-time notifications if the recipient views the invoice or pays it.
Quickbooks Go Payment fees directly relate to whether the customer uses Intuit QuickBooks for accounting. The fee for bank transfers is 1%. If cards are used for transfers, the fee is 2.4% of the amount plus $0.25 per payment. For invoicing, the cost is 2.9% plus $0.25. For withdrawal funds, the commission is 3.4% of the amount plus 0.25 dollars.
Stripe is one of the most popular services in the U.S. and Canada that allows you to accept payments from various countries. There is a transparent commission for all transactions: 2.9% of the payment plus $0.30 per online transaction. You must pay 2.7% of the amount plus $0.05 for personal transfers.
The service automatically transfers funds to a bank account. Stripe is very convenient for online businesses, as the payment process is on the website. It greatly simplifies the payment process for customers who previously had to go to external resources to make a payment. However, if your business is a physical store, the presented system could be more suitable, and it is better to look for another convenient option from our list.
Shopify Payments is another excellent service for online businesses. The presented service is easily integrated into a virtual store. With its help, you can easily accept payments without giving a card. Setting up the system is really easy. Shopify Payments boasts basic payment features: social selling and shipping options, security, hosting, etc.
The cost of using the service directly depends on the selected tariff:
Wise is a money service provider (MSB) and a smart alternative to simple banks. A Wise Business account is a simple and secure method for local bank transfers and international payments across various countries. You can make online payments or use the Wise app, which is optimized for all smartphone operating systems.
In addition, Wise uses the simplest way to connect your bank account with local banks in any country in the world. Note that debit card payments are made at the average market rate. Therefore, Wise Business is an excellent alternative for businesses. A customer can have several accounts in different currencies. This service is beneficial if the company is located in one country and partners and clients in other states. Thus, it will be possible to store, send, and receive money and systematize your transactions and accounts in different currencies in banks around the world. You won’t have to worry about huge commissions and inflated exchange rates. Wise Business has a small and fair conversion fee.
If you need a global option to send and accept payments, 2CheckOut is one of the best solutions. It offers 8 types of global payments, 15 languages, and 87 currencies in over 200 global markets. In addition, this platform boasts the comfort of using mobile devices and has branding customized to your business needs. In addition to international payments, customers get full fraud protection for every transaction, high PCI compliance and easy integration with over 100 online shopping carts.
2CheckOut offers several pricing plans
QuickBooks is a great accounting tool used by many businesses. QuickBooks Payments automatically integrates with all QuickBooks accounts, so getting the service up and running is fairly simple. With QuickBooks Payments, you can make mobile payments, create payment links, set up recurring payments, and receive real-time alerts when customers view or pay invoices. The system also has many other options.
Note that QuickBooks Payments does not charge monthly fees or setup fees. At the same time, the system does have transaction fees:
Stax Pay is part of the broader Stax financial platform. It’s a universal option that allows you to make fast and secure payments wherever you are from your phone. You can also use the Stax Pay Smart Terminal.
The service is perfect for small businesses and huge companies in any industry: trade, services, healthcare, etc. The service costs from $99 per month.
If you’re looking for PayPal alternatives, consider additional payment options in the form of Google Pay, Amazon Pay, and Apple Pay. These services allow you to make mobile payments for quick and easy online and in-store purchases.
Google Pay lets customers make contactless payments using near-field communication technology (NFC mobile payments). In addition, the system also allows peer-to-peer payments.
Apple Pay is a smart system for online shopping enthusiasts who appreciate the comfort of checkout. With the help of Apple Pay, you can make peer-to-peer payments, in-app payments, and in online stores.
You don’t have to use only Apple Pay to pay online comfortably. If an online business or customer frequently uses Amazon, it is best to use Amazon Pay to make payments. It is activated automatically for those users who have a registered Amazon account. It is also necessary to agree with the user agreement of the payment service and make purchases using Amazon Pay on third-party virtual resources.
When considering the available PayPal alternatives and choosing the best option, you should take into account several important points:
To find the best option, it is necessary to study all alternatives to PayPal in detail and weigh their advantages and disadvantages. You should also think carefully about whether the features and functionality of the chosen system meet your payment needs or your online business.
While choosing the best alternative to PayPal, it is also worth thinking about niche services that our clients can appreciate. For example, an excellent solution would be:
These are non-standard options that will significantly increase your customers’ loyalty. The presented add-on can be used for standard payment options: Visa, MasterCard, Discover and debit cards.
Every business needs payment solutions that are fully customized to their needs. There is a specific suitable service for every business. While choosing a PayPal alternative, it is worth considering all the company’s business needs. In this situation, it is worth considering:
Now, there are dozens of PayPal alternatives, and each service has certain advantages and disadvantages compared to PayPal. Choosing the best solution begins with determining what exactly you want to get from the new program. Based on this, finding something that will best meet your needs will be possible. After that, you need to dig deeper to see which services provide the features that best suit your needs.
You should be careful if a service indicates that it has no deposit fees and international transactions are completely free. In this situation, the markup may be added to the real exchange rate to pay the commission. In this situation, international payments can be a highly complex process. When receiving international payments, the bank or money transfer service will also want to profit from the operation. You can rest assured that in this situation, the costs will have to be covered by the client.
If payment solutions have certain upfront fees, check the pricing policy to determine which service offers the best price. Checking the exchange rates used for international transfers is also a good idea. Check the set exchange rate for your currency pair and then compare these values with the average market rate. The latter refers to banks’ only real exchange rate to trade money in the global financial markets. In particular, you can use Google search or special converters for this purpose.
It is essential because most services do not offer their customers average market exchange rates during international transfers. Instead, they receive a significant part of their income from the exchange rate. In rare situations, it is favorable for the client. Therefore, it is worth using the mid-market rate as a benchmark to avoid losing your money.
To run a successful online business, you must reduce costs as much as possible while maintaining high-quality customer service. In this situation, you need to choose the best service for accepting payments and monthly fees (payment to suppliers and employees). There is now a vast range of options for payment processing to suit different types of businesses. Check out all of the above alternatives and remember to check the availability of commissions, their size, and whether there are exchange rates to ensure you have found the best solution for your business.
Having studied all possible alternatives to PayPal, you will have to decide which service meets your needs. Our article describes the 11 best systems that will perfectly replace your payment system and provide the necessary options to ensure that all payments are made correctly.
Running a business is a challenging task. At the same time, a proper payment solution will significantly simplify the management of incoming and outgoing payments. Soon, you will be able to throw the calculator away and return to the issue of developing your business. In contrast, the issue of receiving and sending money will be entrusted to a functional, fast and comfortable payment method.
While a payment solution may not charge monthly fees, all corporate services have at least a transaction fee. Personal payment methods for a simple user (Venmo or Google Pay) do not charge fees. But their only disadvantage is that they are suitable only for personal use. Commercial solutions require a decent payment.
Depending on your preferences, after evaluating all the advantages and disadvantages, you can use as a replacement for Paypal: Payoneer, Stripe, Square, HubSpot Payments, QuickBooks Go Payment, Shopify Payments and other options we have described in our selection.
