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Problems with PayPal? The best alternatives to this payment processor
Since its foundation in 1998, PayPal has become one of the main options when making online transactions. This digital wallet offers a lot of advantages and that is why people use it.
However, not everything is good with PayPal, despite the fact that it makes things much easier, it is a platform full of things that customers do not quite like. One of the main problems is the limitations on accounts without apparent justification.
In fact, the company is facing a class action lawsuit due to the withholding and seizure of money from clients whose account had been limited.
The problem with their high commissions
Another of the things that annoys users the most is the high commissions for receiving money.
Although in some parts of the world these are not so high, in some countries the commission reaches 5.4% + 0.30 USD to receive. This makes paying small amounts less profitable.
If you are already tired of PayPal, don't worry, today we are going to talk about some of the best alternatives that you have to replace this tool.
Top 5 Alternatives to PayPal for Ecommerce
As for e — commerce, PayPal offers a very good integration with any website or online store. It not only provides automatic payments with balance in the account, but also the receipt of payments by debit or credit card.
Best of all, the whole process is really simple, and it's a good solution for online payment. However, when it comes to merchant payments, PayPal is not the only option available.
1. Stripe
Stripe is a widely used payment gateway around the world, it offers a very flexible, intuitive and easy to use API. Many eCommerce platforms have Stripe integration.
This company charges 2.9% + 0.30 USD for each transaction made using its gateway. The company automatically deposits this money into your bank account.
Without a doubt, this is one of the best options you have to start receiving payments in your online store. Of course, unfortunately Stripe is not available in all countries, and you need to have a legally registered company to opt for this service.
2. 2 CheckOut
This is a platform quite similar to Stripe, it allows you to charge in a simple way in your online store. It has millions of users who use its services and one of the most remarkable things about this platform is its support.
With 2 Checkout you will be able to make payments in many currencies. This means that it is not necessary for the client to have a card in dollars to be able to make the payment.
Unfortunately, this tool is more expensive than Stripe, however, it is much more flexible when it comes to opening an account. It has three different plans and each of them applies a different rate.
2Sell : 3.5% + $0.35 per transaction.
2Subscribe : 4.5% + $0.45 per transaction.
2Monetize : 6.0% + $0.60 per transaction.
Despite being a good option, it is important to take into account the commissions that it handles, since they suppose an additional expense in each sale.
3. Google Pay
Google Pay is an excellent payment solution owned by Google, it allows transactions from people to businesses without commissions.
People can load their Google Pay account with a credit card or through their bank account. Then, they can easily make payments through the app to merchants.
Credit card payments have a commission of 2.9%, being one of the cheapest ways. Despite being an excellent option, this means of payment has not yet become so popular, so it is not yet widely used.
4. Shopify
When it comes to starting an online store, Shopify is one of the best alternatives you have. This platform allows you to create an online store in a fairly simple way, but it also offers a very complete payment gateway.
As for the cost to process credit cards, the platform charges 2.9% + 0.30 USD for each of the transactions made. Additionally, it is necessary to pay a monthly subscription that varies depending on the chosen plan, but they start at $29.
5. Apple Pay
Finally, we have as an option the means of payment owned by Apple, which works similarly way to Google Pay, however, this is native to Apple devices.
Because it's only accessible if you have a company team, it's much more limited than other options. However, it is still an excellent alternative for all those people who are looking to get out of PayPal.
These are not the only alternatives out there, there are many more and very good ones. Always remember that you should not rely solely on a single platform, the ideal is that you have several payment options that allow your customers to make purchases on your site in a simple way.
The 5 best alternatives for transactions between people
We already talked about the best options for those who have an online store and need to process payments. However, for those who need to send and receive payments in person, there are also several options.
Next, we mention the best alternatives to PayPal to send and receive payments between people.
1. BinancePay
Binance Pay is a pretty good payment method that is owned by Binance, one of the largest cryptocurrency exchangers in the world. This allows money transfers between people without any commission.
The only negative aspect that Binance Pay can have is that it only works with cryptocurrencies. However, this is easily solved thanks to the fact that on the same platform there is a P2P market in which you can exchange cryptocurrencies for local money.
Transactions are immediate and easily verifiable, plus you can send and receive money with just an email. This means that you do not have the need to learn your account number.
2. Payoneer
Payoneer is a very interesting platform that allows you to receive payments from companies around the world.
This platform gives you a virtual account number in dollars, euros and pounds. In this way you will be able to receive payments from different companies.
To use your money, you can do it through a prepaid card offered by the company. This is valid worldwide, and you can pay at any point of sale that accepts Mastercard cards.
It is also possible to carry out transactions between users without commissions, however, the minimum amount to send is 50 dollars.
3. Wise
Wise is a similar service to Payoneer, however it has the advantage that you can receive and send money in virtually any currency. If you have a balance in euros, and you need to send it to an account in dollars, you can do it easily and with a really low commission.
It also has the option of giving you a virtual bank account in euros or dollars which works like a real account. You can receive and send bank transfers as you like. It offers you a debit card, so you can use your money through any point of sale terminal in the world.
Without a doubt, this is a perfect option if you need to send or receive bank transfers.
4. Uphold
Uphold is an online wallet that will allow you to send and receive money between members of the platform without commissions. Manage a wide variety of currencies and cryptocurrencies available to send.
It is very easy to open an account, and it is a service that is gaining great popularity in recent years. It represents a very good alternative to PayPal and you should take it into account.
However, it should be noted that Uphold's interface can be a bit confusing for many people. With practice and time using it this becomes a piece of cake.
5. Skrill
Skrill is also a very attractive option when it comes to making financial transactions between people. It is a European company that offers person-to -person payment services, very similar to PayPal (even in its commissions).
Transactions between users are not free, they charge a percentage of 2.99% having at least 0.50 euros for the transaction. You can make withdrawals to your bank account in the countries allowed by the platform with low commissions.
