The TOP 10 Alternatives to PayPal - Every Online Business Owner Should Know

The TOP 10 Alternatives to PayPal - Every Online Business Owner Should Know

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PayPal was founded in 1998 as a libertarian experiment by a group of tech superstars, including Elon Musk, Max Levchin and Peter Thiel. By 2002, it became the go-to brand name in online money management and was bought by eBay. Total PayPal volume hit a record in 2015 with almost $66 billion in net total payments, but it is far from monopolizing the industry;

More and more PayPal alternatives are appearing, giving consumers a new way to pay, one that might be cheaper, more flexible, more reliable, with better customer service or simply offering a better way of doing things.

 

PayPal is still not the perfect payment method we’ve seen so far, as it has some serious disadvantages. Well, we know nothing is perfect, but why should you tolerate this sort of issues if there are better options out there? First, we will check out some noticeable cons of PayPal that you’ll be able to justify your act of moving to a PayPal alternative.

• Fees: Despite the fact that fee may vary according to payment methods you use, one of the disadvantages of PayPal is the high fee.
• Holding Payments: More often than not, PayPal holds your payment and puts it under review with no proper reason.
• Some countries are not supported by PayPal such as Iraq, Bangladesh, Pakistan, Afghanistan etc
• Country-based restrictions on use of PayPal

Well that’s PayPal but let’s look at what other alternatives we can try out.

1. Google Wallet

The US-only payment system enables users to employ credit cards, debit cards, loyalty cards and even gift cards to make purchases through their mobile phones, and on NFC-enabled smartphones make electronic payments in person, in addition to settling bills online.
Google Wallet is free! However, you have to pay standard transfer charges when you are using credit card/debit card to transfer money into your Google Wallet account.

2. Payza

Formally known as AlertPay, Payza lets you send and receive money from 190+ countries across 21 currencies. The service is mainly based in US and Canada but also supports certain banks and credit/debit cards from their recognized countries. You can add funds to your Payza account via bank transfer or credit card, send money to other users, and even request money through invoices.

3. Nochex

Based in the UK, Nochex is a relatively small service compared to the others mentioned here, but there is a strong chance that you have used it as an alternative to PayPal already, or at least seen it listed as a payment option. Integrated into over 50 shopping carts and online store applications, Nochex is also listed as an acceptable payment method on eBay, although its full integration into the system has taken some time.

4. Amazon Payments

With Amazon’s usual protection also safeguarding the transaction, this is one of the stronger alternatives to PayPal. Think of a version of PayPal where you don’t have to pay the service as well as the seller.
If you’re already using Amazon, there’s a very good chance that the online marketplace already holds your credit card details. With Amazon Payments, you can use your Amazon account credentials to login and make purchases on thousands of websites and apps with the Login and Pay system, without scrambling around for your credit card.

5. Skrill

Skrill is the best alternative for PayPal in both aspects – as a money transfer platform and web payment.
Skrill, which was formerly known as Moneybookers, is a platform to send and receive money and shop online. Using this platform, a user can send money to an email ID, which belongs to another Skrill user. Moreover, the recipient can withdraw money through his/her debit card, credit card, or bank account etc. What makes Skrill impressive is the fact that Skrill allows instant withdrawal into the bank account of recipient.  Merchant fees of Skrill are comparatively low and you can know more about fees on official site of Skrill. And the best part is that Skrill is globally available.

6. Payoneer

Available in 200 countries and is capable of processing transactions in around 100 currencies.
Payoneer offers two different ways to use received funds. Through local bank transfer or global transfers or Payoneer reloadable credit card. Plus, you have an option to transfer amount to another Payoneer user.

7. Stripe

Stripe is a viable alternative to PayPal. Stripe accepts a variety of payment methods including cards such as Visa, MasterCard, American Express and JCB. In addition, Stripe can process transactions in around 100 currencies.
Your business should be based in Australia, Canada, UK, Australia, United States, Ireland, Belgium, Finland, France, Germany, Luxembourg, Netherlands, Spain, Denmark, Norway, Sweden, Austria, Italy and Switzerland to receive payments from Stripe.

8. Dwolla

Using Dwolla, it is possible for you to send money to email addresses, LinkedIn connections, Twitter followers, phone numbers and businesses that accept Dwolla. Another feature of Dwolla is Dwolla MassPay, which lets you process thousands of payments at a time. Dwolla was notable for buying and selling of Bitcoins until it stopped dealing with Bitcoin exchanges in October 2013.
Dwolla is a wonderful PayPal alternative for US based users.

9. WePay

Is an API-based technology, so... you must have technical knowledge in order to implement WePay.
WePay payment API focuses exclusively on platform businesses such as Crowd-funding sites, small business software and marketplaces.

10. Selz

If you have a WordPress site/blog, you can use Selz WordPress plugin to install it. When compared to PayPal and other prominent payment methods, Selz suits selling digital products. You will be able to transfer amount to your bank account or PayPal.

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Have you had problems with PayPal and switched to a new payment system? Perhaps you’re more interested in using just Apple Pay for all eventualities? Let us know in the comments.