If you want to use something other than PayPal to accept payments, consider these options.
- PayPal is a popular online payment system, but there are other options with similar services.
- Stripe, Skrill, and Square are some popular alternatives to PayPal.
- You should focus on the fees when determining if a PayPal alternative is right for your business.
- This article is for business owners who are looking for an alternative to PayPal for their online payment needs.
Founded in 1998, PayPal has become one of the most commonly used online payment systems in the past two decades. It eliminates inconveniences associated with using paper money or checks, as you can do a lot through its online payment system.
We'll look at a few of the best alternatives available.
Before we get into the best alternatives, it's important to have a working knowledge of what PayPal is and how it works. Understanding its basic functions allows us to better evaluate alternatives.
PayPal acts as a digital wallet. You can store credit card and debit card information in your account to make payments online. You can also pay by storing bank account information in your PayPal account. These different payment methods are stored in your account, and you can use them in online shopping.
Security, speed of transactions, and PayPal rewards are three of the biggest selling points for the company. The security aspect is especially important. PayPal emphasizes its high security when you give your information to it, and how it keeps your personal information secure when you make online payments. As the video linked above explains, that's safer than providing your name, email address, living address, and credit card information on all the sites you purchase from. Your bank account information is also secured within PayPal, decreasing the likelihood your information will be stolen. PayPal also offers in-store payment options for users.
[Interested in credit card processing for your business? Check out our reviews and best picks.]
PayPal can help you exchange cash with other individuals or donate to charity. PayPal also has diverse uses for businesses, which can accept PayPal as a payment method on their e-commerce sites and even implement PayPal invoicing features if needed. We consider PayPal a great credit card processor for low-volume transactions.
The business features of PayPal are widely used, which is part of what makes a PayPal account valuable for consumers. According to its website, 19 million merchants use PayPal to help grow their business. It's a versatile platform used by many, as the merchant account numbers indicate.
PayPal's alternatives
If you are looking for alternatives to PayPal, for either personal or business use, it's important to understand what you want from it. Are you looking for more simplicity? How important is the security of your personal information (credit card numbers, bank account information, etc.) with your alternative? Do you need to make or receive international payments? Will there be a monthly fee? What might be a great PayPal alternative for a local pizza shop owner in Texas might be a less-than-stellar option for a global business based out of New York City.
Before we get into the best alternatives, it's important to have a working knowledge of what PayPal is and how it works. Understanding its basic functions allows us to better evaluate alternatives.
PayPal acts as a digital wallet. You can store credit card and debit card information in your account to make payments online. You can also pay by storing bank account information in your PayPal account. These different payment methods are stored in your account, and you can use them in online shopping.
Security, speed of transactions, and PayPal rewards are three of the biggest selling points for the company. The security aspect is especially important. PayPal emphasizes its high security when you give your information to it, and how it keeps your personal information secure when you make online payments. As the video linked above explains, that's safer than providing your name, email address, living address, and credit card information on all the sites you purchase from. Your bank account information is also secured within PayPal, decreasing the likelihood your information will be stolen. PayPal also offers in-store payment options for users.
[Interested in credit card processing for your business? Check out our reviews and best picks.]
PayPal can help you exchange cash with other individuals or donate to charity. PayPal also has diverse uses for businesses, which can accept PayPal as a payment method on their e-commerce sites and even implement PayPal invoicing features if needed. We consider PayPal a great credit card processor for low-volume transactions.
The business features of PayPal are widely used, which is part of what makes a PayPal account valuable for consumers. According to its website, 19 million merchants use PayPal to help grow their business. It's a versatile platform used by many, as the merchant account numbers indicate.
Skrill
A Paysafe company, this payment method is a lot like PayPal. Skrill has both U.S. and European clients, which makes it particularly valuable if you're spending money in Europe and the U.S. Much like PayPal, Skrill makes security a big focus. It's not complicated to create an account and start using the platform quickly. There are no tremendous differences between Skrill and PayPal, although Skrill might be better suited for international merchants.
Reviews on Skrill are mixed. Much like any company, Skrill has some glowingly positive customer reviews as well as more negative reviews. Sorting through the reviews of any company can be confusing, but it's worth considering Skrill for international payments.
Skrill features
Skrill offers chargeback protection, multiple integrations, a simple API, and advanced fraud management. It allows frictionless payments – you can use the one-tap feature to make repeat payments with a single touch. It also offers a multicurrency account, advanced reporting and analytics, and multilingual customer service.
Skrill pricing
You don't have to pay any fees to send money to a bank account overseas with Skrill – another aspect that makes it a good payment method for international business. Opening an account is also free of charge. An account allows you to use your Skrill wallet online, receive money from a friend, unload funds, send money to an email or Skrill wallet, and use a Skrill Visa prepaid card. Your account will remain free to use as long as you make at least one transaction every 12 months. Otherwise, a $5 service fee applies.
These are some additional fees:
- International transfers are 4.99% per transaction.
- Withdrawal from a bank account costs $5.50.
- The annual prepaid card fee is $10.
Stripe
Stripe is our choice for the best online credit card processor for online businesses. It integrates with Shopify, Wix, and Weebly, making it a great option for e-commerce businesses. Amazon, Google, and Lyft all use Stripe in some capacity, according to the company's website.
An initial look at the company's offerings can be confusing, as it's designed with developers in mind. It might take extra effort for those without a coding background to understand all of the features, but the effort could be worthwhile, as Stripe is used by businesses in more than 100 countries.
Stripe features
Stripe offers customer interfaces, reconciliation, reports and insights, multiple payment options, revenue optimization, payouts, third-party integrations and support, and fraud and dispute options.
Stripe pricing
There are two payment models for Stripe.
- Integrated: This model has a fee of 2.9% plus 30 cents for every successful card charge. You also get access to a complete payments platform with pay-as-you-go pricing.
- customized: Stripe can create a system that works best for your business to receive payments. The price depends on how that plan is set up.
These pricing plans can help your small business save money. Particularly if you run an online business, Stripe is a fantastic PayPal alternative
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