What are the top 3 Best PayPal Alternatives? (Part 2)

PayPal is a Fintech giant. It is an extremely popular payment transfer and processing platform.

Businesses, individuals & freelancers use PayPal daily to manage their online transfers, income, and expenditures.

PayPal is the reason global transactions became a possibility. In fact, PayPal was the first Fintech company to go global, and others followed in its footsteps.

But here’s the deal:

Just because PayPal is known worldwide doesn’t mean it’s best for your financial activities.

Whenever you send or receive international payments through PayPal, either the sender or the receiver has to pay a transaction fee.

For online businesses, for each shopping payment processed, a fee applies.

.Depending on your payment location, you might end up paying a significant sum of money in the name of transaction fees.

So what’s the solution?

Well, there are other money transfer and payment processing services you can choose from. By shifting to other less popular but equally reliable and powerful PayPal alternatives, you can lower-paying transaction fees.

Depending on your transaction and transfer frequency, currency, and the sum of money, you’ll be able to save thousands by paying just 0.5% less in additional fees.

Here are the top PayPal alternatives you should definitely check out.

1. Shopify Payments

Shopify Payments allows you to accept card payments on your Shopify e-commerce store without installing a third-party app.

It’s super easy to set up and removes the need to redirect customers to other platforms for the payment process.

Using Shopify payments can help you increase the overall checkout conversion rate. That’s because users don’t leave your website while the payment is being processed, which is a lot more convenient from the user’s perspective.

Shopify payments using Stripe have a backend payment processor. You can activate it by simply going to the “Payment settings” section inside your Shopify store dashboard.

You can also enable PayPal as a payment option using Shopify payments, which I’d highly recommend enabling. Many people still prefer using it over cards.

It charges 30¢ for card transactions and 2.9% to 2.4% (depending on the plan you choose).

If you have a Shopify store, consider using this option above anything else.

2. Google Pay

Slowly, Google Pay is becoming a preferred choice of payment gaming for Android users.

It’s easy to set up, and it’s currently available in over 40 countries. Using Google Pay, one can store payment information across all Android devices and Chrome browsers. Which makes it a very convenient payment mode.

You might see a significant increase in conversion rates by allowing your customers to pay via Google Play.

Stripe supports Google Pay natively, and you can enable or disable it with one click.

If you have a custom product website, you can use their API and enable it for your store.

The best part – it costs nothing to either the merchant or the buyer. It’s completely free.

3. Amazon Pay

Amazon Pay is mostly used to purchase products from Amazon. It’s a digital wallet that allows you to load balances and use them as an alternative to card payments.

Many e-commerce software such as Bigcommerce and Shopify allows native connection for Amazon Pay integration.

Amazon Prime members, and general users, stack enough balance to shop regularly at Amazon. Adding Amazon Pay will help you offer a quick checkout process for your customers.

Amazon charges 2.9% + $30 as a transaction and authorization fee. For cross-border transactions, this becomes 3.9%.

They have a solid payment protection policy, probably better than Stripe.