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

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. Authorize.Net

If your goal is to provide the best on-site checkout experience for your customers, Authorize.net is an excellent option to consider.

Much like PayPal, it’s pretty popular and respected among both merchants and buyers.

It allows you to accept card payments, Apple Pay, PayPal, and e-checks.

Authorize.net also lets you handle recurring payments as well.

You’ll be charged a 2.9% + $0.30 per-transaction fee for the complete Authorize.net solution.

If you only need a payment gateway, you’ll pay a $0.10 per-transaction fee and a $0.10 daily batch fee. On top of that, there’s a monthly fee of $25 on both plans.

And one more thing, it’s a subsidiary of VISA.

2. Skrill

Skrill is a popular alternative for businesses in niches where PayPal doesn’t work. And yes, you guessed it right — it costs the same.

But there are some major differences between Paypal and Skrill. Such as PayPal doesn’t allow certain product categories to be bought and sold through their platform.

Skrill supports over 40 currencies compared to PayPal, which only supports 25 currencies.

This is one of the significant reasons many gambling, poker, and casino websites use Skrill.

Like PingPong payments, Skrill offers multi-currency bank accounts where you can store your funds and withdraw them when you wish to. On top of it, you also get a Mastercard debit card from Skrill.

One thing to note about Skrill is the transfer fee. If you transfer money to two or more accounts, Skrill will charge a 1.9% fee.

If you’re using Skrill to receive /send anywhere above €15,000 in a quarter, you’re eligible for their VIP program. Depending on your total transaction amount, you’ll get different perks and benefits, such as free transfers, low FX rates, and VIP support.

But Skill isn’t as widely accepted as PayPal. And if you’re not in the VIP program, the support is weak.

So Skrill is a perfect option for websites and businesses where PayPal doesn’t work. Since they don’t check the nature of your business.

As an individual with personal usage, Paypal is good for small transactions. But for large amounts, Skrill charges much less and is much more convenient.

3. BitPay

Many say cryptocurrency is the future. Because of the sheer increase in its value, Bitcoin (the most popular cryptocurrency) has become an extremely popular choice of payment.

Thousands of sellers support Bitcoin as a payment option for their online shops. And people love the buying experience that comes with spending Bitcoin on their favorite products.

It’d be wise enough if you started accepting Bitcoin on your website.

Probably the easiest way to accept cryptocurrency payments on your website is BitPay.

BitPay is a cryptocurrency wallet and processing software that allows you to get paid in crypto-currencies for your products and services.

BitPay advertises itself as the future of payments. It allows you to accept 8 different cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH). It also allows you to accept Ripple, GUSD, USDC, PAX, and BUSD, the $4-pegged stable coins.

For personal uses, BitPay is completely free.