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Monday, November 15, 2021

Top 8 Alternatives To Paypal – Make Money Transactions Easier

PayPal whose parent organization is eBay is one of the most famous applications people use not only in the USA but all over the world for making online transactions. There are many reasons for the public looking for a PayPal alternative including:

  • Paypal alternative for personal useThere are many apps like PayPal that charges a service fee lower than PayPal
  • The sellers’ digital service and products are not protected in PayPal
  • There have been reports about PayPal freezing the account for 6 months without prior notice
  • It can take three to four working days for withdrawing money when deposited in PayPal

So anyone looking for Paypal alternatives for personal and alternatives to PayPal for business use can find this article useful.

Alternatives To Paypal

  • Transferwise

Any individual or business that is service-based with frequent and a lot of overseas transactions can opt for this app. It is a cheaper alternative to Paypal when making transactions internationally day-to-day. They claim to charge a real inflation rate and say that there are no additional hidden charges involved. The invoice can be generated based on the currency one wants. There is this boardless account by transfers that gives a debit card to its user. Through this debit card, the user can access currencies of 40 plus countries, charge clients, batch payments, run payroll, and many more. Here, the money does not get cross bordered even when making a transaction abroad. They charge USD 1 and 0.6 % of the transaction amount for US dollar to Euro transfer. It is available in both IOS and Android.

  • GooglePay

cheaper alternatives to PayPalGooglePay is an app that is famous all over the world as its parent company is Google. It is regarded to be the best as the payment can be done without any cost involved, it is easy and as well as quick. Payments can be easily made through alternate of PayPal. The user just has to register its card or bank account in the Gpay Account. This app allows businesses to rationalize the payment process for their clients. It also allows businesses to provide offers and gift cards. A 2.9 % is charged on credit card transaction amount but there is no charge involved in bank transfers and debit cards. Every play store and apple store has this app and there is a website as well.

  • Stripe

This is another alternative for Paypal and is best for the people who are wanting an AP that is flexible and Intuitive. It is famous among the owners of E-business. They consider them to be a developer first as they believe that the problem is not in finance but is deep-rooted in code. With the help of the simple API, it becomes very easy to customize and integrate the service. Companies like Shopify use this payment mode as well because of the fabulous integrations. Payments can be accepted through this app despite the country the sender is in. It gets the transaction amount deposited directly in the users’ bank account that is linked to Stripe. It is not widely used as the charges of Stripe are high as those charged by Paypal.

  • Payoneer

This is a one-stop solution app used by a business that is medium or small-sized. It focuses particularly on vacation rentals, freelancing, online advertising, and e-commerce. Just like Transferwise, a debit card is provided by Payoneer as well. There is no charge when one Payoneer user makes payment to other. A 3% is charged for every credit card transaction and 1 % for e-checks. It is available for both IOS and Android users.

  • Shopify Payment

apps like PayPalAny user who is into e-business via the platform of Shopify finds Shopify payment to be one of the best alternatives to Paypal. There is no involvement of a third party when using the Shopify payment platform and it can all be done without hassle using a credit or a debit card in the Shopify store. There is a fee involved for using this payment that starts from USD 29 per month and has an additional charge of USD 0.30 and 2.9 percent.

  • Square

This application is an in mobile POS transactions. However, one can also use this PayPal alternative for online payments via bills or their website. The point of sale service is amazing and allows businesses to accept cards, checks, cash, and even gift cards. Businesses can also print out receipts or send them to customers online. On signing up, a free reader is provided to get started and the user can even swipe maps without an internet connection. This PayPal alternative also offers billing, recurring payments, real-time inventory management, and billing tools. Square Checkout integrates with an e-commerce store and allows to accept payments online through a simple checkout workflow. There are different types of fees involved when using this app.

  • Skrill

It is very similar to PayPal, but few features make this app an efficient alternative to Paypal. It is very easy to use Skrill. One can receive and send money, link their bank accounts, have their card details stored, and make payments using the password along with the mail address. This app also provides a debit card that can be used anywhere in the world. A transaction can be done in seconds by storing the bank details in Skrill. While making skrill, cryptocurrencies like Litecoin, ether, and bitcoin were kept in mind. Anyone who is into gambling and online games uses this gateway a lot. The one problem is that the seller’s services and products are not protected. It charges 1.45% along with USD 0.50 to receive and send funds.

  • Braintree

alternatives to PayPal for businessDespite being a PayPal service, it is still considered to be an alternative to PayPal. Companies like Yelp, GitHub, Dropbox, Uber, etc uses Braintree for payment solutions. One of the reasons businesses use this alternate is because Braintree helps the business to increase conversion making sure that the checkout process is hassle-free and reduces friction. It allows using more than 130 currency that comes from  45 different countries Many features that are not available with Paypal is provided by Braintree. Pro-active customer support and recurring bill are two of the most standard features available in this platform along with many other features that larger business expects. It works well with play store and ios devices and integrates with Paypal as well. But there is a need for knowledge about programming to integrate with one’s website.

Everyone today knows how important apps like Paypal are in the digital era. One can decide to stick to PayPal but it would be of no harm if they go through the above alternatives as well. Keeping in mind, the purpose, the charges involved, and other aspects, the business should select the best fit. 

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Daniyel Carlson
Daniyel Carlson is a Young Researcher in the field of Data Science & Analytics having research experience of more than 8 years. He has a Masters in Computer Engineering and currently serves as an Editorial Assistant in IGI Global, United States of America. Daniyel also holds honorary positions in the Associate Member of Institute of Research Engineers and Doctors, International Association of Computer Science and Information Technology, International Association of Engineers, Society of Digital Information and Wireless Communications.

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