In the past years, PayPal has become one of the most popularly used online payment systems for its fast speeds and transparent fee structure.
While hundreds of millions of businesses around the world use PayPal to send and receive money online, some look for alternatives for various reasons.
If you too are looking for more functionality and features or lower fees, there are several other payment processors worth considering.
Here are the top 11 PayPal alternatives that allow sending and receiving money online.
1. Stripe
One of the best PayPal alternatives out there, Stripe is a robust credit card processor for online businesses. The US-based company accepts customers from many countries around the world and supports credit/debit cards from over 135 countries.
It offers integration with almost all eCommerce and web stores including Weebly, Wix, and Shopify. You can enjoy features like third-party support, revenue optimization, multiple payment options, customer interfaces, fraud and dispute options, reporting, and more.
2. Skrill
Resembling PayPal to a great extent, Skrill serves the U.S and European clients and is particularly famous for its currency conversion rates. Creating an account with Skrill is pretty simple and quick. You can instantly start sending and receiving money, making payments, and linking your bank accounts upon registration.
It offers multiple integrations, chargeback protection, fraud management, and a simple API. It also lets you make recurrent payments with its one-tap feature. It doesn’t charge anything for sending money abroad; this aspect makes it a great choice for international businesses.
3. Payoneer
Payoneer is a solid option for international payments as it offers a simple way to bill customers abroad and accept payments in multiple currencies. It also allows for local currency accounts for businesses in Canada, the US, Japan, Australia, China, and some countries in Europe.
Payoneer is particularly useful for freelance workers as they can easily bill international clients. It is also a great choice for those who want to hire freelancers from other countries. It accepts third-party, integrated, and Escrow payments through its partner network. It also comes with API support.
4. Venmo
Venmo is a great option for peer-to-peer payments and provides a convenient way to send and receive money though it doesn’t support all the functionality of PayPal. The payment processor allows adding bank account and debit card information.
You can use it to accept payments and transfer money to your linked accounts. You can add multiple cards and accounts to your Venmo account. If you make your transactions public, you can view transactions from people you know. This social feature of this solution makes it more popular.
5. Square
A powerful credit card processor for small businesses, Square stands out from other PayPal alternatives for its ease of use. It has a transparent, comprehensive pricing structure and fees and doesn’t lock you into long-term contracts.
The POS allows accepting cash, check, cards, and even gift cards, processing invoices, and recurring payments, digitally sending receipts, and enjoying features like real-time inventory management. Its focus on security provides peace of mind to businesses and customers.
6. TransferWise
If you are looking for a PayPal alternative with lower currency conversion and transaction charges, TransferWise is worth considering. It claims to offer the fairest exchange rate, eliminate any hidden fees and complete up to 90 percent of U.K transfers to Europe in a day.
A borderless account with the company allows you to send and receive money anywhere in the world, run batch or payroll payments, and explore payouts API. It is a great choice for those who perform a high volume of international transactions.
7. Braintree
The perfect alternative for businesses willing to enjoy PayPal features and functionality but with a dedicated merchant account, Braintree offers a variety of payment solutions customized to the unique needs of different types of businesses.
With this PayPal service, you can expect fewer instances of account termination and freezing. It allows accepting chip cards, magstripe, and several forms of contactless payment in over 130 currencies.
8. Amazon Pay
Amazon Pay is an excellent choice for businesses that already have an Amazon seller account. The payment gateway allows customers to use their Amazon accounts to check out and make payments.
It is easy to create a seller account and use the customizable API to integrate it with your existing eCommerce platform. Amazon Pay supports a variety of platforms including Shopify and BigCommerce.
It is also available on multiple devices which means you can manage payments from anywhere. Moreover, you enjoy additional security with Amazon fraud protection at no extra cost.
9. WePay
Unlike other PayPal alternatives listed here, WePay specifically caters to businesses operating software solutions. Rather than integrating a third-party processor with the platform, WePay can be used to create a payment solution hosted within the system.
It is designed to allow instant onboarding and payment processing and specializes in POS, online and omnichannel platforms. With WePay, it is easy to embed payout and transaction capabilities with a single integration.
10. BlueSnap
This popular payment gateway is designed to cater to a wide range of eCommerce businesses, offering support for 100 currencies and 29 languages. It provides a customizable API to build your subscription plans and checkout page.
It even includes a virtual terminal and features dedicated to marketplace payments. BlueSnap also integrates readily with platforms you are already using including your CRM, ERP, and shopping cart. Additional features include fraud prevention, chargeback monitoring, payment analytics, reporting, etc.
11. Payline Data
Payline Data is a robust, affordable merchant services provider that offers online and in-person payment processing. The company has a suite of products that fit different types of businesses, whether you want to process mobile, online, or in-store payments.
It also has a wide range of partnership options that allow customizing your plan. You can enjoy additional features like a virtual terminal, QuickBooks integration, and credit card terminal among others.
Final Thoughts
These are the top alternatives to PayPal though there are dozens of other payment processors that work similarly.
All these services have strengths and weaknesses and work well for different types of businesses. The decision requires a thorough consideration of your requirements and expectations to make sure the option you choose suits your business the best.
