Top 10 Best PayPal Alternatives for your Business in 2020

PayPal is an American origin company that has a worldwide presence for online transfer of money. It serves as an electronic substitute for traditional transfers of paper money like money orders and checks.

It is an online financial giant that was founded in the year 1998, and with time, this California based company has firmly planted its roots in every corner of the world.

Registration is necessary to operate via PayPal, and since its last count in the year 2018, its user base has increased to two hundred and fifty-four million. It has a transparent fee structure that offers payment facilities to an estimated seventeen million business entities.

At the onset, PayPal was considered a revolutionary technology, but with time, several other financial giants have come into the market with better interface, lower charges, and much better customer services.

Why not try to find a better alternative that will prove a beneficial solution in these changing times.

 

1) Google Pay

Google Pay is a digital portal developed by its namesake company, Google, for online money transfers via tablets, Android devices, and Watches. Since the year 2018, January Google has integrated Google Wallet and Android Pay to create a single payment portal titled Google Pay.

It facilitates payment acceptance in-store, in-app, and your website from another person. In just a few minutes you can both send and receive the money transfer. Simple and secure payments are the norm of the day just sign on the Google Pay app, and you can engage directly with interested parties.

You have the option of creating a customized business channel for better and fast results during seamless payments.

Receiving and paying has become super easy as an individual does not have to upload any balance on the mobile wallet. Just link it with your existing bank account and make an instant transfer. You will not have to share your private details while transfers; hence, the information remains intact with you.

If you are looking for the top ten alternatives of PayPal, then Google Pay is your best replacement as it is a free app that does not charge any extras for the transfer.

Moreover, the solid security acts as an added advantage as a person is assured that his money is safe on the way. The only drawback of this system is that it is limited to Android and iPhones.

 

2) Stripe

Stripe allows business entities and individuals to receive online payments because of its high-end software. This technology company offers the necessary technical tool, banking infrastructure, and fraud prevention measures to operate a safe and secure payment system through the internet.

Founded in the year 2011, it handles operations via headquarters base at San Francisco in the United States. Its services are spread on a worldwide platform that includes more than one hundred countries and millions of business entities.

One of the top ten alternatives of PayPal is Stripe that levies charges for its services. You can also avail of customized pricing upon request.

The pricing set-up is transparent, with no hidden and extra costs.  It has managed to set high standards by handling several billion-dollar businesses every year. Stripe accepts several payment options that also include cards like JCB, American Express, MasterCard and Visa.

Stripe’s unique APIs and innovative functionality will be a boon for the crowdfunding portal, e-commerce store, and an on-demand marketplace. The reason for its success is the willingness to adapt and make viable changes so that the latest technologies could make things better at regular intervals.

Stripe is a company that believes in handling most of the activities by themselves like collecting payments and then sending those back to the bank.

 

3) Authorize.Net

Authorize.Net is often called a payment gateway as it accepts payments through credit cards and electronic mediums over the phone, through the internet and in person.

Founded in the year 1996, it handles an estimated four lakh merchants and nearly one billion monetary transactions on an annual basis. This American based service provider acts as a subsidiary of Visa Inc.

If you are looking for the top ten alternatives of PayPal, then Authorize.Net is an apt replacement. Yes, it is not free as it offers the all-in-one option as its fees.

The portal provides a high-end interface that guarantees qualitative services, 24/7 support, and reasonable rates compared with other companies. Security and reliability is the weapon that has helped it to increase and maintain its user base.

Authorize.Net allows the customers to manage all transactions from one platform. Users can accept phone and mail orders via their virtual terminal. It also supports a swiper and free mobile-app via its account.

An important feature of Authorize.Net is the Advanced Fraud Detection suite that can quickly and effectively prevent, manage, and identify fraudulent activities.

 

4) WePay

Founded in the year 2008 as an online service for monetary transfers, WePay offers both customized and integrated solutions to software companies, small business entities, market places, and crowdfunding sites via its APIs.

This American origin company is based in California and works as a subsidiary of its parent company LP Morgan Chase.

If you are looking for the top ten alternatives of PayPal, let me tell you that you will not find a more sophisticated option than WePay.

A customer can receive a payment within a few minutes as instant Onboarding, and seamless processing is its guiding mantras. Users have absolute control over all the transactions as customized sign-up, and email communication is necessary for the optimal experience.

WePay is considered a fast, simple, secure, and safe option because of its excellent and top-notch infrastructure. It believes in transparent and honest dealings and has laid out its terms clearly and concisely for its users. Transfers are not free as it levies a processing fee for both bank and credit card payments.

 

5) TransferWise

TransferWise advertises itself as a company that levies basic fees to transfer money in the international arena.

It has a global presence that includes countries in the United States, Europe, Asia-Pacific, Canada, and Latin America. The UK based service provider launched its services in the year 2011, January and handles operations from headquarter based in London.

If you are looking for the top ten alternatives of PayPal, then TransferWise seems a good choice because of the cheaper fees structure than PayPal. It offers multi-currency accounts and supports seven hundred and fifty currency routes that are spread all over the world.

By the year 2018, its customer base included businesses, freelancers, and consumers and was estimated at four million that resulted in nearly four billion US dollars of money transfer on a monthly basis.

Fast and cheap is the mantra of this internationally operating company. With innumerable accounts, TransferWise guarantees transparent and seamless operations. It has a mandatory registration and sometimes offers free first transaction to lure in new customers.

 

6) Payoneer

Payoneer offers several services like digital transfer and online payments to its account holders that can receive and send monetary funding into their bank accounts very easily.

It also felicitates cross-border money transactions as part of business-to-business payment schemes in local one hundred and fifty currencies via debit card, online payments, and wire transfers.

Payoneer specializes in a diversifying its operations via several sectors. Its customer base includes professionals, freelancers, and business owners who are on the look-out for a secured, fast, and safe payment gateway. Founded in the year 2005 it operates via headquarters base at New York in the United States.

One of the top ten alternatives of PayPal is surely Payoneer. It offers several free services like free signing along with fees on several types of transactions. Available in more than two hundred countries, Payoneer has gained massive acceptance for international transfers.

Moreover getting access to the money is simple and easy via your bank account and your ATM.

 

7) Dwolla

Dwolla deals in online and mobile payments via its e-commerce company. Receiving and sending funds is easy from both individuals and business entities. Founded in the year 2008 and launched in the year 2010 it operates via headquarters base at Des Moines in the United States.

One of the top ten alternatives of PayPal is Dwolla with its developer-friendly application. It allows users to use their interface for automating payments. A minimal transaction fee has made it popular within the online community for money transfers.

Dwolla offers an instant transfer of funds and next-day transfer options at a small fee. It also allows the sender to pay the transaction fees if asked. The automatic mass payment option is also available if one so desires.

Reasonable pricing and impeccable services have made Dwolla a popular name in the field of money transfer. The company pays special onus on security by updating it at regular intervals so that all its sensitive data is protected.

As a user is only sharing a phone number and email address the risk of identity theft is considerably very less.

 

8) Amazon Pay

One of the top ten alternatives of PayPal is Amazon Pay that acts as a subsidiary of its parent company, Amazon. It is a commercial site where registration is compulsory. It uses the consumer base of its parent company and gives the user an option to make online payments with their Amazon accounts on other websites.

Amazon Pay projects itself as a solution that has been designed to cater to the demands of both shoppers and merchants. It has millions of buyers and sellers that can use its facilities for a better experience.

The user has to pay transaction fees if it is via debit and credit card but does not have to pay while receiving and sending money if it already has an account and is using Amazon Web Pay.

Amazon Pay deals in processing services via online payment. It levies a fee to make easy and quick transfers. Amazon Pay was launched in the year 2007, and by the year 2019 has spread its presence to several important countries like United Kingdom, United States, Sweden, India, Japan, France, and others.

 

9) Skrill

Skrill is an online gateway that has put its focus on the international transfer of funds at a low cost. Founded in the year 2001 it was owned and handled by a UK based organization Skrill Limited, but it changed hands, and since the year 2015 is a part of Paysafe Group,

Skrill allows linking bank accounts, receiving and sending funds, store cards and making quick, simple, easy, and secure payments with the help of your email address and the password.

It is a favorite amongst its users for both personal and professional use as it gives an option of forty local currencies to choose from. Skrill has set up a viable system that allows playing of games and gambling to interested parties.

If you are looking for the top ten alternatives of PayPal, you can opt for Skrill as it has successfully made its presence felt in the global market. The company pays special attention to security details and guarantees the safety of personal information. It has an anti-fraud team that keeps its onus on every transaction to prevent any mischief.

 

10) 2Checkout

2Checkout is a monetization portal that has a modular design for subscription billing, digital commerce, national and international payments, financial services, and partner sales.

It offers eight types of payment options, including PayPal, Debit Card, JCB, MasterCard, Visa, and Credit Card. 2Checkout also offers an automatic fund release option to its users through EFT.

It is available in fifteen languages, and more than two hundred markets spread worldwide with eighty-seven local options of currency. 2Checkout was founded in the year 2006 and by the year 2019 boasts of estimated $ 1 billion transactions every year.

If you are looking for the top ten alternatives of PayPal with the global option, then look no further than 2Checkout. It levies a transaction fee that varies in accordance with the business model and industry.

Although the fee structure is similar to PayPal in the United States, it is comparatively lower in other countries. No monthly or set-up fees are a blessing for its users.

 

Conclusion

Times have certainly changed as people prefer online transactions more and more for small and bigger things like bill payments, investments, shopping, eating out, and even traveling. Old-fashioned methods are becoming vogue and outdated.

Both in personal and professional life, people are turning towards an online system for money transfers. Yes, there was a time when PayPal was the best but let’s not discount the services of other alternatives when compared with this financial giant.

Once you make an effort and undergo constructive research, you will find some serious alternative platforms that offer various advantages and flexibility for e-commerce payment.