PayPal has become synonymous with online payments and this widely popular platform lets users make monetary transactions, completely doing away with the need for bank transfers and checks. This free payment processing service only requires the presence of a valid PayPal account on both the receiver and the sender’s end. The biggest upside to PayPal is its widely recognized platform and how easily it manages to integrate with other third-party platforms and carts.
However, PayPal is still not the perfect payment method we’ve seen so far, as it has some serious disadvantages. Well, we know nothing is perfect, but why should you tolerate this sort of issues if there are better options out there? First, we will check out some noticeable cons of PayPal that you’ll be able to justify your act of moving to a PayPal alternative.
Fees: Despite the fact that fee may vary according to payment methods you use, one of the disadvantages of PayPal is the high fee.
Holding Payments: More often than not, PayPal holds your payment and puts it under review with no proper reason.
Some countries are not supported by PayPal such as Iraq, Bangladesh, Pakistan, Afghanistan etc
Country-based restrictions on use of PayPal.
In addition, there are some other disadvantages if we look into PayPal from ‘Merchant’ point of view, but as you are here, we expect you know some of them. Now, we will move on to top ten alternatives to PayPal, either as an online money transfer service or eCommerce payment method. Rather than merely mentioning names of these alternative services, we will go deep into advantages and disadvantages of each.
Top Best PayPal Alternatives List.
Skrill is an online money transactions service that is a great alternative to PayPal. Users can send and receive money using Skrill worldwide. It also allows users to withdraw money using their debit cards or bank accounts. Merchant fees for Skrill is also quite reasonable.
2. Google wallet.
Google wallet is the new money transfer service offered by Google. You can use Google wallet to store all your credit cards, debit cards, gift cards, as well as send and receive money. You can also use Google wallet to make online purchases. Google wallet can be used as PayPal alternative. The service is integrated with all other Google services like Gmail etc which we already use a lot.
WePay is a service more focused on users than their credit Information. It has a great customer support as well as great fraud protection. It is a great alternative to PayPal as people are allowed to make purchases via a virtual portal without leaving the site.
This is a very old service for money transfer more than 20 years. It is widely accepted by about 4,00,000 merchants worldwide. It has also won many awards for its excellent service and is a great alternative to PayPal.
ProPay offers a list of features including sending and receiving money online, making payments, paying bills and online shopping. It is accepted worldwide even by sites like eBay. The site offers a ProPay jack, which can read cards on Android and IPhone, for personal transactions.
Stripe is a great among other PayPal alternatives as it removes the Need of a merchant account and a gateway. Stride has best features including Storing cards, Handling subscriptions and direct bank payments as well. Merchants can easily integrate payment system in their sites.
Payoneer is a pioneer in the field of global online payment. It is a great choice for both merchants and users. It is recommended PayPal Alternative. For merchants, it is a great service for wire transfers and payment methods. For users, it offers sending and receiving money around the globe through local bank transfers as well as online funds.
2checkout is a service that allows merchants to process transactions. It does not allow transfer between users but can be used as an alternative to PayPal on merchant side. 2Checkout supports many payment methods including VISA, Master Card, Pin Debit cards etc. It works with many currencies and shopping carts.
9. Amazon Payments.
A great in list of PayPal alternatives from a big company like Amazon is Amazon Payments. It offers different services for customers, developers and businesses. You can purchase items using the payment methods stored in your Amazon account.
Square is an alternative to PayPal which provides its users with a magnetic card reader for iPhone / Android. Users can make transactions online using their Mastercard etc. which Square card reader supports.
These were some of the top best PayPal alternatives. You can select any of them according to your preference. For any recommendations, please mention in comments below.