There is hardly anybody who is not familiar with PayPal! PayPal has a history of 18 years and is owned by eBay. It supports 24 national currencies with more than 170 million registered users. It enables easy payment of bills, makes purchases, and also allows easy money transfers irrespective of the countries and banks. Though PapPal is the most popular payment system, it has its limitations and so it is essential to have a fair idea of PayPal alternatives for small business.
PayPal is built around the needs of the business, and not much on the requirements of its users. The thing that pulls PayPal down includes bad customer service, and high charges. Times are changing, and PayPal now has to compete with big names joining the industry. Listed below are seven PayPal alternatives for small business and home user worth taking a look:
Google Wallet initially used to be called Google Checkout. After making a few changes in the system, it is now one of the best alternatives to PayPal when it comes to merchants. It works similar to PayPal by linking to your bank accounts and also functions in sync with other Google services.
Since it functions as a complete digital wallet, it allows NFC payments. Google Wallet is safe and simple to use and enables rapid transfers to and from your bank account. It boasts of similar features as PayPal such as the facility to send out invoices, and credit card processing.
Stripe is a start-up that was first designed for developers, and hence requires a bit of advanced programming skills in order to customize it properly. With Stripe, you can accept credit and debit cards, including Visa, American Express, MasterCard, Discover, JCB, and Diners Club.
As for the cost, Stripe is similar to PayPal. PayPal offers discounts depending on the sum while Stripe does not. However, when it comes to features such as chargeback, international payments and using credit card funds, Stripes offer it free. Another striking feature about Stripe is that you do not require an account to work with Stripe. All you need is an active credit or debit card.
WePay is also one of the many good PayPal alternatives for small business. It simplifies online transactions and is ideal for people with very little programming knowledge. WePay uses a web API so that a digital payment terminal can be included in your website.
The only negative feature of this system is that unlike PayPal, WePay does not have the person to person payment capacity.
Payline, which is available in the US works well for those who process more than $7,500 per month in card sales. Even though it is free for customers, merchants have to pay interchange which is the credit card company fee and issuing bank fee. Apart from that, they also have to pay 0.2% + $0.10 per transaction. Click to know about interchange plus pricing.
Payline offers affordable interchange plus pricing for all kinds of small businesses. Moreover, it is much better than PayPal as the higher your card sales per month, the more you save. The pricing is very transparent as it offers discounts depending on your sakes volume.
Amazon Payments is one of the many PayPal alternatives for small business. Customers who have their payment information saved on their Amazon accounts can login easily and use that same payment method in other stores using the platform.
Amazon Payments is available in the US, UK and Germany. While it is free for customers, merchants have to pay 2.9% + $0.30 per transaction. Amazon, like PayPal offers volume discounts to merchants at a discounted rate for non-profits.
Consumers of retailers who use Amazon as their payment gateway are more confident than those who use other systems.
Transferwise is the perfect alternate choice (in comparison to PayPal) if you are looking for transferring money overseas. It allows you to send money overseas quickly for as little as possible.
There are no hidden charges in Transferwise as you can pay the lowest possible fee, which shows upfront. Further, there is a bank level security and responsive customer service as well.
Skrill payment gateway works for individuals and was earlier known as Moneybookers. You can perform multiple functions using Skrill. Apart from sending payments to other users, you can also pay with a debit or credit card and send money across borders.
Some of Skrill’s striking features include low fees, and the facility to send text messages right from your account. It is great for international merchants who can easily transfer their account balance onto a prepaid debit card immediately.
Do you think Paypal has reached the end of its reign? What do you think about the seven PayPal alternatives for small business listed above?