Last Updated on August 18, 2021 by Kings
A well researched and reliable list of the Best PayPal alternatives and Cheaper alternatives to PayPal is what I am going to share with you in this article. PayPal have set out a standard not only as the most used digital wallet but as one of the most trusted online p2p money transfer payment system for online business owners all over the world.
A lot of country are living today with PayPal restrictions of not being able to receive payment with there PayPal account. In some country, some can send but can not receive payment, while some country do not have access to PayPal at all. Trying to know why it is like this with PayPal, they claimed they have restricted it’s services from countries regarded as high risk to prevent too many damages. This is why I came up with the idea to research and of course share a list of the best PayPal alternative which will serve you same way just like PayPal.
While PayPal is a really good payment processing company, there are also some obvious drawbacks to PayPal. For example,
- PayPal does not have a quality protection for users who sell digital services or products.
- Quite a lot of PayPal alternatives charge lower fees than PayPal’s 3.7 percent plus US$0.30 fee.
- PayPal can freeze your account for up to six months without warning.
So if you are restricted from transacting with PayPal in one way or the other because of your region or you are just not impressed with PayPal because of there drawbacks, you can breath a sigh of relief because I got you covered.
If you are looking for a PayPal alternative that you can receive payment with, then Stripe is a reliable option. Stripe is a USA based company that also accepts merchant application from many countries in the world. While some would say stripe is better than PayPal, they sure have a lot of similarities when it comes to payment processing.
Stripe has a lot of amazing features and they are listed below.
- It allows you to send mass payouts to sellers and service providers.
- Stripe offers an Atlas program that allows international entrepreneurs to set up business in the US.
- It has a tool for programmers to manage and organize their data through custom SQL database questions.
- Other Stripe amazing features includes a corporate credit card, billing and invoicing and a prebuilt payments page.
Payoneer is probably a great choice for receiving and sending money as an entrepreneur. Emphasize on the Entrepreneur because Payoneer is best used for business purposes.
Payoneer which have been around for a long time have proven over time that they are reliable and here to stay. They are available in most countries. Payoneer will let you receive payment from the U.S.A, Most African countries, Australia, Japan, China and European countries. The interesting part of Payoneer is the transaction fees are lower and because of this, you will end up saving a lot of money. You may want to visit Payoneer to learn more about them.
Signing up for a Payoneer account is free, and once you have done a transaction of $1000 using Payoneer, you will receive an equivalent of $25 as bonus.
TransferWise is a a very good PayPal alternative if you make lots of international transfers, over the years Transferwise have done pretty well for themselves and thus dubbed there transfer service “a cheaper way to send money internationally”.
With TransferWise for business, you’re able to invoice your customers in their own currency no matter where they are. The payment solution claims to provide the “real” exchange rate, without inflating it with unseen fees. In one transaction of $2,000, TransferWise cost a UK recipient £107 less than PayPal.
But that’s not all 😊
The service’s Borderless account provides users with a debit card, allows you to manage money in more than 40 currencies, run payroll, batch payments, charge clients, and more.
Shopify Payments is a great PayPal alternative that allows you to accept varieties of payment method if you have an e-commerce store with Shopify. If you do not have an e-commerce store with shopify you can create one now.
If your e-commerce store has Shopify Payments enabled, you will receive payments through Shopify Payouts when a customer pays using Shopify Payments.
You’ll also get access to affordable payment processing rates starting from 2.9% plus 30 cents for online transactions if your shopify plan is Basic Shopify plan ($29 per month). The rate drops to 2.4% plus 30 cents if you are on Advanced Shopify plan ($299 per month).
Binance Pay is a good PayPal alternative if you would want to consider accepting crypto payments on your store. If you are already accepting crypto payment in your store then you sure need to try Binance Pay. Binance Pay allows you to process crypto payment seamlessly.
Customers can pay using stable coins like USDT, BNB coin, and over 20+ cryptocurrency. Integrating Binance Pay is simple, you just need a Binance account with complete KYC which would let you add “Pay with Binance” button on your e-commerce store.
What is the best alternative to PayPal?
We have tested, tried and selected the best PayPal alternative that will suit your every need. Make your choice from the above listed options and start accepting payments like a king.
PayPal Restricted my region, can I still accept payments?
Yes you can still accept payments and it doesn’t matter your region as long as you provide the necessary documentations and KYC.
What is better than PayPal for Small Business?
As a small business looking for a reliable payment options to integrate into your store, Stripe and Binance Pay should serve. And if you are on Shopify Platform I’d suggest you go for Shopify Payments.