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8 Best Alternatives To Paypal In 2020

8 Best Alternatives To Paypal In 2020

There is a continuous increase in the online payment options for the past few years. People are getting attracted towards the online payment options because they are much easier to use. Paypal is among the most used payment platforms available today.

However, this platform is kind of complicated because of numerous reasons which have been reported by the users worldwide. People have been using PayPal for a very long time now and normally many users have discovered different types of problems with it. 

There is a list of shortcomings that have been identified by the users of the application. These problems will be helping the users to shift to some alternate way.

High Transfer Fees

One of the main problems which were reported by many of the users with respect to PayPal is the high transaction fees. Users are quite fed up because of the high transaction fees which are involved when you use PayPal.

This transaction fee is only applicable to the people who are doing business through the application. This is one of the many problems which were reported by the users.

Although, transaction fees depend upon several factors. Some of the users are not even eligible for it. Transaction fees can be around two to three percent. It specifically depends on several factors.

When you are transferring some money to your international relative or friend then it also can get much expensive. There are proper international transfer fees that are applicable to PayPal. You cannot transfer money free of cost to your international friend.

Around 2% of the amount that you transferred is payable to the application. A standard commercial transaction fee will also be applicable in some cases. All in all, you will have a pretty hard time transferring international transactions.

Fees that are imposed by the application are quite high. The application will also charge you fees if you are receiving money in a different currency. This is called a markup exchange rate.

If you are receiving your income from an international client then you will have to pay the exchange rate and it will cut a big mark on your pocket. Many of the users are quite irritated by this fact of the application.

The application tends to impose a lot of transfer fees to its users. A normal difference of 30 pounds can be recorded while transferring 1000 dollars from the US to the UK.

No Protection And Lazy Withdrawals

Paypal is also currently not providing enough protection to the sellers of the application. Many of the users have reported that the sellers are not getting protected from a chargeback or any other claim.

Withdrawals of the application are also very slow and they can take up to 5 working days to appear in your bank account. This is an exceptionally large waiting time. Now each and every application is providing a fast method. PayPal really needs to keep up their game.

Also, if you receive any money using the application it will take up to 21 days to reflect in your account. This procedure gives a headache to all of the users using the platform.

Some users have also reported that their account was frozen by the authorities of the application when they had a sudden increase in their sales and payments.

8 Best Alternatives to Paypal in 2020

People are every now and then reporting several other situations related to the application where it has failed to provide good performance. We have curated for you the 8 best alternatives that you can use instead of PayPal in 2020.

1.    TransferWise

TransferWise

TransferWise

TransferWise is the first most recommended alternative for PayPal. It is also said as the most economical choice. It is quite cheaper than PayPal. It has a very few fees structure and exchange rates.

The international transfers by the application will be more economical because the exchange rates present in the application are very low. When you will send or receive money in some other currency you can convert it by the real mid-market exchange rate.

There are also no hidden fees in this application. The transfer will also be done more quickly than any other application. You can do your transaction in just a matter of a few seconds. There are more than 40 currencies available for you to do the transaction in.

A card is also available by the application and You can also withdraw your money from any ATM. The card will work anywhere in the world. 

You can open your account without any cost. However, fees will be charged when you are converting your money or withdrawing your money from an ATM. The fees structure is very low.

2.    Stripe

Stripe

Stripe

Stripe is also payment processing software but it is only designed for the businesses on the internet. It has a more customisable user interface. There are also advanced development tools present in this software. The API of the application is also very simple.

Mobile and recurring payments are also supported in the application. The application is very powerful and you can customise it as per your preferences. The application is also scalable. Fast and simple integration is available in the application. 

The application has no monthly fees which is a very good thing. However, the transaction fees of the application are very simple to PayPal. It is also said that the application charges an additional fee for international transactions.

The charges are 2.9% + $0.30 transaction fees per card charge. There are also custom payment options available. Sometimes discounts are made available for the users.

3.    Payoneer

Payoneer

Payoneer

Payoneer is the easiest and the most simple payment software ever. The application has very wide customer support. The transaction fees and the pricing structure of the application are also very simple.

Freelancers use this application very often so that they can receive transactions from different countries. The application has very flat fees. E-Cheques are also supported in this platform. Mastercard is also available for all of the users of the platform.

Exchange rates of the platform are less than that of PayPal. Although, the users will have to pay an annual fee for their MasterCard of the platform. The MasterCard also has a limited debit limit.

You can receive payment from other accounts using the platform free of cost. There is a 3% fee on credit card payments and also $1.50 fixed withdrawal fee to a bank account in the same currency.

4.    Google Pay

Google Pay

Google Pay

One of the most used platforms for online payment is Google Pay. Google pay has been the talk of the town for a few days. You can easily associate your debit or credit card with your Google account to use the application.

There is a wide range of services present in the application which let you pay money to websites, apps and other things very easily. Google Pay can be used at any store. You can make tap and go payments as well. The payment procedure is very simplified by using Google Pay.

The application is also free to use. You can also set it up on your mobile device. It is a very fast and simple way of paying any money. You can also take advantage of different mobile offers.

Although, Google pay is not exactly available everywhere. Recently, security issues were also recorded in the application because it takes money directly from your bank account.

5.    Amazon Pay

Amazon Pay

Amazon Pay

Amazon-owned payment service, Amazon Pay, was launched a few years back. It is also one of the most famous payment gateways. There is a very easy way to use Amazon pay services. Users have to log in to their Amazon account and save their payment details.

It is a very similar concept like Google pay. A lot of services offer the flexibility to pay through your Amazon account. Amazon is a big brand and many of the people trusted to vary blindly. The brand also provides wide fraud protection and there are 0 chances of getting into fraudulent practices.

It is a faster and simple process to make payments. The charges and fees are quite similar to PayPal. Also, you cannot easily integrate the system into your website without having the proper knowledge. 

If you are undertaking the cross-currency transaction, 3.9% fees will be charged. In addition, 2.9% plus 0.30 dollar fees are also charged on domestic US transactions.

6.    Square

Square

Square

Square is one of the software that will also work for a point of sale transactions. Even when you are wanting to pay for the product in person to go for contactless payment then you can use the application very easily.

This application is very well suited for the contactless payments which are in trend these days. You can also go for online payments using the application. You can accept payments using your card, cash, checks or even gift cards while using this platform.

You can carry on the transactions with internet or without internet. Even if you are stuck somewhere where you are not able to find the internet there is no issue while using Square. You will also be able to generate or print your receipt.

You can easily track your inventory and carry on the different procedures related to your payment. You can integrate the application in your e-commerce platform and carry on the transaction using it.

The application has a great POS software. The customer support for the application is also very well. Although, the price structure of the application is quite confusing.

The transaction fee of the application is similar to PayPal. You will have to pay 2.6% + $0.10 for swiped and tapped POS payments and 2.9% + $0.30  for e-commerce transactions using a square e-commerce store.

7.    Venmo

Venmo

Venmo

Venmo is the application which is used among friends and colleagues to share expenses for restaurant bills. The people who have a Venmo account can easily transfer money to each other. There is a secure purchase which can be made by using the application.

No fees are charged by the application. This is a great way through which the people can transfer money to each other without having any problems of security.

A lot of services can be undertaken by using the application like sending, receiving or even withdrawing the money. No fees are charged for any of the above-mentioned activity.

There are also no monthly or annual fees hidden in the application. People can also use their bank accounts so that they can transfer the balance to their Venmo accounts. Everything is free on this platform.

Even if you are transferring your bank account balance to the application you will not have to submit any transaction fees. Although, if you are sending money from your credit card then you will have to pay 3% fees. The instant transfer will also cause you are a 1% fee.

A Venmo card is also available for the users. However, if you are withdrawing the money from the account without using the card then you will have to pay fees of ATM.

8.    Skrill

Skrill

Skrill

Skrill is another one of the online wallets that can be used to pay money for online games. This application is specially designed for all of the online gamers, gamblers and also traders. This wallet will definitely help the gamers who want to pay the fees of their games.

Also Read: Skrill review 2020: Is it safe to use it for your business?

This is specifically to manage the in-game purchases. This application can also be used to buy and manage cryptocurrencies. This will definitely help the cryptocurrency traders to manage their sale and purchase.

You can easily trade in different currencies using this platform. However, the charges of the platform are quite high.

You can sign up for your account without any fees. Although, there are different fields that are applied to undergo different types of transactions. International transfers using the platform are quite free.

For the domestic transfer, you will have to pay 2% of the fee. The cryptocurrency transaction fee is 1%. The withdrawal fees for the application is 7.5%.

So there we go, we have listed some of the best alternatives to Paypal you can use for your website, e-commerce portal, or store in 2020 if you are fed up with Paypal for whatever reason.

Alf Alferez
Author: Alf Alferez

Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on [email protected]

Author

Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on [email protected]