If you have been buying stuff online or sending money online, you must have come across PayPal. It is a multi-platform online payment system that allows online money transfer and payments on several eCommerce sites. Modernization has started to replace several old-fashioned methods. Paypal intended to eliminate inconveniences of old ways to use paper money and the system of being physically present for other payments. PayPal currently has millions of customers worldwide enjoying the conveniences it provides. Certainly, PayPal is a great platform, But due to some of its significant drawbacks like high transaction fees and account freezing, many resorts to other online payment methods like PayPal. Let’s explore some notable payment sites like Paypal.
1. Best Online Payment Methods like Paypal: Skrill
It is an online payment method similar to PayPal. They are both fast, popular, and convenient for what they do. Both of them have an easy process of registration and are free. Skrill is another similar website like PayPal and does not charge any fee for bank transfer
In terms of differences, PayPal is more popular than Skrill and dominates the market. However, it offers 41 currencies, whereas PayPal only supports 21. As a result, many international merchants prefer Skrill rather than PayPal. Also, online casinos tend to prefer Skrill as a form of electronic payment, because of this.
2. Google Pay
Like PayPal, Google Pay allows money transfers and purchases. It allows you to transfer funds from your bank account to Gmail without paying any fees.
Since Google has its dominance across all platforms, it is multiplatform and multidevice supportive. It is compatible with Android and iPhone, and you can use it to pay in-app, in-store, or on the website. One of the main features of Google Pay is its Google Pay Merchant service, which allows businesses to accept quick and easy payments from their customers.
PayPal charges 2.9% for each transaction, whereas Google Pay does not charge any fee on debit transactions. It does not require any setup to begin and does not charge any cancellation fees.
3. Another Online Payment Methods like Paypal: Stripe
Stripe is a payment system similar to PayPal, but it is more focused on and beneficial to internet businesses. Its ability to integrate their payment method to online stores or separately direct the customer to stripe improves customer experience and ease businesses.
Furthermore, it supports more than 130 different currencies. For online payments, Stripe protects banking information by creating a temporary account and sending the temporary account rather than the original one. Another special strength Stripe has over Paypal is the flexibility and customizability as per need.
It charges 2.9% of your transaction plus $0.30 which is somehow similar to that of Paypal
Venmo is a popular digital wallet among millennials. It allows for transferring money between friends or sharing money for payments. Only a few small business vendors accept Venmo as a payment system.
Venmo is typically used to pay for general utilities, groceries, rent, or to split bills among friends. Its social aspect makes it more appealing to youths. Along with sending money, you could use its app to chat, send emojis, or send gifts.
It’s free to send money from a bank account but charges 3% for sending money using a linked credit card.
Payoneer is a well-established payment system that specializes in market sectors such as eCommerce, freelancing, and vacation rentals. With its straightforward pricing, it has proven to be an all-purpose solution for small and medium-sized online stores. It offers its services in over 200 countries, making international payments easier. It also does have many features and services for individuals as well.
There are two types of accounts available: one that is free and allows you to withdraw money directly into your bank account, and another is to link to a prepaid card and costs $29.95 per month. The latter account is only available for individuals only.
The transaction fee of Payoneer is $1.50 for local bank transfers. It charges a relatively high fee of 3% fee for credit cards and 1% for debit cards.
Transferwise tags itself as “ A cheaper, faster way to send money abroad.”, implying that it is a viable method of international payment. It is overly popular among freelancers and businesses with high-volume transactions.
TransferWise is popular for its open policy regarding fees and versatility in conversion rate. You can enter the amount and currency and their website will display all the fees and conversion rates at present. It offers three methods of money transfer: Fast Transfer, Low-Cost Transfer, and Slow Transfer, each with its own set of advantages and disadvantages. Another intriguing feature is the ability to lock currency conversion rates for 24 hours, which is extremely useful for international customers.
You can easily set up your Transferwise account: a personal or a business account, depending on your needs. For business accounts, Transferwise offers batch payments, invoice payments, and multi-currency banking. This increases convenience and protects business transactions.
Final Thoughts on Online Payment Methods like Paypal
There are numerous other alternatives to PayPal for payments or transfer money with some similar features, some with more perks and some with few downsides. You can choose between all these other options as per your requirements. You should take into consideration main elements like fees, fraud protection, and their limitations before you use any of them.
There are some sites like PayPal that provide services with lower fees and better security than PayPal. However, one particular advantage for Paypal is that only a few of its alternatives provide services like PayPal Credit.