Based on recent data by one of the companies in the electronic payment services industry, global travelers are choosing alternative payment methods for travel more than ever. The survey shows that PayPal’s popularity has grown over the past 12 months.
In 2015, the volume of transactions totaled 14.5%, and in 2016, all transaction volumes reached 15.7%. PayPal is ahead of American Express all around the world. Given online purchases, Visa and MasterCard continue to be the top choice counting for 70% of all online sales. However, specialized local payment methods are becoming more popular in their own markets.
PayPal offers both pros and cons. On the one hand, PayPal enables users to integrate with other third-party platforms without difficulty. On the other hand, PayPal can create problems for users by holding their payments or putting it under review without any clear explanation. Moreover, in several countries, PayPal doesn’t offer money withdrawal services at all.
Choosing Alternative Accounts for Merchant Services
The unfavorable factors associated with PayPal often make merchants choose other options for online transactions. Below you can find the latest alternatives to PayPal:
- Amazon Payments
Amazon Payments is only available to US residents. It works for different customers, including businesses and developers. You can add payment methods to your Amazon.com account, and don’t have to reenter payments and shipping addresses with each purchase you make.
- Google Wallet
Google Wallet’s availability is restricted to the US. It allows for storing your debit/credit cards, gift and loyalty cards in a digital wallet without difficulty. An email address or a Gmail attachment will be enough to send money to friends or family. Google Wallet offers 24/7 fraud monitoring and purchase protection, but has less acceptance than PayPal.
- Payment Processors Like EMB
A reputable payment processing company like emerchantbroker.com is an ideal option for merchants. EMB offers a reliable and affordable PayPal alternative merchant account to businesses of any type and size. EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB.
Payoneer provides its services in 200 countries and offers transactions in more than 100 currencies. This payment method is popular among freelancers and other professionals. However, the rent of credit card is a bit high.
Skrill (formerly Moneybookers) allows for sending money to an email ID that belongs to another Skrill user. To withdraw the money, you can use a debit/credit card or a bank account. This option enables you to instantly withdraw funds into your bank account. Skrill is available in 200 countries and processes transactions in 40 currencies. It offers low transaction fees and a top level of security.
Stripe is a convenient option for accepting payment from customers. You can use both Visa and MasterCard, American Express and JCB. Stripe provides transactions in almost 100 currencies and supports only 19 countries.
Take some time to study all the available options for you. Consider the payment methods provided above and choose what is right for your business.