What comes to mind when you think about online payments? For many, the widely popular PayPal platform is the first thought. Why so popular? PayPal allows its users to make monetary transactions, cancelling out the need for bank transfers and checks. On top of this, the payment processing service is free. Users are simply required to have a valid PayPal account.
While PayPal allows users to easily integrate with other third-party platforms and carts, there are some serious disadvantages. For example, PayPal will often hold your payment and put it in review with no clear explanation or reason. In addition, some countries are not supported by PayPal. From a merchant’s perspective there are even more disadvantages.
If you’re reading this, you’ve probably already run into some of the cons of PayPal. Looking for a PayPal alternative? Consider the following list of options:
Google Wallet – A new alternative, Google Wallet allows you to quickly send, receive and pay money online. Easily store your debit cards, credit cards, gift cards and loyalty cards in a digital wallet. When you need to send money to friends or family, simply use their email address or a Gmail attachment. Another advantage is the 24/7 fraud monitoring and purchase protection. As far as cons, Google Wallet has less acceptance compared to PayPal – availability is restricted to the U.S.
Skrill – Formerly known as Moneybookers, Skrill’s platform allows its users to send money to an email ID that belongs to another Skrill user. The recipient is then able to withdraw the money via debit card, credit card or bank account. The biggest advantage of using Skrill is that it allows the user to make instant withdrawals into his or her bank account. Skrill is also available globally, unlike PayPal or Google Wallet. The fact that Skrill supports over 200 countries, can be used in 40 currencies, involves low transaction fees and has top-level security really leaves little to complain about.
Payoneer – Payoneer is often chosen by professionals – particularly freelancers – who want to receive money from other countries. This platform can be used as a payment method, in addition to receiving payments from across the globe. Payoneer is available in 200 countries and can process transactions in more than 100 currencies. Keep in mind that the rent of credit card for this option does run a bit high.
Stripe – When it comes to accepting payment from customers, Stripe is much easier to use than PayPal. Stripe allows you to accept a variety of payment methods, including: Visa, MasterCard, American Express and JCB. In addition, transactions can be process in around 100 currencies. Cons of using Stripe include the number of countries its currently supports, only 19: United States, Canada, UK, Australia, Ireland, Australia, Belgium, Finland, France, Germany, Luxembourg, Netherlands, Spain, Denmark, Norway, Sweden, Austria, Italy and Switzerland.
Amazon Payments – A platform offered by web giant Amazon, Amazon payments can be used for more than processing money transactions online. This option works for many different users: customers, businesses and developers. The task of making purchases is simplified by the ability to add payment methods to the users Amazon.com account – cancelling out the need to reenter payments and shipping addresses with each purchase. A con, however, is that Amazon Payments is only available to U.S. residents.
High Risk Providers – For merchants, some of the best payment processing options come from high risk providers, like EMB. As a high risk provider, EMB tailors its services to meet the needs of each industry it works with; that includes offering payment processing options that suits each merchant’s needs. In addition to an expert support team, merchants are also offered electronic check processing solutions and chargeback protection.
If you’re in need of online payment services, consider the above alternatives (listed in random order). Each individual or business’ needs will differ. Just be sure that the option you choose best fits your needs.