PayPal is undoubtedly one of the best online payment systems to send and receive money internationally, used by 325 million people in over 200 different countries.
Not only this, at PayPal you can receive money in more than 100 currencies, withdraw funds in 56 currencies, and hold balances in their PayPal accounts in 25 currencies.
But, that does not mean there are no other sites like PayPal out there. So in this post, we have curated the list of 9 PayPal competitors that you can use in 2021 for your business.
Nodoubt PayPal is one of the best online payment systems to send and receive money internationally, used by 325 million users in over 200 different countries.
Not enough, at PayPal you can receive money in more than 100 currencies, withdraw funds in 56 currencies, and you can hold balances in their PayPal accounts in 25 currencies.
But, that doesn't mean there are no other sites like PayPal out there. So in this article, we have curated the list of 10 PayPal competitors that you can use in 2021 for your business.
You may also interested in knowing;
From past few years, almost everything is going digital(online) and that gave birth to many services like PayPal.
Moreover, there are many countries where PayPal is still not accepted yet. So to make online payments simple in those countries and all over the world, there are several alternative companies other than PayPal that made online payments simplified for small businesses.
And if you’re looking for PayPal alternatives for whatsoever reason then this article is definitely for you.
So, without much ado, let’s dive in.
Table of Contents
Here is our hand-picked list of best alternatives to PayPal that you can choose in 2021 to do online payments(for business or personal) with ease.
|Payoneer||Individuals and merchants for online payments and receipts for free.||No fee is charged for receiving payments from other Payoneer customers. The fee for direct credit card payment is 3 percent and ACH bank debit is 1 percent for all currencies.||Register|
|Stripe||Stripe services are available in 41 countries and accept payments from customers all over the world.||Merchants are charged 2.9 percent + 30 cents per credit card charge.||Register|
|TransferWise||Individuals and businesses for transferring funds from one country to another.||Fees for transfer in USD and some other currencies like the Peso = 1 percent.Fees for most currencies = 0.5 percent.||Register|
|Skrill||Transferring money and online payments anywhere in the world.||It’s free to open a personal account; More information on transaction fees here||Register|
|2Checkout||offers eight payment types, 15 languages, and 87 currency options in more than 200 global markets.||2SELL, 3.5% + $0.35 per successful sale; 2SUBSCRIBE, 4.5% + $0.45 per successful sales; 2MONETIZE, 6.0% + $0.60 per successful sale/td>||Register|
|Google Pay||Individuals and merchants for online payments and receipts for free.||Free||Register|
|Amazon Payments||Amazon merchants and e-commerce owners that want fast, trusted, and secure payment processing service.||It’s from Amazon,Comparatively wide acceptance and Integration with Amazon.com||Register|
|Remitly||Remitly is authorized to do business in all 50 states and also partner with the largest banks in India and the USA.||no charge on transfers over $1000.||Register|
|Coinbase Commerce||USD coin – If you not accepting crypto due to volatility, you can accept payments in USD coin. It’s faster and pegged to real USD value.||No fees to accept cryptos||Register|
|Intuit||They allow you to take mobile card payments, send invoices online, and set up recurring billing.||Pay as you go, $0/month; Bank transfers (ACH), free; Card - Swiped, 2.4% + .25 cents per transaction; Card - Invoiced, 2.9% + .25 cents; Card - Keyed, 3.4% + .25 cents||Register|
Payoneer is an online payment system(program) and peer-to-peer(p2p) payment solution that allows you to transfer money to anyone anywhere in the world, in addition to making purchases. It provides you with a pre-paid Mastercard(card) that you can use it anywhere Mastercard is accepted.
Payoneer is really popular with the freelancers because Payoneer has a relationship with lots of freelancing sites. Member-to-member(m2m) payments are free. Otherwise, you will be charged 3% for credit card payments and 1% for ACH bank debit payment. If you opt to have your money added to a prepaid Mastercard, you’ll be charged an annual fee of $29.95 USD.
Although you can transfer funds directly through Payoneer, you’ll find it’s built into some of the sites you already use. Fiverr, Amazon, Airbnb, and Upwork all offer Payoneer as a payment option for members. Often those who need a lower-fee way to get paid internationally will choose Payoneer to avoid fees.
Those using Payoneer directly will do so using a payment request. You just click “Receive a payment,” input information about the work and the client, and wait to get paid. Once payment is made, you’ll get a notification that there’s money waiting in your Payoneer account. You can then transfer the funds to your bank account. The fees for this vary, but in the U.S., you’ll pay a fee equal to up to 2% of the exchange rate to move the money from Payoneer to your bank
There is Another option geared toward the needs of small businesses is Stripe. The payment platform can be integrated with your online store or used separately by directing(guiding) customers to pay you there.
Fees start at 2.9% + $0.30 for each successful card charge. You can also accept international payments, with an additional fee of 1%added to each transaction.
Stripe offers support for 130 plus different currencies to help you expand your customer base.
Have a subscription-based business? Stripe can also help you there, as well. Invite customers to subscribe and let Stripe handle the rest. The platform’s technology helps manage those subscriptions for you, tailoring its behaviors to customer’s actions. If a subscription moves from trial to inactive, for instance, Stripe automatically updates the account to keep you from having to monitor your activity.
For B2B freelancers and businesses, Stripe also offers ACH transfers. Best of all, they will be more secure than with other services. When you send an invoice via Stripe, the platform automatically generates a virtual account number(VAN) to protect your own banking information from being transmitted to your customer.
TransferWise is another paypal alternative London-based company that offers a cheaper and faster way to transfer money abroad.
It could be another great alternative to PayPal because of its lower transaction fees & currency conversion charges.
TransferWise was founded in January, 2011 to build a new banking system without borders.
10 million plus customers, 14 offices around the world, and $6 billion sent every month, all these stats make TransferWise a trusted name all over the world.
To transfer money abroad, all you need to do is sign up for free, choose an amount to send, add the recipient’s bank account details, verify your identity (in some cases), and pay for your transfer with a bank debit (ACH), wire transfer, or a debit or credit card.
But this is not all. TransferWise also allows you to open an international business account in few minutes that lets you send, spend, and receive in over 50 currencies — for way cheaper than PayPal.
So, all the freelancers, sole traders, entrepreneurs, small to medium-sized businesses, or enterprise level businesses out there, TransferWise works like a charm for everyone.
Skrill is an another very popular alternative for PayPal & Payoneer because of their currency conversion rates (they are the best).
I have tried it myself some couple of times and MB transfers work great. They also offer you a prepaid Mastercard that works in millions of shop worldwide. They also have an iPhone & Android app so you can make transactions from your mobile device.
2Checkout is one of our favorite and popular PayPal alternatives, mainly because of it's all about accepting payments globally. As we said little bit about PayPal in the introduction, you are still somewhat limited to the countries you can accept payments through PayPal. 2Checkout looks to change that. The fees in the US are exactly the same just as PayPal, but we've found that the other countries enjoy better rates when accepting payments from customers.
You can calculate the payment pricing to see if 2Checkout is more affordable than the PayPal in your country.
Best for individuals(for Personal use)and merchants for online payments and receipts for free.
Google Pay is another PayPal alternative that allows you to make free online payments. The app was launched in year 2015 as Android Pay and renamed to Google Pay in 2018. Users can use the mobile payment app to make payments on compatible systems using their credit, debit, or gift cards without physical possession of the cards.
Merchants can register for Google Pay to receive payments from online customers with no fees.
Amazon Payments is another alternative to PayPal, and it comes from a web giant – Amazon. Although we can take it as a single platform for processing online money transactions , there are different classifications under Amazon Payments that suit different users – customers, businesses and of course, developers. Online purchases section of the Amazon Payments service is made to simplify purchasing task, by using payment methods you have added in your Amazon(Amazon.com) account. Thus, you can skip that task of reentering the payment details as well as shipping addresses. On the other hand, WebPay from Amazon Payments lets users to send and receive money. In addition, when we look(go towords) Amazon from Merchant’s point of view, Checkout by Amazon is a feature merchants can implement in order to simplify the payment methods.
Remitly is a Money Services Business registered with the US Department of Treasury trusted by hundreds of thousands of NRIs(users).
They facilitate you to sending or transferring money from the United States to 130+ banks (including SBI, HDFC, Citi Bank, Axis Bank, and many more) across India.
Remitly is authorized to do business in almost 50 states and also partner with the largest banks in India and the USA.
It was founded in year 2011 having headquarters in Seattle, Washington, United States.
Remitly is completely free to join and the thing we liked the most about Remitly is that they offer great exchange rates.
You can send upto $30,000 in a single transfer and there are two different ways you can use to send money – Express (within 4 hours) and Economy (3 to 5 business days).
It doesn't matter which method you choose to send money, there is no fee when sending $1,000 or more money($3.99 when you send less). However, Credit card transfers have an additional 3% fee.
Coinbase Commerce is one the world’s leading cryptocurrency company that lets you receive payments from anyone in the world and 8000+ merchants already accepting cryptocurrency via this open financial system.
So, if your business allows you to accept Cryptocurrencies like Litecoin. Bitcoin, Ethereum, USD coin then you should definitely use Coinbase Commerce.system
Furthermore, it facilitates you to sell your crypto for cash or USD Coin.
Getting started with Coinbase Commerce is free and one can go live in just minutes, not days. Their team will help you with the hosted checkout pages, payment buttons, invoicing, and multiple ecommerce integrations including WooCommerce and Shopify.
The best thing about using the Coinbase Commerce is that there are no fee to accept crypto.
Withdrawing your funds into your local bank account takes up to 1-3 days.
Though this service requires some(little) technical knowledge, anyone can learn easily.
So, if your clients are also comfortable paying in cryptocurrencies you must checkout Coinbase Commerce as a PayPal alternative.
The makers of TurboTax, QuickBooks, and Mint, are also offers small businesses the ability to accept payments via QuickBooks.
This is an especially appealing option for those who already using Intuit’s products. Not only will you already have an account, but you’ll also find that the interface familiar. If your financial information is already exists in Intuit, you may find it easier to import that data to get started.
Existing QuickBooks customers will pay 1% for bank money transfers and 2.4% plus $0.25 per swiped card. Invoiced card transactions are billed at 2.9% plus $0.25 and keyed card payments are charged at 3.4% plus $0.25. New QuickBooks customers will have to register for a plan, starting at $8 a month, to accept payments.
Once you have your account set up, you can send invoices that include a Pay Now button to make it as easy as possible for the recipients to make a payment transfer. You can also request a free mobile card reader that lets you to swipe credit cards for those in-person customers.