Top 7 Alternatives to Paypal
There are a number of alternatives to Paypal for international payments. Here, we take a look at 7 options for businesses and explain their pros and cons.
The need for fast and secure international payment services has never been greater in today’s borderless business environment.
While PayPal has been the go-to choice for online money transfers as an alternative to credit cards, businesses and consumers are increasingly seeking popular alternative payment providers that offer additional features such as easy access to customer service teams, fewer restrictions on how customer funds can be withdrawn, and more transparency on online transaction costs.
This article will focus on innovative solutions for streamlining international transfers, currency conversion fees, exploring payment options, and seven alternatives to PayPal for e-commerce businesses owners.
Zyla is designed for borderless ecommerce companies that wish to send and collect payments in a wide range of currencies to support their global expansion plans. Setting up a Zyla Account is free, and there are no monthly subscription fees or minimum deposit limits to keep your account open, freeing you from the commitment of the pricing plans that other online payment platforms often rely upon.
You can also manage multiple currencies in a single account, saving you time and money on currency conversion fees – as you can repatriate funds into USD when the exchange rate is in your favor.
The cross-border payment platform also integrates with over 100 e-commerce marketplaces, enabling online sellers to connect their marketplace storefronts and collect secure payments in multiple currencies.
International transactions can also be expedited, enabling business owners to pay overseas suppliers in their preferred currency that same day (provided they meet the payment cut-off deadlines). However, in some cases, for non-USD transactions, companies should allow a maximum of four business days from the Designated Payment Date for their multi-currency transactions to clear.
2. Google Pay
Google Pay is a digital wallet platform that was introduced in 2011 to provide an easy way to process payments from customers using cards stored on their Google Account or Android phones.
As an online payment platform, Google Pay has become one of the most popular e-commerce payment methods worldwide because it has excellent in-built security features, as it doesn’t require users to create an account, share sensitive information, or transfer funds to a new platform. You simply have to link your debit/credit card to your existing Google account, and Google Pay will use its secure network tokenization standards to process mobile payments on your behalf. Your credit/debit card is not shared with the merchant during payment, so your data is protected. Plus, you can use your devices to make contactless payments, so you don’t have to carry a physical wallet or card to use Google Pay.
However, Google Pay has some disadvantages. For instance, alternative mobile payment services like Apple Pay and PayPal are more widely accepted payment processors, which may be an issue for people who frequently shop online. It may also take up to five business days for a Google Pay transaction to reach your bank account, which may cause cash flow issues for some online merchants.
3. Apple Pay
Apple Pay is a mobile payment app that works like Google Pay, enabling consumers to make contactless payments from their credit or direct debit card using their Apple devices. It’s free for consumers and widely accepted by online and offline merchants worldwide. It also carries the advantage of offering a variety of advanced security features to protect users’ financial information.
One of Apple Pay’s key drawbacks as a payment type is that it is only available to Apple users. This means online businesses may need to explore more flexible payment solutions to ensure that all of their customers can access a convenient and secure mobile payment service.
Stripe is a business-focused payment gateway that operates in 40 countries worldwide. It has a number of advanced features that enable companies to create secure online checkouts, manage subscription services with custom pricing, and send and receive business payments in over 100 currencies.
However, Stripe’s pricing plan charges a setup and scalable subscription fee, which may be unaffordable for small business sellers looking for an online payment solution to help them expand their overseas operations.
Skrill is a digital payment gateway service that facilitates international payments, allowing consumers and businesses to send and receive money in 40 different currencies. It’s gaining popularity for its relatively low fees and loyalty program which offers cash incentives and gift cards.
For businesses in particular, Skrill can streamline online transactions and mass payments through its easy-to-use platform, which may be a significant advantage for companies that hire remote teams overseas.
Skrill has the disadvantage of only enabling users to withdraw a certain amount per day without paying a withdrawal fee, which may make it an inflexible option for some companies. It’s also only available in some countries, so it may not be the all-in-one option for businesses that need to send and receive payments worldwide.
Venmo is a US-based digital payment service that streamlines payments between individuals and businesses. It offers a social media component where users can comment on peer payment transactions, making it ideal for splitting bills with friends and family members.
For business customers, Venmo offers advanced packages including accounting software support, which enables users to track income and expenses and generate reports for tax purposes.
However, Venmo is only supports online domestic payments in the US, so multi-currency money transfers are not an option. It also charges an additional fee for sending instant transfers. Regular payments in Venmo’s basic package (which are free) can take up to three business days to clear – not ideal for companies that wish to expand abroad or send quick bank transfers to suppliers in the US.
Square is a business-focused online payment platform for both online and in-store sellers. as a digital payment service, it offers a range of tools for helping businesses of all sizes manage their funds.
For example, for brick-and-mortar retailers, Square offers hardware and software solutions to accept in-person payments, track inventory, and manage customer relationships. For e-commerce brands, Square provides tools to help create and manage online storefronts and ship products. There are also add-on features, such as functionality for payroll and managing employee time cards.
While Square may be a good money transfer firm for businesses that wish to manage a range of payment services from one platform, navigating it can be challenging. Moreover, you can only charge your customers in the currency set for your Square account.
Some customers have also experienced problems getting in touch with the customer service team. So, if you need phone, email, or live chat support outside of regular business hours, you may want to explore other payment platform options.
Zyla could be the right international payment option for you
When researching the alternatives to PayPal for cross-border online bank transfers, check that the features of the payment processing services can scale to your business needs. You want to ensure you can expand your services quickly to send and receive multi-currency payments, as slow transfer times, high conversion and transaction fees can negatively impact your company’s cash flow.
Additionally, you’ll want to make it as easy as possible for your customers to pay in their home currency from their favorite e-commerce marketplaces, as this will help you boost conversion rates.
By opening a free Zyla Account today, you could experience all the benefits of banking like a local worldwide. We charge competitive FX rates for business transactions, zero set-up or minimum deposit fees, and our excellent customer service team is on hand to help you with your cross-border transaction queries. Sign up for a Zyla Account here or call us on (855) 797-3366 to get started.