PayPal is an online payment system established in 1998 and acquired by eBay in 2002. The online payment processor is one of the largest internet payment platforms. There are several reasons why people go seeking for Paypal alternatives, some of the major drawbacks of using PayPal are discussed below.
PayPal’s Restrictions on Some Countries
Paypal is an amazing and widely used platform, but its restrictions on most countries have given people no other hope than to seek useful alternatives to get paid. Some countries like Nigeria can only pay with Paypal but can not get paid via the platform. Some other countries are restricted totally from using Paypal services.
Sometimes it’s difficult to ask buyers and customers to pay with an alternative because buyers will rather use PayPal for payment. Merchants, Bloggers, and freelancers whose countries are not accepted by PayPal find it difficult to get paid for services. Every day, people look for other alternatives to accept and make payments online.
Poor Seller Protection
Sellers who use PayPal sometimes suffer loss as some customers are dubious and vile. They can easily create a claim that a seller did not send whatever they bought. Now, PayPal pays more attention to buyers than sellers, and it’s so easy to lose a claim to a vile customer. Apparently, PayPal doesn’t provide protection for sellers, especially if you sell digital products and services as they do for buyers.
You Can Lose Your PayPal Account In a Snap
PayPal is best known for freezing and restricting seller accounts, sometimes for unknown reasons. Most sellers on PayPal fear the unknown because you never know when the hit falls on you.
Best PayPal Alternative
The list about to be looked into contains very good Alternatives To PayPal, and they are likely to accept almost all countries.
More and more people are beginning to go digital with their businesses by bringing them to the internet. The set of people who do not have access to Paypal’s awesome service will always require an alternative way of accepting payments online. I did a series of researches that made me discover some great payment processors that almost anyone in any country can use to accept payment online. These services are listed below :
PAYONEER is a successful online bank founded in 2005. It provides wire transfers, online payments, and a refillable debit card service. Payoneer account holders have the option to receive funds into their local bank account, e-wallet, or via a re-loadable MasterCard. When you sign up for PAYONEER, you will get a free MasterCard shipped to you anywhere in the world.
Shipping within the US may take up to 7-10 business days, while shipping outside the US may take up to 12-25 business days or more depending on your country of residence.
Transferwise is one of the best payment platforms for Individuals and businesses that offer services. You can easily tell your customers to pay you via transferwise as it is a cheaper way to send money internationally. If you make a lot of international transfers, you should totally use this platform. With transferwise, you can send money with a more current exchange rate. TransferWise claims to provide this real exchange rate without inflating it with additional fees.
With Transferwise Borderless account you get a debit card and access to manage money in more than 40 currencies, run payroll, batch payments, charge clients, and more. You can also invoice your customers in their own currency with TransferWise for business,
TransferWise charges 0.6 percent for every transaction plus a $1.00 fee. Learn more about transferwise.
Stripe is another reliable alternative to PayPal for online payments. You can accept payments from anywhere in the world. Your money is automatically deposited into your bank account. This payment platform believes that payment problems are “rooted in code, not finance.”
Stripe is a pay as you go platform charging 2.9% + $0.30 per successful card charge, + 1% on international cards; 0.8% and a $5 cap on ACH debits. Slightly high and similar to PayPal, but a great alternative to its services.
Skrill, once known as Moneybookers, is an online payment system and money transfer company that allows private individuals and business owners to accept and make payments through the internet. The company has been active since 2001.
Skrill sends and receives money from over 200 countries, accepting over 40 currencies at a low cost, without revealing its customers’ personal financial details. SKRILL is just like Payoneer you can apply for a free MasterCard and it will be sent straight to you.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto introduced the idea on 31 October 2008. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Bitcoin is open-source: its design is public, nobody owns or controls Bitcoin and anyone can own a wallet for transactions. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Recent websites largely accept payment with bitcoin. You can create a wallet with COINBASE