If you plan to run a successful online store, you have to gather some knowledge about the payment gateways at your disposal. And while there used to be one service to rule them all, nowadays you can look into various solutions. There are excellent PayPal alternatives for eCommerce you should know of. Deciding which one you’ll choose doesn’t have to happen overnight. Give it some time and research the market. While you’re at it, make sure to be perfectly clear regarding your needs and business volume before making a final call. Now, let’s see what’s out there.
Is PayPal Good or Bad?
According to recent surveys, the most famous payment gateway had 392 million users around the globe. Its ease of use and transparent fees have made it become the most favored solution for countless businesses. However, there are a few disadvantages of using it. But before we get to that, here are a few noteworthy perks:
- It’s very simple to navigate it and manage your account,
- Setting up an account comes free of charge,
- You can track all transactions and know where your money is at any time,
- The safety is pretty high, and everything is encrypted,
- Its layout is customer-oriented and mobile-friendly,
- Loyal customers can get a discount.
Nevertheless, no solution is absolutely perfect for every eCommerce. That is why you should do research and see whether there’s another solution that matches your precise business needs. So, is there a PayPal alternative? You can bet on it. There are multiple options for you to explore – but you must start by establishing your priorities and goals.
What Are the Disadvantages of Using PayPal?
Just as there are some pros and cons to running an eCommerce store, there are quite a few benefits and drawbacks of using a specific payment gateway. Even though PayPal has some substantial advantages to offer, it’s not all that peachy, especially if you’re just getting started in the world of online businesses. Here are some red flags to keep an eye on:
- Although personal use comes free of charge, as an eCommerce business owner, you will be paying when receiving income,
- Using it can involve additional costs required by your bank,
- Automation can work in your favor or against you, and so it’s possible to have your account frozen with a proper warning if the algorithm detects any behavior that seems off,
- Fake affiliates are likely to send you emails, and the risk of getting caught up in a scam is always present.
So, what is better than PayPal for a small business? The correct answer will depend on what your line of work entails, how many transactions you’re counting on, and on your customer persona. Lastly, safety should always come first. Protect your customers and your store by picking the best solution to deal with payments.
What Else Can I Use Instead of PayPal?
There are numerous payment gateway providers out there, and you should choose one that suits your type of eCommerce best. How to do so? Firstly, look into how easy they are to use. Then, see how much the service will cost. In addition, be sure to know the precise features you will have at your disposal for the given price. Finally, you must know whether the payment methods specific to your chosen gateway are supported in your region. If you want to see what else is on the plate aside from PayPal, start now.
Who are PayPal’s competitors? The best PayPal alternatives for eCommerce include:
Ultimately, when selecting a virtual provider, make sure to understand whether you will be needing a merchant account to use their services.
Stripe Is One of the Best PayPal Alternatives for eCommerce
There are quite a few noteworthy solutions on the list of best alternatives to PayPal for eCommerce. If Stripe is on your shortlist, the main benefits of using it include:
- Cost-effectiveness, especially if you’re planning to accept payments of under $10,
- There are no fixed monthly fees required,
- It has the best merchant interface,
- Stripe eases all processes by eliminating the need for both merchant service and payment gateway.
Finally, if you have an in-house web development team or plan to outsource development for your eCommerce, this particular solution is an excellent choice. It’s customizable and flexible with an easy API.
Why Should I Use Stripe for My Business?
What is so special about Stripe? Aside from its simplistic layout and ease of use, it offers a free WooCommerce plugin and a paid one Easy Digital Downloads. It supports all payments – both online and in person. More importantly, it uses machine learning to boost security, and the people behind it are very tech-oriented, which provides an extra layer of safety and value. Scaling and growing your revenue will be smooth and straightforward.
Square Is an Excellent Choice for Small Businesses
This solution was originally recognized as the helpful mobile payment device you would need in trade shows. However, it has improved a lot, and the general opinion about it has changed. Square also allows online payments for eCommerce businesses. It has an official plugin for WooCommerce and a third-party plugin for EDD.
What Are the Advantages of Square for eCommerce?
When we break down Square VS. PayPal, here are the key points in favor of this alternative solution:
- Square’s mixture of several valuable tools and interfaces beats PayPal.
- Its mobile reader has more features like offline mode, and you can sync it easily with your online shop, invoices, and POS.
- It has free POS software.
- Recurring payments are simple to set up with Square.
If you want a cost-friendly and secure gateway for your eCommerce, you might have just found it.
Skrill Offers a Virtual Wallet for Your Business
Skrill is very much like PayPal in terms of online gateway configuration and charges. Nevertheless, international payments drive extra costs and cause headaches when using PayPal. However, Skrill offers a prepaid debit card that accepts all international payments immediately. You can use this card at ATMs and shops.
Is Skrill Payment Safe and What Are Its Main Benefits?
If safety is your main concern, don’t be worried. Skrill obeys some very strict rules and regulations, which keep your data and finances perfectly secure. Also, it has a certain advantage over PayPal:
- It offers some of the most expeditious international payments, which makes it ideal for business owners who have faced country-based problems with other providers,
- Cross-border transactions are free of charge with Skrill, while PayPal has a required fee ranging from 0.5% to 7.4%.
- Skrill is more flexible when it comes to sales itself and doesn’t make you censor items like gambling gadgets.
So, if you wonder what is a good alternative to PayPal – Skrill might be what you’ve searched for.
Explore Payoneer as an Alternative to PayPal
Both eCommerce business owners and freelancers can use Payoneer to get paid promptly, securely, and at a low cost by worldwide clients. In addition, it covers several markets and industries. For that matter, it can suit businesses throughout all niches regardless of their size or stage.
With over 4 million active users in more than 200 countries, it offers solid social proof of its stability and security. You can simply sign up and start receiving online payments to your Payoneer account. You can also withdraw money from your local bank or nearly any ATM globally.
Choose One of the Best PayPal Alternatives for eCommerce Business and Thrive
When choosing tools and allies for your eCommerce, you must be careful. Finding the right solutions and staff is crucial for your success. Sometimes, your prime concern is finding a reliable outsourcing company. Other times, you might be worried about the security of your transactions – and your clients’ wellbeing.
In both scenarios, you must take a good look at your business internally and then take another glance at what’s out there. What is the best alternative to PayPal? The answer to this question depends on your business needs, plans, and budget. Don’t rush yourself into coming up with a quick fix for such a delicate matter. Instead, collect knowledge and compare providers before you choose.