Need to find the best alternatives to PayPal to simplify payments for small businesses? Then you've come to the right place.
PayPal is undoubtedly one of the best online payment systems for sending and receiving money internationally. It is used by 325 million people in over 200 different countries.
Additionally, PayPal allows you to receive money in over 100 currencies, withdraw funds in 56 currencies, and hold balances in PayPal accounts in 25 currencies.
But that doesn't mean there aren't other sites like PayPal. In this article, we have compiled a list of 9 PayPal competitors that you can use in 2024 for your business.
In recent years, almost everything has gone digital and this has given rise to many services like PayPal.
Also, there are many countries where PayPal is still not accepted. To simplify online payments in these countries and around the world, several companies other than PayPal have simplified online payments for small businesses.
If you're looking for alternatives to PayPal for any reason, this article is for you.
So, without further ado, let's dive right in.
The Best PayPal Alternatives to Use in 2024
Here is our handpicked list of the best alternatives to PayPal that you can choose in 2024 to make online payments with ease.
Payoneer
The very first PayPal alternative we have is Payoneer which is almost similar to PayPal and has a strong presence with 4 million customers in over 200 countries and territories including India.
Payoneer was founded in 2005 in New York. Today, the company has 21 offices and 1500 employees that allow millions of businesses and professionals to connect with each other and grow globally.
Like PayPal, Payoneer also offers two types of accounts, individual and business. You can sign up for free, withdraw your funds to your local bank account, and you'll be charged based on the services you use.
Additionally, Payoneer allows you to send payment requests and make payments from your Payoneer account.
But the advantage of using Payoneer instead of PayPal is that the transaction fees are comparatively lower and you will end up saving a lot of money.
Stripe
Stripe is the best PayPal alternative for online payment processing for internet businesses, used by millions of businesses of all sizes, from startups to large corporations.
It is a comprehensive suite of payment products that enables payments for e-commerce, subscriptions, SaaS platforms, marketplaces, and everything in between.
Stripe was launched in 2011 with dual headquarters in San Francisco and Dublin, and 14 international offices in London, Paris, Singapore, Tokyo, and more.
It can be considered as the one-stop solution to accept payments for your online store, as it supports over 135 currencies and accepts payment from the majority of debit/credit cards from over 140 countries.
Additionally, you can also accept bitcoins using Stripe payment processor.
Simply sign up for Stripe and integrate using developer-friendly APIs or opt for low-code or pre-built solutions.
Stripe accepts applications worldwide. Even if Stripe doesn't offer services in your country, you can take advantage of its Atlas program that helps you set up a company in the United States and accept payments from your customers in over 100 currencies.
The best thing about Stripe is that there are no setup fees, monthly fees, or hidden charges. So you only pay for what you use.
TransferWise
TransferWise is a London-based company that offers a cheaper and faster way to transfer money overseas.
It is an attractive alternative to PayPal due to its low transaction and currency conversion fees.
TransferWise was founded in January 2011 to create a new borderless banking system.
10 million customers, 14 offices around the world, and 6 billion dollars sent each month, all these statistics make TransferWise a trusted name around the world.
To transfer money abroad, all you have to do is register for free, choose the amount to send, add the recipient's bank details, verify your identity (in some cases) and pay for your transfer.
by bank debit (ACH), wire transfer, debit or credit card.
But that's not all. TransferWise also allows you to open an international business account in minutes that allows you to send, spend, and receive funds in over 50 currencies, for much less cost than PayPal.
So, for all freelancers, entrepreneurs, sole proprietorships, small and medium-sized businesses, or large corporations, TransferWise works like a charm for everyone.
Skrill
Skrill is an online wallet provider that offers a wide range of online payment and money transfer services.
Skrill has helped millions of customers since 2001 and has now expanded to over 120 countries with the digital wallet offered in 40 different currencies.
Whether you want to transfer money to a bank account overseas or get paid wherever you are in the world, just use Skrill.
Additionally, you can use Skrill to buy and sell cryptocurrencies.
In addition to online payments and money transfers, you can also take advantage of Knect, Skrill's loyalty program.
Once you join this program, you earn points on almost every transaction which you can redeem for cash rewards, bonuses and more.
Opening an account with Skrill is completely free and there are no monthly fees for personal use as long as you make a transaction at least every 12 months.
Otherwise, a fee of EUR 5,00 (or equivalent) will be charged to your account each month.
Paying a merchant directly from your Skrill wallet, receiving money into your Skrill account and sending money to an international bank account with Skrill Money Transfer is also free.
That said, you will have to pay a 2,50% fee to deposit and withdraw funds.
2Checkout
2Checkout is the first all-in-one monetization platform that enables businesses to rapidly scale internationally and maximize revenue by simplifying modern commerce.
Founded in 2006 and now acquired by Verifone, it has more than 20 active customers and 000 global subsidiaries.
offices around the world and more than 400 employees.
2Checkout or 2CO is considered a great alternative to Paypal as it enjoys many positive reviews worldwide.
You can get an idea of its popularity by seeing that over 20 companies (from startups to Fortune 000 companies) in over 500 countries use 180Checkout.
Their Avangate monetization platform is enough to handle the complexities of digital commerce, globally.
Also, their products, 2Sell, 2Subscribe, 2Monetize, and addons are here to help you accept mobile and online payments from shoppers around the world, run a subscription-based business, and grow your business.
Signing up for 2Checkout is free and you will pay (min 3,5% + $0,35).
per successful sale) only when you start selling.
Instamojo is one of the top-rated payment gateways and e-commerce platforms that offers everything your business needs, from collecting payments to creating free online stores to shipping products , obtaining loans and much more.
It is a Bangalore, India based company founded in 2012 and now empowers over 29 million Indian businesses across 7 states and XNUMX Union Territories.
Instamojo is a PayPal-like company for Indian users because it allows you to quickly send and receive payments using @username or the email address of other Instamojo users.
In addition, if you wish create an online store For selling digital products or services on your site, Instamojo also works great.
If we talk about Instamojo pricing, they have two plans. The first plan is free, which is perfect for starting your online store and collecting payments. If you opt for this plan, you will be charged 5% + 3 transaction fees.
The second plan is their premium plan which is a complete online solution for a small business. For this plan, you have to pay INR 799 per month plus 2% + 3 transaction fees.
We have also started using Instamojo to sell ebooks on our blog and we have to say it is getting better every day.
Google Pay
Google Pay is another fantastic online payment system that anyone can use to integrate with their websites, e-commerce stores, apps and more.
Basically, it is a digital wallet platform developed by Google to enable in-app and touch purchases on mobile devices, tablets or watches.
One can easily implement Google Pay with any type of website or service and also enjoy out-of-the-box integration for services like Shopify, WooCommerce, Stripe, Square, etc.
You can use credit card, debit card, bank transfer and UPI as payment methods on Google Pay.
Google Pay is a free mobile app and there are no fees for using debit cards and bank transfers, while for credit cards you will have to pay 2,9% transaction fees.
Withdrawing funds to the linked bank account is free and usually takes 1-3 days. That being said, instant transfer will add a 1,5% fee. However, these fees and taxes are specific to the United States and do not apply to users in India.
So, if you are looking for a long-term PayPal alternative for your online store, Google Pay might be the best choice.
Remitly
Remitly is a money services company registered with the United States Department of Treasury, trusted by hundreds of thousands of NRIs.
They make it easy for you to send or transfer money from the US to 130+ banks (including SBI, HDFC, Citi Bank, Axis Bank and many more) across India.
Remitly is licensed to do business in all 50 states and also collaborates with the largest banks in India and the United States.
It was founded in 2011 and is headquartered in Seattle, Washington, United States.
Joining Remitly is completely free and what we liked most about them is that they offer great exchange rates.
You can send up to $30 in a single transfer and there are two ways to send money: Express (within 000 hours) and Economy (4-3 business days).
No matter which method you choose to send money, there are no fees when you send $1 or more ($000 when you send less). However, credit card transfers incur an additional 3,99% fee.
These are popular apps like PayPal that you can use as an alternative to PayPal. Now let's take a look at the most frequently asked questions about alternatives to PayPal.
FAQ
What are the best alternatives to PayPal?
Payoneer, Stripe, Transferwise, 2checkout, Instamojo, Google Pay, Skrill, Remitly, and
Coinbase Commerce, to name a few.
What is the best alternative to PayPal for bloggers?
Payoneer might be the best option as an alternative to PayPal for seasoned bloggers and freelancers because the transaction fees at Payoneer are comparatively lower, which saves you a lot of money in the long run.
Payoneer vs. PayPal: Which is the best service?
Both PayPal and Payoneer are reliable and provide an excellent customer experience. PayPal is accepted worldwide by affiliate networks, advertising agencies, and online services, making PayPal the default choice for everyone.
On the other hand, if you have the option of getting paid by Payoneer, do the math, you will end up saving a lot of money.
Can we transfer money from PayPal to Payoneer?
Yes, you can transfer money from your PayPal account to your Payoneer account.
To do this, go to “Link a new bank” in your PayPal account, enter your Payoneer “Routing & Account Number” and click on the “Agree & Link” button.
Finally, enter the exact amounts sent by PayPal on the PayPal confirmation page to verify your details. Once verified, you can transfer money from PayPal to Payoneer.
Is PayPal better than Google Pay?
Much like PayPal, Google Pay is great for sending money to and from virtually anywhere. But unlike PayPal, there are no fees on debit transactions, while PayPal charges 2,9%.
Additionally, Google Pay offers a variety of tools to manage your business and integrate with loyalty programs, which makes a big difference for businesses that opt for the "Shop with Google" tab on their websites.
Which is cheaper: Stripe or PayPal?
Stripe and PayPal both charge 2,9% + $0,30 per online transaction. However, PayPal is a trusted name and quite easy to use. On the other hand, Stripe offers a huge range of features through powerful developer tools.
Which is better: Xoom or Remitly?
Remitly is arguably better, as it charges no fees when you send $1 or more, while Xoom charges $001 for debit card transfers. Additionally, Remitly offers better exchange rates than Xoom.
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Final reflections
This is our well-researched list of the best PayPal alternatives for 2024 and we hope you get a PayPal alternative that works for you in this list.
Well, all the PayPal alternatives we have listed above are reputable companies that offer reliable online payment services.
So all freelancers, bloggers, small business owners, and large scale businesses, you can choose any of them according to your needs without thinking twice.
We've been using PayPal for our blogging business since the beginning. That said, we also started using Instamojo and Google Pay on our blog recently.
Which payment platforms do you have experience with, let us know in the comments section below.
And don't forget to share this article, as it might be helpful to others.
