In July 2015, PayPal rose to total independence by spinning away from eBay. It has become a standalone company with a larger value then its former parent, and a leading online payment system in the world. It was founded in December 1998, and counts around 173 million users today. However, Paypal has millions of unsatisfied customers, also.
One of the biggest criticisms is that it acts like a bank, but is not regulated like one. That lack of security turns some people away from providing their credit and debit card numbers to PayPal. Luckily for them, there are other great online systems for money transaction on the rise that people find safer, more practical and quite affordable. These Paypal alternatives make it easy to send and receive money from anyone across the globe.
Formerly known as Moneybookers, Skrill offers great services, and its commissions and fees are much lower than PayPal’s (four percent per transaction). As for workers and stores, higher transaction fees are a serious problem, because they do not want to lose part of their profit. Skrill has gained more than 30 million customers and is rapidly progressing toward the EU market. Skrill’s system is quite straightforward, the interface is very user-friendly, and the transfer fees are lower than Paypal’s. It is almost universally accepted online and has a pretty good reputation. If you are a business owner and have a high enough turnover to save money on its cheaper transaction fees, it is worthwhile to switch to its services. If you are a private user, the advantage is spending and receiving money via debit card for free.
Payoneer is another great alternative to PayPal, but it costs. You will have to pay an annual fee of $29 and request an ATM card (withdrawals from ATM costs $3). After you register for the service, access to a prepaid MasterCard is granted to you, and the card is sent to your doorstep. You are charged only when you activate the card. Opening an account is completely free of charge. You can then load the money into it from other credit cards or a local bank once the card is activated. Payoneer is a good money transferring option if you have a business relationship with it, because it has minimal fees for partners.
Alternative Payments is an online payment system which has simple technical integration, and offers a choice of optimizing customer checkout experience. It has a geo-targeting system that automatically sets the correct currency, provides the relevant payment options in the local language, and has PCI Level 1 Certification that guarantees you safety and security of your private information. It has one interface that acts like a command central for viewing and managing all transactions and creating customized payment reports. Alternative Payments offers real live customer support and the ability to communicate in your own native language when in need of assistance.
The service is free just like PayPal’s and it accepts more than 21 currencies, and enables its users to shop and send and receive money in more than 190 countries. Payza allows the adding of a payments button to apps or websites for those who run their own business. It is an affordable and secure online payment system that specializes in remittances, corporate disbursements, and eCommerce processing. Mainly based in Canada and U.S., it also supports credit/debit cards and banks from their recognized countries.
PayPal is the mainstream among online payment systems. However, with these transaction service providers on the rise, PayPal may have some serious competition. These companies are promising alternatives that offer something different and new, and are advancing in their efforts in bringing the same sort of trust and competence to online payments.