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Best PayPal alternatives for business and personal use

Are you tired of PayPal fees? Check out these alternatives and find the perfect match for your business (and wallet).
By
February 28, 2023
PayPal stock photo 4

PayPal is one of the most popular payment platforms used worldwide. However, it’s not the only option available for financial transactions. Whether you’re looking for more features, lower fees, or better customer support, there are several PayPal alternatives that can meet your needs. So let’s dive into the best PayPal alternatives for business and personal use.

The best PayPal alternatives

When choosing a payment platform, it’s essential to consider factors such as fees, features, and customer support. The right platform can make a significant difference in the success of your business or the ease of your personal financial transactions. We hope the information here helps you understand what to look for and which platforms offer the features you need, so you can make an informed decision that will benefit you in the long run. With that being said, here are our top six PayPal alternatives.

Stripe

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Businesses of all sizes widely use Stripe as a payment gateway. Since its founding in 2010, Stripe has become one of the most popular payment platforms worldwide, offering a range of features, such as recurring billing, international payments, and fraud detection. Stripe is also renowned for its developer-friendly platform, making it easy to integrate with your website or app.

Features and Benefits

  • Recurring billing: You can set up recurring payments for subscriptions, memberships, or other services.
  • International payments: Stripe supports payments in over 135 currencies, making it easy to sell to customers worldwide.
  • Fraud detection: Stripe’s machine learning algorithms help detect and prevent fraudulent transactions.
  • Developer-friendly: Stripe’s API is easy to integrate with your website or app, and many third-party integrations are available.
  • Customizable checkout: You can customize the checkout experience to match your branding.

Pricing and Fees

  • Stripe charges a transaction fee of 2.9% + 30 cents per successful transaction.
  • There are no monthly or setup fees.
  • Stripe also offers volume discounts for businesses that process over $80,000 per month.

Square

square logo 2022

Square is a popular payment platform known for its simple pricing and ease of use. Founded in 2009, Square was designed for small businesses and individuals who need a quick and easy way to accept payments. Many in-store and online merchants around the world use Square.

Features and Benefits

  • Simple pricing: Square charges a flat transaction fee of 2.9% + 30 cents per transaction.
  • Free POS Software: Square offers free point-of-sale software that’s easy to use and customizable.
  • Easy to set up: You can start accepting payments with Square in minutes.
  • Mobile payments: Square offers a mobile app that allows you to accept payments on the go.
  • Hardware options: Square offers a range of hardware options, including card readers and POS systems.

Pricing and Fees

  • Square charges a transaction fee of 2.6% + 10 cents per online transaction.
  • There is a free plan to sell in-person or online or a Plus plan for $35/month for advanced features.
  • Square also offers flexible hardware options at an additional cost.

Payoneer

Payoneer Logo

Payoneer was founded in 2005 and has become a popular payment platform for freelancers, small businesses, and online sellers. It offers a range of features, including international payments, invoicing, and a virtual US bank account.

Features and Benefits

  • International payments: Payoneer supports payments in over 150 currencies.
  • Virtual US bank account: Payoneer offers a virtual US bank account that allows you to receive payments from US companies as if you had a US bank account.
  • Invoicing: Payoneer offers a simple invoicing tool that allows you to create and send invoices to your clients.
  • Prepaid Mastercard: Payoneer offers a prepaid Mastercard that allows you to withdraw cash or make purchases anywhere Mastercard is accepted.

Pricing and Fees

  • There are no fees for sending or receiving payments between other Payoneer users, but Payoneer does charge up to a 2% transaction fee for different platforms. 
  • There are no monthly or setup fees unless your account remains inactive for over 12 months.
  • Payoneer also offers additional features and services at an additional cost.

Venmo

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Venmo is a popular payment platform for individuals who want a simple and easy way to send and receive money. It’s owned by PayPal and offers a range of features, including peer-to-peer payments, instant transfers, and social media integration. It’s free to use and provides a user-friendly app that makes sending and receiving payments on the go easy.

Features and Benefits

  • Peer-to-peer payments: Venmo allows you to send and receive payments to other Venmo users for free. This makes it easy to split bills with friends or pay back a colleague for lunch.
  • Instant transfers: You can instantly transfer money from your Venmo account to your bank account for a small fee. This is useful if you need to access your funds quickly.
  • Social media integration: Venmo allows you to share payments and payment details with your friends on social media. This can be useful for sharing expenses with a group, such as for a shared vacation or event.
  • Security: Venmo uses advanced security measures to protect your account and transactions. This includes encryption technology, two-factor authentication, and fraud detection.

Payments and Fees

  • Instant transfers: Instant transfers from your Venmo account to your bank account cost 1% of the transfer amount, with a minimum fee of 25 cents and a maximum fee of $10.
  • Credit card payments: If you choose to pay with a credit card, there is a 3% fee.
  • Bank transfer payments: There are no fees for bank transfers.
  • Limits: There are limits on the amount you can send and receive on Venmo. For new users, the limit is $299.99 per week. Once you’ve verified your identity, the weekly limit increases to $4,999.99.

Skrill

skrill logo

Skrill is a well-known payment platform with a reputation for low fees and fast transfers. It’s meant for individuals and businesses who require a quick and easy way to send and receive money online and can be used on e-commerce platforms like Shopify.

Features and Benefits

  • Low fees: Skrill offers some of the lowest fees on the market for online payments. Sending and receiving money between Skrill accounts is free, and there are no service fees so long as your account remains active.
  • Fast transfers: Skrill transfers are typically completed within minutes.
  • International payments: Skrill supports payments in over 40 currencies. There are conversion fees, however.
  • Prepaid Visa: Skrill offers a free, prepaid Visa card that allows you to withdraw cash or make purchases anywhere Visa is accepted.

Pricing and Fees

  • Transactions between Skrill wallets and email are free, and there are no fees for receiving funds.
  • There are no monthly or setup fees.
  • You can upgrade to a True Skriller account to waive the fees for Bank Withdrawals and Visa Card applications.

Wise

wise logo

Wise, a popular international money transfer platform, provides quick and affordable transfers with low fees. It’s a go-to choice for individuals and businesses requiring a simple way to send and receive money across borders while holding multiple currencies in a single account. Wise’s platform strives to meet the needs of modern businesses and individuals, offering a range of tools and features that make international money transfers more accessible and convenient.

Features and Benefits

  • Low fees: Wise offers some of the lowest fees for international transfers, starting at 0.41%.
  • Fast transfers: Wise transfers process within one to two business days.
  • Multi-currency accounts: Wise offers multi-currency accounts that allow you to hold and manage money in over 50 currencies.
  • Transparent exchange rates: Wise uses the mid-market exchange rate, which is the rate you’ll find on Google or XE.com.
  • Business tools: Wise offers a range of tools for businesses, including mass payments and API integrations.

Pricing and Fees

  • Wise offers two free withdrawals of USD 100 per month.
  • Conversion fees start at 0.41% and vary by currency.
  • There are no monthly or setup fees or fees to receive money. However, there is a fixed fee of 4.14 USD for wire payments.
  • Wise also offers volume discounts for businesses that send over a certain amount each month.

As we’ve seen, many PayPal alternatives are available for personal and business use. Each payment platform offers unique features, benefits, and pricing structures. Whether you’re looking for low fees, fast transfers, or multiple currency support, there’s a payment platform out there that can meet your needs.

FAQs

Yes, each of these payment platforms uses advanced security measures to protect your account and transactions.

Yes, you can use each platform for both personal and business use.

No, you don’t need a merchant account to use these platforms. However, some platforms may require additional documentation for business use.

It depends on your specific needs. Consider factors such as fees, features, and international transactions when selecting the best platform for you.