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Top 5 PayPal Alternatives For Making Online Payments

Top 5 PayPal Alternatives For Making Online Payments

Online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. ...Online payment usually is the transaction that results in transfer of monetary funds from the customer bank or credit card account to your bank account.

1. Amazon Pay

In terms of letting people checkout of your online store, Amazon Payments is at the top of the list. It expedites the whole process, similar to something like PayPal. We like to compare it to a Facebook login, where all of the user information is alrffeady stored. Therefore, the login, or checkout (with Amazon Payments,) is going to be much faster than that of a regular shopping cart and checkout.

The transaction fees are just like PayPal.
The security is very advanced compared to other competitors.
If you start with an Amazon account, the interface and signup process is easy.
Everyone is familiar with Amazon, so your customers will have it easy when paying.

Amazon Pay is a payment service that provides you with an ability to use the payment methods already associated with your Amazon Account to make payments for goods or services on third-party merchant websites or apps. To make a payment, you can use any of the payment methods provided including the ones available in your Amazon Account (except Amex cards).

2. PayLine

While it supports the typical ecommerce checkout system, Payline is particularly ideal for in-store payments. It’s cheaper and way more flexible than PayPal when it comes to facilitating retail businesses.
Speaking of which, Payline does not use the standard static pricing schedule. Instead, it offers solutions through an interchange plus pricing system. Therefore, the fees vary consistently based on the types of cards you end up processing.
That said, the interchange model is, undeniably, the most transparent in the payment processing space. The only challenge you might face, however, is forecasting your future expenses.
But, get this. Although PayPal essentially charges a reasonable fixed rate of 2.7% for offline transactions, you’re bound to incur less with Payline.
Now, the features you get for card processing depend on the package you settle for. If a mobile card reader is your kind of thing, then Payline’s Spark and Surge packages are certainly worth considering. They are cheap and well-tailored for small businesses.
Enterprises, on the other hand, can go for the Payline Shop package. Although this is the costliest option, you get tabletop card readers, plus a host of other robust card processing resources and functionalities.
Well, compare that with PayPal’s inflexible in-store card processing, which happens to provide only two card readers. And to make matters worse, only one of them comes with EMV support.
When it comes to commerce transactions, however, PayPal considerably outperforms Payline.

The interchange plus pricing structure is not only flexible, but also significantly transparent.
Payline offers a range of in-store credit card processing packages, complete with robust supporting hardware.
Payline’s offline transaction fees are cheaper than PayPal’s.
It offers a fully-featured API to facilitate integrations with third-party solutions and platforms.
Payline supports mobile payments.

3. Shopify Payments

If you’ve tried using Shopify before, then you’re probably familiar with Shopify Payments. It’s an inbuilt payment processing system that comes by default as part of the whole Shopify platform.
Consequently, therefore, you don’t have to worry about embedding an external payment gateway. You can simply manage your transaction processing system right from Shopify’s main dashboard. The end result is a seamless cohesion between your online store and your payment system.
But, make no mistake. Shopify payments is not all about online payments. It also offers POS hardware to support well-synced in-store payments.
Now, if Shopify Payments’ features don’t entice you, the accompanying privileges possibly will. You see, while using PayPal on Shopify will force you to pay 0.5-2% transaction fees above the card processing charges, Shopify Payments qualifies you for zero transaction rates.
In essence, you only pay the card processing fees, whose rates are based on your specific Shopify plan. The highest they can go is 2.9% plus $0.30 per transaction, while the lowest rate is 2.4% plus $0.30.
When it’s done, the subsequent payouts are scheduled for every 3 business days. PayPal, on the other hand, takes about 5-7 business days.

It’s built into Shopify to offer a seamless payment management experience.
Shopify Payments can be embedded with a wide array of platforms and solutions, including third-party payment processors.
It works well with numerous accounting applications to facilitate accounting and reporting.
It eliminates transaction fees on Shopify.

4. Stripe

Stripe is probably the most popular of all the PayPal alternatives, and you'll notice that some ecommerce platforms state Stripe as their preferred payment processor. For example, Squarespace has been working with them for a long time and now Shopify provides its Shopify Payments system through Stripe. The whole point of Stripe is that it eliminates the need for a merchant account and gateway.
Everything is handled by Stripe, from collecting payments to sending those payments to the bank. It's one of the more streamlined alternatives out there and it's no wonder so many platforms partner with them. Keep in mind that the basic transaction fees are pretty much the same as PayPal.

Stripe automatically puts your transaction money in a bank account.
Mobile payments are available.
Accept payments from people and companies all over the world.
Real-time fee reporting is available.
Only pay for what you use.
The pricing is fairly transparent, with no setup, hidden, or monthly fees.
Apple and Android Pay are supported.

5. Dwolla

Dwolla works across many business environments, ranging from online transactions to brick and mortar storefronts. The flexibility of payment options benefits users who need to accept credit cards and take payments across multiple environments.
Unfortunately, it does cost $0.25 to receive money. Although the fee is small and can benefit you if you usually process larger sums, it may be a turn-off for some users.
Dwolla was founded in 2008 on the simple idea that moving money should be easy, fast and affordable. We were tired of high credit card fees and the antiquated processes of handling paper checks. We decided there had to be a better way—so we built it.
Dwolla now facilitates the movement of millions of dollars every day with low transaction costs, easy automation and near-perfect reliability. The goal is to make an incredibly complex process feel simple, easy and seamless to the people who use it—our customers and their end users.

 

 

How Whatsapp Group Impacts the World

That’s all for this post. I hope you find it helpful. Feel free to drop any queries, doubts, or suggestions regarding anything mentioned above in the comments section

Disclosure: whatsapp group has denied all reports of a data breach saying that all user information, including their financial data, is safe and securely stored on its servers.

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