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PayPal alternatives: Top 5 PayPal competitors plus their pros and cons

PayPal is one of the most convenient ways to make online purchases. Many online businesses or brick and mortar marketplaces are starting to accept PayPal payments as secure means of transferring money and paying for goods and services. However, choosing PayPal as a payment provider comes with a number of challenges and drawbacks and that’s why many people will look for alternative ways to choose for their online money transfers and financial purposes.

PayPal alternatives: Top 5 PayPal competitors plus their pros and cons
PayPax Crypto Payment Gateway

Nonetheless, it’s important to weigh the available options and pros and cons of all the alternative options before proceeding to choose one.

In this post we will tell you all about the challenges you might face when working with PayPal and the best PayPal alternative to choose among all the existing options in the market. 

Why do you need an alternative for PayPal? 

In the past two decades, PayPal has become one of the most popular online payment systems. It eliminates inconveniences associated with using paper money or checks, as you can do a lot through its online payment system. While hundreds of millions of active PayPal accounts exist globally and many retailers accept PayPal, there are alternatives out there and here are some of the reasons why you should be looking for an alternative in the first place.

The fees charged by PayPal are often higher than what we expect for a typical merchant (credit card processing) account. PayPal blocking and suspension of accounts is the reason why many are dissatisfied with the system and will look for an alternative option to prevent their funds from being frozen for months. Last but not least, PayPal customer service is rather hard to reach and many have complained about the poor customer support it provides. 

5 best PayPal alternatives 

There are many options available in the market which you can choose as an alternative for PayPal. However, not all of them will bring you the convenience and user interface that PayPal offers its users. Below we have collected data and provided a full description of the top 5 PayPal alternatives, Payoneer, Webmoney, PayPax, Perfect Money and Stripe

Webmoney 

Webmoney is perhaps one of the most common names you’ve heard alongside other names in the world of digital payments. One of the most noted advantages of the system is that transactions can be performed from the wallet that is of the greatest interest among users at the moment.

PayPal is fast, but is not considered that much secure with phishing, scams and cybersecurity attacks reported by its users. Plus, PayPal is banned in a number of countries meaning that you’ll have to look for an alternative if you are an inhabitant of either of those countries. Overall, WebMoney is considered a faster and safer option than Paypal, but it’s always worth doing research about the differences as well as similarities of PayPal vs. Webmoney

wmz logo

Stripe

Stripe is a powerful payment processor for online sales, offering dozens of payment methods in more than 135 countries. Stripe has no setup, collection or monthly fees. The system offers advanced developer tools that allow you to create a checkout flow that is highly customizable. 

Both PayPal and Stripe are popular and widely used all around the world. PayPal is generally a better option for small businesses that are just getting started. The reason why it is recommended to use PayPal for small businesses, is that PayPal does not require advanced technical knowledge and it offers an easy setup. Whereas, Stripe is better for big companies that are looking for more flexibility and the ability to customize their own integrated methods.

For a full comparison on PayPal and Stripe visit: PayPal vs. Stripe.

paypal alternative

Perfect Money 

Perfect Money is an online digital currency payment system that allows you to make instant payments and money transfers securely all around the world. Perfect Money gives its users lots of methods and options to withdraw or deposit their funds. All funds are transferred securely and with zero risk of being lost or scammed. Transactions are instantly and flexibly made between the two parties.

One of the difficulties of working with PayPal is that you’ll need a bank account or credit card to open an account on PayPal while Perfect Money does not need you to do so. PayPal is restricted in some regions and Perfect Money does not accept US clients. Perfect Money has good user experience regardless of the cost, while PayPal has raised many complaints with the closing of accounts due to its terms and conditions. 

For a full comparison on Perfect Money and PayPal visit: Perfect Money vs. PayPal

PayPax

PayPax is one of the leading payment providers which stands besides world’s major financial systems and can be used as an alternative for PayPal and other leading payment processors. One of the major advantages of the system is its wide user interface and the fact that unlike PayPal it is accepted in almost all countries around the world and all online stores and marketplaces.

In addition, on PayPax you’ll be given an e-wallet through which you can transfer, hold and exchange PayPal to most other major payment systems of the world like PayPal to PM, PayPal to BTC, etc with the most competitive fees that are seamless compared to other available options in the market. 

Payoneer 

Online transfer services and cross-border B2B payments are provided by Payoneer, a New York-based company founded in 2005. It supports transfers to over 200 countries and serves over 4 million customers worldwide. As a result of the exchange rate margin, PayPal typically charges a margin between 3.5 – 4% on most currency conversions. Unlike Payoneer, PayPal typically charges a margin of 2% on top of mid-market rates.

Which alternative is best for me?

Choosing the best payment provider for your business is highly dependent on your financial needs and working conditions. Whether you own an online shop and want to hire an online payment gateway, or an individual who wants to transfer money digitally through a highly secure network, your payment processor is somewhere among these alternatives, if not PayPal itself. Below we’ll provide a table for you to be able to better decide on  which of these options to choose as an alternative for your old PayPal account: 

 

  Webmoney Stripe PayPax Perfect Money Payoneer
Safety  high high high high high
Fees 0.8% of the payment amount for every transaction

2.9% plus 30 cents for card payments and 2.7% plus 5 cents for in-person payments 

0.5% for verified accounts  1.9% for unverified accounts 2% fee for non-local currency and 0.5% fee per transfer
E-wallets available available available available available
Payment Methods Bitcoin and e-money

Fiat currency and cryptocurrency

cryptocurrency and e-money

cryptocurrency and e-money

 e-money
Prepaid Cards available unavailable available available available
Instancy normal high high very high high
Customer service call and email but not always available email, phone and chat  24/7 live chat, call and email call and email but not always available phone call and live chat

 

Why PayPax? 

PayPax provides safe and secure means of transferring money to anyone all around the world in a short amount of time. Compared to your previous payment processor, PayPax provides convenience and a wide user interface.

PayPax is not only a payment provider but also a platform for holding, transferring and exchanging your funds to other forms of digital money. A PayPax account, therefore, eliminates the need to use conventional methods and multiple financial systems, since PayPax is a cloud-based system.

PayPax online exchange service will provide the most competitive fees in the market for you to  be easily able to exchange your funds to other forms of currencies and e-money and save money on your currency conversions and money transfers. 

Moreover, our support center offers 24/7 assistance to help you resolve any possible technical issues and have a hassle-free experience when transferring or exchanging funds.

All that being said, PayPax is no doubt one of the best alternatives and competitors for PayPal users all around the world. 





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