Paypal despite the ridiculous fees it levies on users remains the most popular payment transfer solution till date.
I am sure they make boatloads of money and use a lot of that to expand themselves to new locales. Due to the ubiquity achieved from the same Paypal is everywhere and all powerful.
But that being said there are many alternatives you ought to know about that will help you do business on a global scale. Some charge way lower in fees and help you make more money.
Let’s get started.
Freelancers from all walks and bloggers should find this list very useful. These are the best PayPal alternatives I know of and most of them work in India too.
Payoneer is younger than Paypal what makes it a head to head contender is it’s also available in Southeast asian countries like India and Pakistan. With it you can receive payments from all over the globe. Compared to Paypal the fees is much lower, the transaction fee is almost non existent, helping you get paid for what you’re really worth.
The sign up is free and you also get a bonus of $25 when transacting above $1000. It’s free money. Earlier the one who referred you also got paid with the same amount.
Stripe is a great option especially if you’re running an eCommerce store. It’s based in the US. Though they don’t accept applicants from each and every country they do accept and list a lot of countries. There’s a stripe Atlas program where they let you incorporate a company in the US and open a bank account for your business in the US. If you’re from Indian and other asian countries this is a splendid option for you. Since Paypal doesn’t accept dropshipping if you want to sell online Stripe is your best bet.
Stripe additionally integrates in one click with things like Shopify, Magento and other eCom platforms so you’re just one click away from adding Stripe on your existing eCom stores. The card payment feature for recurring payments is great. I have always had trouble with Paypal and so have others when it comes to recurring payments. Debit and credit cards from 135 countries is currently supported so online transactions are easy as pie.
Transferwise is my new favorite option.
It offers the lowest transaction fee possible. If the exchange rate is 71 rupees to a dollar you get 71 rupees. Yes they are that good. The super low transaction fees coupled with highest currency rates ensures that if you’re earning a pittance you get full value on the pittance. You won’t lose out money on exchange which makes Transferwise the best solution to remit money from overseas. Many travel bloggers recommend this to others because of this very reason.
The only problem is when businesses sign up they have a long and much convoluted sign up process and people from Asia cannot send money but only accept it. I couldn’t get any of my freelance clients to use Transferwise because of the difficulty in signing up.
I don’t like 2CO much because it seems slow and requires those using it for transactions to fill in hundreds of details. To top of that checkout carts are often old and not very user friendly either. The site has got many good reviews but there’s high transaction and transfer fee. Don’t use this option if you have others.
For Indians by Indians, Instamojo is the local payment solution we all wanted.
I always thought of it as a platform that allowed you to make debit card transactions. Imagine my surprise to learn that you may send payments to others by using their @username or their email address. Setting up a local store and receiving payments online is a breeze as the platform supports and integrates with many different payment options. You can sell digital products day in and day out.
Another similar but much more popular option is RazorPay.
Remitly is popular in Indian and Phillipines. There’s no charge on transfers above the value of $1000. Sending via debit or credit cards deducts 3.99 a flat rate and nothing above that. Sending without fees is also possible but takes longer around 3 days. It’s a great option to send money for free if you’re not hard pressed for time.