Ask most online business owners who they use to process payments from customers and the answer that you’ll hear most often is PayPal. This behemoth in the payment world has found it’s place in the hearts of many due to being the first of its kind and to also being a free payment processing service. While PayPal may work just fine for your business, there are a few reasons to consider finding an alternative, including the facts that they have very high international fees, not everyone you want to work with will or can use PayPal, and the fees that you will pay to receive payments can really add up. In light of this information, where should you be looking for an alternative?
While Transferwise does have fees associated with it, it is one of the only online services that is just for international payments. They have a great system for processing money with real-time exchange rates, meaning that you and your customer won’t have any surprise in exchange rate delays. They are fast in paying out to your account and easy to use on both ends.
With a focus on international payments and easy ways to send out invoices and bills to customers, it’s understandable why Payoneer is gaining traction in the online payment world. It’s easy to set up an account that will accept currencies from around the world and then quickly transfer that to your personal account. You can easily send money as well, and payments between Payoneer users are free.
While this service does have a $15 monthly fee in additional to service transactions, it allows customers to schedule appointments at the same time that they pay. This will also link and integrate with a number of available apps, making it easy to use across a number of platforms.
Most people worldwide have done some sort of business with Amazon, making this service one that’s easy to integrate. You can set it up for any online store and customers can use their information already stored with Amazon to pay. This means they can buy and pay with just one click. There are different fees for domestic and international customers, but they are not so high as to be a deterrent.
This PayPal competitor is really easy to setup and for most people to use. It can quickly transfer funds to your bank account and has multiple payment options for your online customers to use. Another added benefit is that there are no additional fees for your international customers, putting it head and shoulders above PayPal in that area.
While it’s easy to stay with the familiar, sometimes it’s better to look at different options to make sure that you are getting the perfect fit for your business. In this case, although PayPal may have worked for you in the past and may be a great choice for some businesses, if you feel like it’s not the right one for you, remember that you have a number of wonderful options to choose from!
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Which eCommerce Payment Gateway and Why? and New Office Will Prepare Singapore for Increasingly-digital Society and all topics related to Business, E-commerce and Company Setup in Singapore.