Ekene EziaguluPaypal is one of the pioneers in the global online financial services sector. Founded in December 1998 with the pioneer name Confinity, Paypal’s idea centred on providing easier payment options to traditional paper methods like cheques and money orders money orders.
Paypal has gained and controls a significant share in the Online payment services sector. Statistics reveal stunning figures posted by the company as at 2017. As one of the largest internet payment companies, Paypal operates in 202 markets and has 218 million registered active accounts. affiliated to thousands of merchant websites, Paypal offers general and specialized financial services transactions such as peer-to-peer transactions and Student Accounts.
Clearly, Paypal is the dominant online payment services provider in the market today. However, with such dominance comes incidences of customer complaints and grievances.
The chief concerns with Paypal’s service include limited service bouquets in certain regions among others. another notable shortcoming centers on transaction/processing fees, which are deemed excessive, especially on international payments.
So if you feel that your business needs greater flexibility with international payments and transfer, you desire minimal processing fees or you do not want to place all your(online payment) eggs in one basket, the following are viable online payment options:
Stripe
Stripe makes giant strides in the online payment and transfers ecosystem. It is widely seen as one of Paypal’s biggest competitors. For starters, Stripe runs an easy-to-use website, with a simple user interface, broad-based payment integration and quick transfers into receiver’s bank account.
The account creation process is seamless and takes no time in getting activated. Not only do users of the platform access full payment with most third-party services, the website also works with over 300 applications. Worried about receiving and making payment across multiple bank cards and merchant sites? Stripe enables payment across multiple debit and credit cards, Bitcoin, Apple Pay and android Pay among others.
Transferwise
Move over to Transferwise, if your business is trained on sealing international deals and making foreign payments on a routine basis. This because Transferwise charges some of the lowest processing fees in the industry, with transferred amount directly deposited into the receiver’s account.
The site’s great flexibility/functionality means that the sender can pay through a bank account or a debit/credit card (there could be debit/credit fees, depending on the banking institution). You achieve this feat comprehensive dashboard to manage all your transactions in multiple currencies and even make automatic payments.
In addition, your transactions are based on mid-market exchange rates of conversions, hence you do not have to worry about incurring excess charges for your payment.
Do you want to know the icing on the cake with using Transferwise? It has to be the processing fee of 1 percent, chargeable on any transaction you initiate on the platform. You should also note that Transferwise operates in countries where Paypal is absent or offers limited services.
Xpress Money
If you are searching for a platform that offers affordability as well as a global reach, look no further than Xpress Money. With a presence in over 165 countries and processing fees of between 1 to 2 percent, Xpress Money ensures that your online payment transactions are smooth, fast and affordable.
In fact, Xpress Money does not charge a processing fee once your business achieves a payment threshold.This payment platform also offers you flexibility in the ways and means you can send/receive money.
You can receive cash from an agent( there are 200,000 registered agents).You could request payment directly into a bank account or have the cash delivered to your doorstep, although this last option is available in select countries.
With over 80 currencies supported and receipt times of 2 to 5 days, Xpress Money understands and adapts to the payment needs of the average business.
Google Wallet
arguably the biggest player in the online space, it poses little surprise that Google also offers an online payment platform, Google Wallet. and the tech giant enters the online payment ecosphere with a bang!
Consider that you do not have to pay any processing fees, whatsoever! Yes, transactions on Google Wallet, for both receiver and sender comes with no charges.
The other attractions with using Google Wallet is the simple, easy and elegant interface that powers all transactions on the portal. Simplicity is the operative word with the Wallet, as individuals only need an email address or a telephone number to make or receive payment after you must have entered required bank details.
Using the website or working with the site’s mobile application, transfers are quick and simple to perform.
The only con with Google Wallet centers on the inability of registered businesses like Limited Liability Company to initiate transactions. You can engage Google Wallet either personally or as a Sole Proprietor.
Payoneer
If you need a solid alternative to Paypal, Payoneer should feature among the list of top choices.The portal prides itself a complete, integrated, fully-featured payment platform. It has a strong leaning towards international payments, thereby facilitating business across the globe.
Payoneer comes with a lot of value-added features.These include making fast and secure payments, access to multiple options for invoicing, billing, and receiving/making payment as well as access to a virtual bank, where one can make payments in multiple currencies.
added benefits of using Payoneer include no processing fees for payments to users on the portal, free processing for transactions in the virtual bank as well as low processing charges of 3 percent on credit/debit cards.
Keep in mind that these other online payment platforms exist in order to give customers greater flexibility, accessibility, and affordability.
Your final decision will rest on your specific needs regarding the kind of transactions made, processing charges, processing times as well as fraud/security assurances.
Which of these do you use and how has your experience been using them? Comments below
admin
