Paypal Alternatives & Competitors

Overview of PayPal Alternatives for Payment Gateway

PayPal is the faster, safer way to send and receive money or make an online payment. It is a renowned payment gateway solution for online businesses and merchants to collect payments through credit and debit cards for their goods and services. The software also provides a mobile wallet with added benefits such as discounts, offers, etc. for customer retention.

The solution can work with almost every e-commerce platform in the world. The list includes Amazon, Shopify, WooCommerce, etc. Apart from that, it also supports all major credit and debit cards including RuPay cards. Plus, it boosts sales by providing customers with PayPal credit and payment options without any extra charges.

Despite its many benefits, there are a few limitations to this software, which is why users are looking for a software other than PayPal . For example, PayPal isn’t available everywhere, it freezes accounts whenever it senses any suspicious activity, has a very high chargeback fee, and more.

Why Are Businesses Looking for an Alternative to PayPal?

There are several reasons why businesses are looking for the best PayPal alternative payment methods.

• PayPal is not accessible everywhere. Only 20 nations have access to this online payment gateway.
• There is the unavailability of a free trial, and its customer service is also poor.
• Due to PayPal's high chargeback fees, some businesses don’t want to continue using it.
• Many users also complained about the frequent freezing of their accounts whenever any suspicious activity is identified. And this takes months to get resolved while causing heavy losses to them.

Must-Have Features in Any Software Similar to PayPal

If you are looking for a PayPal alternative, then you must look for some important features, like:

• Payment Acceptance: Just like PayPal, its alternatives should also allow you to accept payments from multiple markets, over 100+ currencies, and local payment options using a single account.
• Making Payments: PayPal’s alternatives should not ask you to share your credit card information each time you make a payment.
• Risk Management: Payment gateways like PayPal must have fraud-protection technology to safely process thousands of payments daily.
• Online Security: Opt for PayPal similar companies that ensure secure sending and receiving of payments. It must prevent fraudulent transactions, protect buyers’ and sellers’ information, provide secure connectivity, and more.
• PCI Compliant: The software you are considering should be PCI-compliant and meet all regulatory guidelines the government sets regarding transactions.
• Integrations: Payment gateways like PayPal support integration with major shopping carts like Shopify, eBay, Amazon, etc. Apart from that, it can be integrated with other applications for secure data transfer and business reporting.
• Phishing Protection: The payment gateway solution you are considering should protect your business against any phishing attacks by automatically detecting and removing them.
• Fraud Prevention: Using the PayPal substitute, you must be able to monitor transactions 24/7 to instantly detect fraudulent transactions, while maintaining strict data encryption for security & confidentiality.
• Shipping: Other payment gateways like PayPal should allow your clients to enter their shipping address and calculate taxes based on their location.
• Buyer Protection: A good payment gateway ensures that the buyers’ payment as well as other purchase details are kept entirely secret.

What to Consider When Looking for a Applications Like PayPal?

One must keep certain factors in mind while choosing any software like PayPal:

• Applications like PayPal should offer you a customized website to manage your business online along with secure payment options.
• PayPal similar apps must let users share their payment links along with product details with customers through social media like Facebook and WhatsApp.
• Any preferred payment gateway solution should offer a merchant dashboard where you can effortlessly track your sales, refunds, and payments.
• PayPal competitors must let you create payment links and clickable payment buttons to share them with your customers and receive payment.
• The substitute of PayPal that you are considering should support all types of browsers such as Chrome, Safari, etc.
• Services like PayPal must use encryption and should be compliant with RBI regulations.
• Other money apps like PayPal should not have any hidden fees or setup charges. This is an important factor for small-scale business owners with minimal profit margins.
• The best alternative to PayPal should integrate with major shopping carts and operate with almost every processor.

Who Is Looking for Alternatives to PayPal for Business?

Drawbacks like unnecessary freezing of accounts, huge chargeback fees, and more are a few reasons why users are looking for an alternative to PayPal. Some of them include:

• Online Merchants: Online Merchants who are tired of frequent account freezing issues are looking for PayPal alternatives for business. This issue takes months to get resolved as PayPal offers very poor customer service.
• Individual Entrepreneurs/Businessmen: Entrepreneurs seek PayPal alternatives to expand their business on a global level and accept other foreign currencies too. Apart from that, they look for a payment gateway with a low per-transaction fee. Also, free trial is important to explore any platform first.