PayPal has been the Industry standard for many years now and they are the market leaders in online transactions. Off late, PayPal has charge very high fees and a lot of freelancers have complained that a percentage of their income is cut out in currency conversions. Paypal has also been known to block some of its user’s accounts without any warning or reason. This has made PayPal an unstable payment option for Freelancers. Are there other best ways to transfer money then?
PayPal is too big to be replaced totally. It’s highly likely that only a few of your clients will be using another payment platform. For those clients you can suggest these alternatives to PayPal – Below is the list of other best ways to transfer money.
• Payoneer
Payoneer is built for Freelancers and Affiliate Marketers. It’s value proposition is aimed at these segments, clearly seen in their website.
• Transferwise
Backed by stalwarts like Richard Branson, Transferwise have a reputation to uphold. The Team that created Skype decided to create this payment service and it looks like a nifty tool. In their homepage, they show their value by telling you how much you save in currency exchanges and it looks a considerable amount. Transferwise accepts money from over 50 countries and claim to have no bloated fees. Transferwise have an incredible 9.5/10 rating for their service on TrustPilot.
Transferwise also seems to have the best exchange rate among all payment companies.
• Google Wallet
Believe it or not, but Google Wallet actually has payment options similar to Paypal. Google Wallet processes credit cards and you can also raise invoices through this.
• Worldremit
Worldremit has a nifty tool that will tell you how much money the person will receive when you send money through a particular currency. As you can see from the screenshots below that 100 GBP sent through World Remit is SGD 200.24, which is almost exactly the exchange rate, which is at 201.58. This is what makes people move from PayPal to other services.
• Skrill
Skrill is a globaly payment platform and according to them it’s used for “From betting to trading to shopping to gaming.” This is exactly what they are for. It’s as simple as PayPal. All one has to do is “Create a Free account”, they can “Add funds” through their banks that can be connected from over 40 countries. You can also get a Skrill prepaid Mastercard and use it like a debit card where you can use it for shopping or swiping it for cash in ATM machines.
• Payza
Payza is another alternative to Paypal. Payza is available in over 190 countries and around 21 currencies are supported. Payza has similar features to most other global payment services. Payza also has a mobile application through which you could conduct your transactions. You could send, receive, withdraw and deposit money.
Payza has a security feature called Avata which lets you create your own avatar and also has a two step authentication based on questions. This keeps your account very secure and you can access it from any device in the world.
• Authorize.net
This has been one of the oldest payment systems available online. Authorize accepts all major credit cards and signature debit cards. It also accepts digital payments like Apple Pay, Paypal etc. Authorize also automatically syncs with Quickbooks to make your accounting seamless. It also has the standard protocols for Fraud Prevention like Address Verification Service, Card Code Verification.
• Propay
Propay is another option where you can collect money through the credit card through various ways. You can collect it online or even through your phone or tablet. This makes it an all in one solution and all you need is one Propay account for your entire business. They also claim to have cheaper transaction fees compared to PayPal and Square which makes it an affordable solution and definitely one of the best ways to transfer money.
• 2 Checkout
2 checkout accepts global payments and covers 87 countries in its list. 2 checkout integrates with multiple players like Opencart, Oscommerce, Freshbooks, Shopify, Woocommerce and more. 2 Checkout also has options for developers where they can integrate 2 checkout’s API into their websites.
Ultimately most of these services are regulated and will have slight differences compared to other services. The best way to find out if a payment system is suitable for you is to find out from their website if they are suited for your kind of business which could be freelancing, selling products etc. Choose that one service which is suited to your needs.
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