For some businesses, PayPal isn’t delivering what they need from a payment processor. The payments app has large fees for chargebacks and doesn’t provide the level of seller protection many businesses are looking for.
Even worse, it doesn’t provide the most frictionless payment experience, which can be a distraction for consumers trying to make a purchase on your site.
Thankfully, there are plenty of PayPal alternatives on the market that businesses can use to send and receive payments efficiently and safely.
But which one is right for your business?
In this article, we’ll outline the top PayPal alternatives that you should take a look at and start using to accept payments from eager shoppers looking to place orders on your site.
Which Payment Processor Is Right for My Business?
In today’s society, consumers are seeking frictionless payment gateways with immediate results.
Payment processors have ushered in a new modern approach to the traditional online transactions to make purchases easier and more accessible.
Basic Features of Payment Processors
Before we get into the specifics of each individual gateway, it’s important to understand what are the basic features offered by most payment processors.
Most payment processors offer:
- Online payment portals or links
- Direct deposit bank transfer
- Mobile payment compatibility
- Currency conversion
- Merchant account dashboards
As you evaluate payment platform options, consider what is most important for your website. There are so many on the market, and a lot of them offer features that overlap.
By understanding what sets each of them apart, you will be able to evaluate and choose the payment provider that’s right for your business.
What Is PayPal’s Biggest Competitor?
Physical cash is the biggest PayPal competitor, according to the company. PayPal is trying to get consumers to perform more cashless, online transactions.
Other companies with large market share like Square, Shopify Payments, and Apple Pay could also be considered direct competitors.
Unlike cash, however, PayPal and other payment gateways make it easy to make transactions on popular ecommerce sites and online marketplaces like eBay.
Can You Sell on eBay Without Using Paypal?
Many consumers think PayPal is required to open a storefront on eBay, but it is not. Credit and debit cards are also accepted on eBay.
Paypal was the popular payment method on eBay in the late 1990s, but since then, the site has allowed more options for consumers to use.
According to eBay,
“When you list an item on eBay, you choose how buyers pay you. In most categories, you must accept either PayPal or credit and debit cards.”
Now, back to the main story: what could be a good PayPal alternative to use?
This article was written by Matteo Duò and originally published on Blog – Kinsta Managed WordPress Hosting.