PayPal is the king of eWallets and the most widely used payment processor for online businesses in the world. This is the sole way of payment accepted by many online retailers. If your store is one of these, you might be taking an unnecessary risk. There are a variety of drawbacks to solely taking PayPal payments.
Here are a few choices to consider if you want to add payment options in Russia as PayPal temporarily banned in Russia or perhaps get rid of PayPal entirely.
Stripe is an excellent PayPal substitute that lets you accept payments from 25 different countries, including Australia, Canada, France, Germany, Hong Kong, the United States, the United Kingdom, Spain, and Japan. While the list is small, it appears to be growing slowly. Stripe will allow you to accept a variety of payment methods, including credit cards. All payments are also mobile-friendly. You may accept payments in over a hundred different currencies, making it simple for overseas clients to buy from you. The only thing to remember is that the fees are similar to those charged by PayPal – 2.9 percent plus $0.30 each transaction.
Authorize.net is one of the most professional payment processors available.
Their system is well-liked by online retailers and features a simple user interface. The programme is used by over 400,000 merchants and provides free support 24 hours a day, seven days a week. It also offers a free smartphone app and a free live-sale swiper. Small businesses and/or people with infrequent transactions may not profit from this option because it is more expensive than some of the other solutions ($49 for setup and $25 for gateway).
Over the last few years, Skill has risen to become one of the most popular PayPal alternatives. Skrill allows you to accept payments from over 200 countries in 40 different currencies. The transaction costs are the finest part. On all money sent, you only pay 1% in commissions. That’s one dollar for every $100 in sales. The client service, on the other hand, is said to be mediocre. It’s also worth noting that their fraud protection tools are comparable to PayPal’s — accounts have been reported to be frozen for strange reasons. (However, not as frequently as PayPal complaints about the same thing.)
Google Wallet is a service provided by Google
Google Wallet is a great PayPal alternative that’s gaining traction in the United States. Customers can send money to you using their Google Wallet balance, bank account, credit card, or debit card. It is also one of the greatest on-the-go payment solutions because it is compatible with all mobile devices.
Payoneer is another option that is gaining traction around the world because it specialises in freelancer and gig payment processing. They also have their own payment network, which allows you to receive funds directly from tens of thousands of businesses, like Fiverr, Upwork, Airbnb, and Wish. Customers and other Payoneer members can also make direct payments to you. Funds can be sent to your bank account or to your Payoneer Debit Mastercard immediately. Payoneer has one drawback: they nickel and dime you on everything.
You may have to pay a little more than using PayPal depending on how you receive payments. Direct payments from other Payoneer accounts are unrestricted. You’ll pay 3% for credit card transactions and 1% for eChecks if you charge your customers using Payoneer.
It’s a good idea to use a variety of payment processors
To give your clients more purchasing flexibility, as well as to cover all of your target areas and provide more payment options, we recommend offering at least three different processors. This will result in increased sales because clients will be able to pay for their orders more easily.