Before, you need to go to remittance centers or the bank to send money to another person. But thanks to the rise of fintech, the recipient can get the money minutes after it was sent. Indeed, fintech has made transactions more convenient. If we’re talking about the most famous platform as of the moment, PayPal is the top one. However, there are a lot of payment software and apps to choose from. That is what we’re going to dissect right now! If you want to discover more PayPal alternatives, keep on reading.
In terms of transfer charges, Transferwise may be the best PayPal alternative in this aspect. You can send money for as low as $0.44 per transaction! However, funds transfer will take around 2-3 days. But hey, if you’re going to save a few bucks, this setup is not bad at all. Let’s give you an idea of how Transferwise works. Whenever you transfer funds to a person in another country, the money doesn’t go out of the border. You are depositing the money in the Transferwise account, and the platform is the one sending the money using a real-time exchange rate. If you’re transferring a large amount of money, you can rely on Transferwise to handle your funds.
Square is an underrated merchant platform. If you’re a small business owner, you’re going to love Square! This platform has fixed rates with no hidden charges. This platform can accept your customer’s payment fast and securely. Aside from an easy payment option for your customers, Square also has inventory, sales, employees, and customer management tools that you can use for your business! The interface is easy to use, and you can set up everything without any problems, even if you have no prior knowledge of such platforms.
If you’re from the UK, you probably heard about this platform. WorldPay is one of the famous payment services in the world that offers fast and secure transfers. The best thing about WorldPay is that this platform supports up to 200 payment methods! This platform also has 24/7 customer support. The only downside of WorldPay is the additional fees. But considering the quality of services this platform provides, you’ll understand why they charge more compared to other platforms.
Just like WorldPay, you can use Payoneer for more than 200 countries and 150 currencies. Payoneer also has excellent customer support. You can send them an email, use the live chat feature, or call them. The receiver of the funds can get the money in less than 24 hours after it was sent. However, the thing with Payoneer is that it has a $2,500 daily limit and a charge of 1% added fees whenever you do a foreign transaction.
The process of setting up and verifying your Veem account will take more than two days. However, sending and receiving money will only take a few minutes. Veem cuts the long process of transferring money by eliminating the middlemen, which in turn saves you time and money. You can use Veem in over 95 countries. However, Veem doesn’t process credit card payments.
ProPay is another safe platform that has end-to-end encryption. You can also maximize this platform if you have an eCommerce business. ProPay accepts Visa, MasterCard, Discover, and American Express payments from your customers. ProPay also gives incentives to its users like the Spend Back feature where you can pay for wholesale goods at a lower price!
Why use fintech for your transactions?
Fintechs are slowly dominating the world of finance, and with good intention! Fintech has helped revolutionize the way individuals and businesses handle their financial operations. Given its convenience, accessibility, and fast transactions, no wonder many businesses and individuals are making the switch. I mean, who would think that we can pay for a cup of coffee with just one tap?
Especially now that we are in the middle of the pandemic, it is safer to go cashless. These platforms are some of the best! Even though PayPal is the pioneer when it comes to payment services, it still lacks a lot of valuable services, features, and the fees may be expensive for some people. These PayPal alternatives may be underrated, but they work just fine, or even better!