Finding a Payment Processing Alternative to PayPal and Stripe Is Not Easy

E-commerce is one of the largest marketplaces and it experiences rapid growth annually. Long since the introduction of online credit card processing, it has been possible to shop online effortlessly. The platform provides a secure business transaction between buyer and seller at a convenience that could never have been dreamed in the early days of the internet. Thanks to the rapidly growing number of credit card processors who make these operations a success.

Among the many credit card processors that exist in the global market, nobody would argue that Stripe and PayPal dominate due to their unique and convenient operational features. So, with this in mind finding a payment processing alternative to PayPal and Stripe is not easy

Later we will list the newer companies that have found their own niche in this competitive, but highly lucrative business sector.

First let’s look at why PayPal and Stripe have become the biggest names in online payment processing.

Paypal

PayPal is one of the most popular e-commerce payment processors with a large fan base. It won the attention of many online sellers and buyers alike due to the simplicity of opening and using your account. This payment processor has flat rate pricing that is suitable for small and startup businesses.

With PayPal, many processing plans can suit your needs, thus making it Ideal for low-volume merchants. Also, it has extensive integration, all-in-one payment system with a reasonable developer tool. According to statistics, estimates show that PayPal has over 254 million consumer active accounts, and at least 17 million merchants accounts.

PayPal is simple to set up and can work for you just within a short time. Moreover, its terms and conditions are very transparent with no hidden rates that may cause a future inconvenience and early termination fee.

For more custom and detailed solutions, PayPal has an extensive developers API coding and support forum with many helpful coders that will assist you for free.

Stripe

Stripe is the most preferred processor due to its incredible features such as :

Multi-currency support

Stripe accept a diversity of credit card payment. Depending on the location of the business, you can use Visa, MasterCard, American Express, JCB, Discover, and Dinner Club for U.S based activities and accepts American Express, Visa, and MasterCard for international transactions.

Moreover, you can use stripe with any credit and debit card from in nearly all countries.

Stripe works out the charges then displays them in the customer’s preferred currency. There are more than 135 currencies that you can use with Stripe without customers incurring currency conversion cost. Currency diversity improves sales and customer confidence in the seller.

Mobile support

Stripe will permit your customers to quickly check out with an integrated wallet payment method that digitally saves credits and debit card details. The wallet eliminates the time for manually entering the credit or debit card numbers when performing transactions. Examples of wallet payment methods include but not limited to: Google pay, Apple pay, Alipay, Microsoft pay, Masterpass, and Visa check out among others. Stripe accepts mobile payments through your mobile apps such as Android, iOS app, or mobile website. You can use the pre-existing APIs to create your checkout secure flow. The APIs helps you to customize your form entirely using a pre-built user interface(UI) components.

Customized API

With the customization of API, stripe offers local payments across the globe through the source platform that support any verified payment in just a single integration. The unified reporting, monitoring, and payouts are the benefits of the strategy. API also gives room for flexibility in programming, which was not possible before its introduction.

Documentation

Stripe has a wrapper which thoroughly documents every method in a technical language

Cheap pricing

Unlike other competitors who charge more fees, stripe charges 2.90% + € 30 cost inclusive of PCI fees and other fixed expenses.

Why is it not easy to find an alternative To Stripe and PayPal

1.   Both PayPal and Stripe support Visa, MasterCard, JCB, American Express, Discover, Dinner Club, and Maestro credit card. Moreover, they work with other payment methods such as Automated Clearing House payment and Alipay, respectively.

2.   Paypal and Stripe do not charge clients for using a platform with an exception for Pro plan, which offers an optimum range for customers services and the merchants too.

3.   Both PayPal and Stripe offer chargeback transactions in case of disputed charges by the customers.

4.   Stripe and PayPal accept Amex payments.

5.   The two platforms offer excellent support for different applications written in a variety of languages.

Finding a Payment Processing Alternative to PayPal And Stripe Isn’t Easy 2

There has been a vast increase of many new online payment systems including in the past few years, but none seem to have become quite as successful as PayPal and Stripe. For starters, PayPal is a platform that has about 203 million active users all over the world and reported over 1.7 billion payment transactions, with over 16 million merchant accounts.

On the other hand, for a startup founded in 2010, Stripe digital payment processor, which faces stiff competition from payment giants like Visa and PayPal, has an alarmingly high valuation. From in-app payments to marketplace transactions, Strip helps businesses to accept credit card payment and features tools such as mobile apps over the Internet at low cost as well as easy-to-use, clean and secure APIs for online commerce.

Most shoppers also chose to use PayPal over other payment systems because it’s free to use with no annual membership fees plus it also offers discounts to its users that pay with PayPal at selected retailers. It also has lower chargeback fees and provides its customer with multiple payment options via a secure iPhone app that makes it easy to both transfer money and shops online.

While there are many available online payment systems out there like Dwolla, Braintree, WePay, 2Checkout, etc, they have a lot of work to do if they want to catch up with the likes of Stripe and PayPal.

However, nothing stands still in e-commerce and things have moved on apace. New companies have identified the weaknesses of the above and added businesses orientated tools and customer support that moves way past PayPal; there are now reliable e-commerce checkout system alternatives to PayPal and Stripe that can be ideal for your business. For example:

Google Pay

Google Pay is among the most popular mobile payment solutions today that incorporates Google Chrome's autofill feature that helps speed the checkout process with ease. It also uses near NFC technology to transmit credit card information between mobile phone and the card reader plus users can add most credit, debit, and gift cards even store loyalty cards and maintain reward points.

Apple Pay

If you have any of the devices that are compatible with the latest version of iOS, this app offers a seamless, secure, and private electronic payment service via iPhone, iPad, Apple Watch, or Mac at outlets with a compatible checkout card reader. Because Apple Pay is accepted by more than 50% of stores customers can make in-store purchases, send or receive money from their iPhone, make money transfers from their Apple Pay Cash card to their bank account even use the app to donate to various charities.

Amazon Payment

It uses strict protocols for fraud detection and merchant protection to ensures secure transactions. It also has a consumer-centric approach to payment processing featuring various tools that helps improve the checkout experience and improve conversion rates.

Braintree

This payment solution is considered a leading global eCommerce platform by merchants because it can process over 130 currencies throughout 40 countries with no foreign exchange or cross-border fees involved. It also has an easy-to-use interface and a PCI-compliant vault that stores sensitive data.

mPower

This payment solution is attractive to those who need a centralized payment gateway to maintain full control of their cash flow. The payment method is ideal for those merchants who would want to consolidate multiple payment channels under one system. The company offers advanced cashier management and payment routing. The platform provides superior risk and fraud detection tools plus transaction forensics. mPower comes loaded with integration testing. The mobile payment processing router enables platform flexibility to accept various kinds of channels and configuration of routes for custom payments for an individual transaction.

Pinpoint Payments

This payment processing company is ideal for merchants facing continually changing business environments. They provide a customized rate for every individual merchant, depending on their nature. Pinpoint payments is one of the leading merchant payment processors offering a modern point of sale (POS), card Not Present services, chargeback management, and relationship management. Also, it is ideal for payment processing for high-risk businesses such as for firearm sales and Cannabidiol merchants payment processing. Besides, the company has automated fraud detection and prevention. The company also has a team that is competent in customer services.

Authorize.Net

This is a gateway provider offering services to over 370,000 merchants. Authorize.Net is known for performing secure and speedy sales transactions. Through its support, merchants can perform several activities that include but not limited to: Account setting and configuration, management of payment methods, viewing account statement, and generation of the report as well as sending money to the banks of their choice. Outhorize.Net can also double as a virtual point of sale (POS) that can integrate with a wide range of the third party software for optimized user experience.

With the help of Customer Information Manager (CIM), the merchant can customize and to allow tokenization that is key in storing vital customer sensitive payment data and back up in a secure server. Owing to its PCI DSS compliance, the platform simplifies the payment processes for transactions that a recurring and customer return rate.

The main strength of the payment processor is behind its online robust payment system that can automatically deposit money into your merchant account.

WePay

This platform has a unique feature: fast-tracking payment process without hindering security. Through its customization of email, sign up and check out option, WePay adjusts to your unique processes. This platform will save your time by eliminating lengthy processes involved in gateways and underwriting process, thus allowing the users to get paid immediately. Every single transaction is always protected by risk management technology. The main outstanding feature of this platform is its customizable feature, trans-level reporting, for cash flow analysis and unique risk management capability, and the ability to handle compliance with the bank, government regulations, and network requirements

BlueSnap

BlueSnap is a globally integrated payment management created to assist businesses to manage their full payment processes. It accepts both local and international payment from clients as well as developing a critical analysis for their businesses. It can integrate payment gateway, payment processor, as well as the merchants, account to enable merchants to accept online credit card payment, reconcile, comprehensive reports and provide mobile services to their clients. the most considerable advantage with BlueSnap is that it has a three in one platform acting as payment gateway, payment processor and merchant account. It has the inbuilt virtual terminal so users can keep track and access payment. besides, the platform provides across border services

Skrill

Skrill is a globally known payment hub that will allow you to take control of your transaction online. Skrill is designed for modern online businesses and can process over thirty currencies.skrill is easy to use and accepts a wide range of payment methods such as cash payment, credit card payment, and e-mail transactions.

With this simplified process, businesses can make payment for their goods and services rendered just at a click. Skrill also has security features that back your confidential information and increases accountability within a business setup. Its anti-fraud feature helps business proprietors to monitor all the transactions that successfully go through the account. The main advantage of this platform lies in its ability to allow the users to withdraw money to their ATMs directly. This makes the process shorter compared to carrying out the same operation in other merchants processing account. its flexibility in payment methods such as credit card and e-mail transaction support makes it more often used.due to the flexibility in processing fees depending on the volume of transaction, and preferred payment method may save your money for a specific limit of transaction

Conclusion

Stripe and PayPal are global credit card processors who have ventured into e-commerce with significant technological innovations that are continuing to better trade in the global village.

Now there are many more newcomers that are specialists in certain industries. Pinpoint Payments, for example, are specialists in high-risk retail.

The best merchant account processor is that which has low operation costs, efficiency in terms of time taken to make a successful transaction and one that will guarantee the security of the payment data.

So while finding a payment processing alternative to PayPal and Stripe is not easy – it is no longer impossible.

Resources

1.   https://ecommerce-platforms.com/articles/paypal-alternatives

2.   https://www.merchantmaverick.com/paypal-vs-stripe/

3.   https://flauntdigital.com/blog/stripe-best-online-payment-gateway/