PayPal brought a good substitute to customary money orders and checks. Being a worldwide online compensation company, it works as a processor for payment to its online customers, vendors, public sale sites, and profitable users at a small fee. PayPal Holdings Inc. was established in mid of the year 1998 and its initial public offer was made in the year 2002. Later in the year, it became the financial assistance of eBay.
“In the year 2014, eBay arranged plans to make PayPal a sovereign company. It was a procedure that was completed towards the end of the year 2015.”
As of now, PayPal remains a high-quality option for payment to eBay patrons. Some of its subsidiaries comprise of Braintree and Bill Me Later Inc. among others.
The following are top PayPal competitors:
1. Google Wallet
This was obliviously developed by Google to facilitate users to receive and send money at no cost either by using their smartphone devices or private computers at no cost. In this process, one creates a Google wallet account then connects it to an existing bank account.
The Wallet is accessible through an App that can be supported by Android 5.0 and above devices and iOS 8.0 and above devices With a Google wallet card, money can be withdrawn from any ATM and acquisitions made in stores or at any point of sale. Again the NFC payment was its other benefit although the two were ceased after the inception of Android Pay thus forming a unique pay system known as Google pay. Because of the profound pockets that Google has, Google Wallet might become one of the strongest Paypal competitors.
2. Wepay
Wepay was founded in the year 2008 in Boston; Massachusetts has its headquarters in California. It employs more than two hundred people with YPE its auxiliary. Providing online funds transfer service through APIs, Wepay also assures protection from any rising risk and deception.
Originally, PayPal transfers were regarded as unwieldy thus Aberman and Clerico came together to form Wepay to solve those PayPal weaknesses. Then they outsourced for money and by the end of 2010, more than $10 million had been collected.
3. 2Checkout
Also regarded as one of the finest online payment platforms, 2checkout facilitates buyers from anywhere in the world to make online payments to further than 100 shopping carts, more than 200 markets, and 40,000 merchants worldwide. It also supports more than 8 payment gateways, close to 100 currencies and has been rendered into more than 10 languages.
Through its confined payment options, 2checkout allows for fraud avoidance. Its enterprise partners that transact with mid-sized and large productions are able to refer more than 30 customers in any given month, are sustained by partnership managers and enjoy a higher revenue share.
4. Authorize.net
Authorize.net was founded in 1996 as an e-commerce compensation platform. Authorize.net has headquarters in Fork, Utah, and the company targets minute and medium-sized business companies. As at the end of the year 2005, Authorize.net had close to 250,000 customers.
In the year 2004, it was obtained by Lightbridge for close to the US $75 million and later by CyberSource and Visa Inc. the acquisition was mainly to enlarge to other e-commerce markets, prevent scam and promote data safety.
Authorize.net permits payments through its website and via the Internet protocol (IP). It also permits its customers to input shipping data and credit/debit card details directly to its website unlike most platforms that without delay one to sign up first.
5. Skrill
Skrill Limited was recognized in the year 2000 and has it is situated in 25 Canada Square, London UK. Serving universal markets, Skrill employed more than 1000 people as of 2014 with income streams of around $330 million the same year. Some of its products comprise; digital wallet, Payment gateway, and prepaid card among others.
Digital wallet makes sure competence in international funds transfers and also allows payments via debit or credit cards. It also concerns with different currencies, distributes customized reports and provides reconciliation insights. Skrill was at first referred to as Money bookers and was formed with the aspiration of providing low-cost international fund transfers. Skrill has an incredible distribution and company across the world because of which it is measured as one of the top PayPal competitors.
6. Intuit
Intuit Inc. is a companionship that manufactures and trades taxation and financial software to accountants and tiny businesses. It was started in the year 1983 by Tom Proulx and Scott Cook. The company went unrestricted in 1993 and operates in more than 30 locations in close to 20 countries. In totality, the number of employees is said to be close to 9,000 and increasing.
“In the financial year 2017, Intuit’s revenues raised approximately $5.5 billion with an operating income of $ 1.5 billion. “
It was also one of the top companies to work with, the best place of work for women and the best workplace in terms of assortment.
7. ProPay
ProPay Inc. was first recognized in the year 1997 with the motto of providing merchant services to home-based businesses and small entrepreneurs. With its headquarters in Lehi, Utah, ProPay offers a secure online payment gateway to over a million merchants. With it, ventures are able to pay commissions and make split payments to numerous parties. Data security is guaranteed since the company produces safe solutions that defend sensitive data thus reducing the additional money that might be incurred in seeking substitute safer methods of online money transfer. ProPay also instructs merchants on the sensitivity of debit or credit card information.
8. Click2sell
Click2sell is an online payment gateway through which buyers can pay money for purchased goods. For using Click2Sell, one has to sign up and agree to the spelled terms and conditions. The key reason why Click2Sell is popular in Europe is due to the detail that it’s linked to Money bookers thus a good substitute to PayPal.
Unlike Clickbank, joining Click2Sell is free of charge and has no commencement fee. It also has a lot of currency choice and charges a small fee (without hidden costs) for every fulfilled transaction.
9. Dwolla
Dwolla is a company based in the USA that was started in the year 2007 with headquarters in Des Moines, Iowa.
“Dwolla was started by Shane Neuburg and Ben Milne to offer online payment and mobile gateway platform, Dwolla had more than 600,000 people subscribed to its platform.”
Dwolla basically transfers money from one bank account to the other. I.e. buyer to seller account; a little fee is charged if the transaction is more than $10. Businesses using Dwolla promises security to their clients since no monetary information is shared with merchants at any given time.
10. ClickBank
ClickBank was started in 1998 as an internet vendor of digital and physical products. It has close to nine million clients internationally and is ranked position 76 in North America internet retailing.
Being supplementary of Keynetics Inc. which is one of the major technology companies in Idaho.
“ClickBank has around 100,000 lively account users and its website attracts more than 1.5 million affiliate marketers yearly.”
ClickBank payment gateway is user-friendly to businesses and entrepreneurs, a reason why it handles more than twenty thousand transactions each day.
These are mainly 10 top competitors of PayPal. Despite unbending competition from the above platforms, PayPal has still managed to uphold its favorable market share. Above companies have all the pros and cons and they can also be considered as one of the options as a payment platform. Hope this blog will help you in a better way. Happy Trading!!!
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