When most people think of internet payment solutions, they think of PayPal first. This platform allows money to change hands without the need to write a check or initiate a bank transfer, but there are drawbacks to consider, such as high fees, unjustified withholding of funds and location-based restrictions on use. Here, we list five of the most popular internet payment systems and their security risks.
Google Wallet: This allows users to send and receive payments with just a couple of taps, but it’s only available in select locations. You can fund your account with a credit or debit card, a bank account or your Wallet balance. Google Wallet makes it easy to consolidate usage of cards, and there’s 24/7 fraud protection. However, it’s not as widely accepted as PayPal, and you’ll pay a transfer charge when you transfer money into your account from a debit or credit card.
Skrill: Formerly operating under the Moneybookers name, Skrill allows users to receive and send payments and make purchases online. Senders can make payments to anyone with a valid email address, and the recipient can use their Skrill account to withdraw funds to their bank account or card. With near-instant withdrawals, low merchant fees and global availability, Skrill has established itself as a serious contender in the online payments business.
Payoneer: This e-commerce payment system is the best choice for affiliate marketers, freelancers and IM pros who want to accept payments from foreign customers. Customers can receive funds either through a bank transfer or as a load onto a debit card, and person-to-person transfers are simple. With widespread acceptance and the variety of accepted currencies, it’s easy to see why Payoneer is so popular. However, fees are a bit high, and you’ll be charged every time you use your Payoneer card at an ATM.
Stripe: This PayPal alternative makes it easier to accept funds from sources such as JCB, American Express, MasterCard and Visa cards. Stripe accepts transactions in almost 100 world currencies, and it is accepted in 19 countries. Setup is simple through plugins, and mobile payments are fully integrated.
2Checkout: It’s best thought of as a partial alternative to PayPal, because it doesn’t facilitate user-to-user transfers. Merchants use it as a way to accept online transactions; 2Checkout supports PayPal, PIN cards, JCB, Visa and MasterCard as payment methods. EFT fund releases are automatic, and the mobile app makes it easy to keep track of business finances. It’s available in 196 countries, 15 languages and 26 currencies.
It’s worth noting that these services are listed in no particular order, and the criteria for finding the “best” online payment service varies widely from one user to the next. While one user may look for hte lowest fees, others may be looking for wider acceptance. By making the right choice, you’ll find the perfect online payment platform for your business.