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Top 5 PayPal Alternatives For Businesses & Who We Recommend For

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Since its launch in 1998, PayPal has become a household name among financial service providers. The platform offers a convenient way for users to make purchases online with their linked bank account balance or credit and debit cards.  Additionally, PayPal offers businesses a secure platform to accept payments online for goods and services.

With a suite of services, including ecommerce payments, mobile payments, and person-to-person transfers, PayPal is a versatile financial service for any business.

Despite its popularity, the question remains: Is PayPal the best fit for your business?

This article will guide you through the top 5 PayPal alternatives in 2024. We'll dive into the features of each option and help you determine which service could best suit your needs.

Let’s get started with our curated list of 5 best PayPal alternatives!

Wise Alternative Key Services Best For
Statrys logo Multi-currency business accounts, FX services, Corporate cards, HK Company Incorporation, and Dedicated account managers. SMEs based in Hong Kong, Singapore, or the BVI
Payoneer logo International transfers, Business accounts,  Business cards, Batch payment, and Integrations. Businesses that have clients in the US, Japan, Australia, EU, Hong Kong, Singapore, Canada, the UK, UAE or New Zealand.
Wise logo Transfer and convert 40+ currencies with mid-market rates, Mass payments, Debit cards, and API integrations. Freelancers, and businesses with international clients
Stripe logo Global payment collection, Payment gateway, Payouts, Accounting software integrations, and user-friendly APIs. Any businesses with an online presence.
Square logo A comprehensive POS system, Payment processing solutions, Checking and savings accounts, Debit cards, and software integrations. Retail and ecommerce business.

💡 Tip: Have you used any of these alternatives? We’d love you hear from you! Write your review today and get rewarded. 

1. Statrys

screenshot of statrys platform

Established in 2019, Statrys is a Hong Kong-based financial service provider, offering financial solutions to businesses incorporated in Hong Kong, Singapore, and the BVI. As a Money Service Operator, Statrys offers multi-currency business accounts, local payments in 14 different currencies, and business cards to help SME businesses efficiently manage international wire transfers.

With a strong focus on compliance, competitive pricing, and personalized customer service, Statyrs was recognized by ABF Retail Banking Awards as “SME Payment Solutions of the Year - Hong Kong” in 2023. 

Key Services Offered by Statrys

Statrys Key Services Description
Multi-Currency Business Account A single account number that can hold, receive, and make local and international payments in 11 different currencies: USD, HKD, CNY, AUD, EUR, GBP, SGF, JPY, CHF, NZD, and CAD.
Virtual and Physical Debit Cards Virtual and physical debit Mastercard® for making purchases in-store and online and cash withdrawals from ATMs in Hong Kong and abroad.
Company Registration  A 100% online Hong Kong company registration service that includes post-incorporation services
FX Services Make spot trades and order forward contracts at the rates you prefer
Invoice Software Provides a free Invoicing Software that allows anyone to create, manage, and send invoices efficiently.
Xero Integration Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes.
Maker-approver Set up transfers for later approval based on user role capabilities and have complete control of payment processes.

Statrys Fees

Fees Amount
Monthly Fee Free (if 5 or more outgoing transfers made in the month)
Payments in HKD within Hong Kong Receive: Free
Send: HKD 5
International Payments (SWIFT) Receive: HKD 60
Send: HKD 85
Foreign Exchange Rate and Fee FX rate: Based on real-time mid-market rates
FX fee: 15%

We Recommend Statrys For

✅ Companies incorporated in Hong Kong, Singapore, or the BVI that seek a primary or secondary business account.

✅ Businesses that often deal with multiple major currencies can save more on conversion and transaction fees.

✅ Business owners who prefer personalized and responsive customer support.

2. Payoneer


Payoneer is a leading payment service provider that has been serving businesses of all sizes since 2005. Their services are specifically designed to support B2B cross-border transactions, making it easier for businesses to receive and send payments globally.

With a team of over 2,200 across 25 offices worldwide, Payoneer facilitates international wire transfers in over 70 currencies to more than 190 countries and territories for millions of customers. Additionally, they offer virtual local accounts, payment cards, and payment gateway services – all designed to facilitate business expansion and growth.

Key Services Offered by Payoneer

Payoneer Key Services Description
International Transfers Send money in over 70 currencies to over 190 countries with 
Local Accounts Receive and send payments in USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, UAD, and NZD like they were a local.
Pre-paid Business Card Top-up your card balance to make purchases and withdraw cash from ATMs worldwide in USD, EUR, GBP, or CAD.
Batch Payment Schedule and send batch payments of up to 1000 transactions at a time
Payment Gateway Services Enhance the checkout rate of your online store by improving the shopping experience for your customers.
Integrations Connect with top ecommerce platforms and marketplaces, including Amazon, Shopify, eBay, WooCommerce, Upwork, and Fiverr.

Payoneer Fees

Fees Amount
Monthly Fee However, the annual fee of USD 29.95 will apply for non-active users.
Local Payments Receive: Free
Send: USD/GBP/EUR 1.50*
International Payments (SWIFT) Receive: Up to 1%
Send: Up to 3%
Foreign Exchange Rate and Fee FX rate: Based on wholesale currency market rates
FX fee: 0.5%

*This fee applies to the first USD/GBP/EUR 50,000 per month. For amounts exceeding this threshold, a fee of 0.5% will be charged on the excess.

We Recommend Payoneer For

✅ Businesses that seek an efficient payment solution to handle transactions in the US, Japan, Australia, EU, Hong Kong, Singapore, Canada, the UK, UAE, or New Zealand.

✅ Businesses with an online presence can improve conversion rates and increase sales.

✅ Freelancers and digital nomads can manage their earnings at a reasonable fee.

💡Tip: Learn more about Payoneer’s features and fees with our review.

3. Wise

A screenshot of Wise's website

Wise is a reliable and regulated financial services provider based in the UK. With its extensive payment network, Wise enables individuals and businesses to transfer money to over 70 countries across the world easily.

Additionally, Wise offers a range of other products, such as batch payments, virtual and physical debit cards, and APIs for automation, which not only streamline cross-border payments but also provide mid-market rates and lower costs for international transactions.

Key Services Offered by Wise

Wise Key Services Description
International Transfers Send international payments at mid-market rates to 70+ countries.
Business Account Add, hold, convert, and send payments in 40+ currencies.
Local Account Open 10 local currency accounts: GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, and TRY to receive and send payments locally.
Debit Card Spend your multi-currency account balance with the Wise debit card and earn 0.5% cashback on all eligible transactions.
Business-Friendly Features Only upload a single CSV file and send up to 1,000 transactions in one go. Set up transfers for recurring billing.
Wise API API for integrating into different platforms or applications to streamline workflow.
FX Services Convert money at a mid-market exchange rate with competitive fees.

Wise Fees

Fees Amount
Account Opening Fee GBP 45
Monthly Fee Free
Local Payments Receive: Free
Send: From 0.43%, depending on the currency.
SWIFT Payments Receive: Free, or CAD 10 for CAD payments
Send: From 0.43%, depending on the currency.
Foreign Exchange Rate and Fee FX rate: Based on mid-market rates
FX fee: From 0.43%

We Recommend Wise For

✅ Businesses frequently engaged in international wire transfers benefit from Wise’s extensive payment networks

✅ Businesses that seek local currency accounts to send and receive local payments in GBP, EUR, USD, AUD, NZD, SGD, RON, CAD, HUF, or TRY. This solution helps businesses save more on currency exchange rates and transaction fees.

✅ Business owners that need APIs to streamline their operations.

💡 Tip: Explore key things to know about Wise business account before opening an account.

4. Stripe


Stripe is one of the most well-known payment processing platforms that allows individuals and companies to manage online payments efficiently. They offer a suite of payment services with easy-to-use APIs. This means that businesses can seamlessly integrate Stripe into their operations for a streamlined end-to-end financial transaction experience.

With offices worldwide, Stripe serves their solutions to millions of clients and processes hundreds of billions of dollars annually.

Key Services Offered by Stripe

Stripe Key Services Description
Global Payment Collection Supports 135+ currencies and over 40 payment methods, including local payments, card payments, wallets, and buy now pay later.
Stripe Checkout Safely processes sales on your website while complies with PCI standards. The prebuilt checkout can also be customized to improve the user experience for your shoppers.
Payouts Send mass payouts to employees and merchants around the world. Set up automated payouts to simplify workflow.
Accounting Software Integration Connect to popular accounting software such as QuickBooks and NetSuite for real-time reporting and reconciliation.
APIs Connect with leading ecommerce platforms and marketplace and streamline business operations with prebuilt intergrations and user-friendly APIs.

Stripe Fees

Fees Amount
Account Opening Fee Free
Monthly Fee Free
Payment Processing Fee
Card Payments 2.9% + 30¢ Plus 0.5% for manual entry Plus 1.5% for international card Plus 1% for currency conversion if any 
Bank Transfers 0.8%  (USD 5.00 cap) 
Other Payment Method (i.e., Bancontact, Giroplay, Klarna, SEPA) From 80¢

💡 Tip: Use our Stripe Fee Calculator to estimate your net revenue from Stripe payments.

We Recommend Stripe For

✅ Businesses with online stores can improve the shopping experience for their customers by connecting Stripe to your website.

✅ Businesses that seek payment solutions to expand and reach global markets.

✅ Business owners looking for API integrations to streamline their financial operations.

5. Square


Square is an American financial technology company founded in 2009 as Square Inc., based in San Francisco, California. They offer low-cost payment processing, Point-of-Sale (POS), and business management tools on an intuitive platform.

Users can set up an account in minutes and immediately start accepting all types of payments for brick-and-mortar and online stores. Therefore, Square has become a go-to payment platform for sellers around the world.

Key Services Offered by Square

Square Key Services Description
Point of Sale (POS) A comprehensive POS system with inventive payment processing, designed to meet the specific needs of various businesses, including those in the restaurant and retail sectors.
Payment Processing Solution Accept payments in-person via your phone, online from your website, and remotely with invoices.
Business Banking Offer checking accounts, savings accounts with 1.75% APY, and loans and credit cards to help businesses grow.
Square Invoices Invoice solutions such as automatic payment reminders, duplicating invoices, and more.
Debit Card Offers virtual and physical debit Mastercard® to spend online and in-store as well as withdraw cash from ATMs. Square cards are also compatible with Apple Pay and Google Pay.
Software Integration Integrates with popular third-party business solutions, including Xero, Wix, WooCommerce, and Mailchimp.
Staff Management Tools Offer tools to streamline people management, including payroll, scheduling for shifts, and team communications.

Square Fees

Fees Amount
Monthly Fee Free, USD 29 (Plus plan), or custom (Premium plan)
Payment Processing Fee
In-store Payments 2.6% + 10¢ per transaction
Online Payments 2.9% + 30¢ per transaction
Invoices 3.3% + 30¢ per transaction

We Recommend Square For

✅ A good choice for merchants/small businesses who want to accept card payments in person or over the phone.

✅ For retail stores or restaurant owners, Square offers a specific POS system to enhance customer experience and optimize operations.

Final Note

After exploring various alternatives to PayPal, you should now better understand which provider is best suited to your business. It is also possible that you may require more than one solution to meet all your needs. 

Before making any decisions, make sure to evaluate the benefits and drawbacks of each option with respect to your business priorities.

A dropdown of some supported currencies by the Statrys business account.


What are the best PayPal alternatives?

1. Statrys
2. Payoneer
3. Wise
4. Stripe
5. Square

What is PayPal?


What services does PayPal offer?



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Statrys competes directly with PayPal in the payment industry. However, we're committed to providing an unbiased, thorough review to help you make an informed choice.

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