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Top 5 PayPal Business Alternatives & Who They're Best For

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PayPal has become a household name among digital payment service providers since its launch in 1998, holding a significant market share of 45% on worldwide online transactions. The platform offers a convenient and secure way to send and accept online payments, making it a versatile payment solution for businesses, especially those in ecommerce. 

Despite its popularity, the question remains: Is PayPal the best fit for your business? Are there other options out there that you could benefit from in addition to PayPal?

This article will guide you through the top 5 PayPal alternatives in 2024. We will explore each option's features, fees, and pros and cons to help you compare and pick the right one for your business operations. 

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

PayPal Alternatives

Key Services

Best For

Multi-currency business accounts, FX services, prepaid Mastercard®, Xero and marketplace integration, invoicing software, company incorporation services, and dedicated account managers.

SMEs across all industries looking to streamline global transactions and operations all in one business account. 

Business accounts, physical and virtual prepaid cards, marketplace and platform integration, credit card payment acceptance for online stores, and batch payments.

Freelancers, online sellers, and service providers who need to receive international payments in multiple currencies. 

International transfers, invoice and batch payments, mass payouts, debit cards, and integration with a range of software, apps, and tools.

Individuals and small businesses with a focus on transferring money internationally at competitive rates. 

Merchant services, global payment collection, payment gateway services, user-friendly APIs, and finance and tax automation. 

Online businesses and SaaS companies seeking an efficient payment processing platform to manage complex payment flows. 

Comprehensive POS systems, card readers, payment links, payment processing solutions, banking products, and software integrations. 

Small retailers and service-based businesses that want an all-in-one payment processing system.

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1

Statrys

Statrys is a Hong Kong-based financial service provider offering global payment solutions to businesses registered in Hong Kong, Singapore, and the BVI. As a licensed Money Service Operator, Statrys offers a range of products and services to streamline cross-border payments, financial management, and global business growth, including:

  • Multi-Currency Business Account: Hold, receive, and send international payments in 11 major currencies, including USD, HKD, CNY, AUD, EUR, GBP, SGD, JPY, CHF, NZD, and CAD, with the ability to make local transfers in 12 currencies.
  • Payment Cards: Physical and virtual prepaid Mastercard® for making in-store and online purchases, as well as withdrawing cash from ATMs in Hong Kong and abroad. 
  • Free Invoicing Software: Easy-to-use tool to create, manage, and send invoices efficiently. 
  • Xero Integration: Integrate between Statrys and Xero to streamline your bookkeeping and cash flow management processes. 
  • Marketplace and Payment Processor Integration: Link your business account to Shopify, Stripe, and PayPal to collect payments in one place. 
  • FX Services: Make spot trades and order forward contracts at the rates you prefer

Statrys Pricing

Statrys offers a transparent fee structure, which you can view in full on the pricing page. Below are the important fees you should know about: 

Fees

Amount

Free (if 5 or more outgoing transfers are 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: Starting from 0.4%

Foreign Currency Conversion on Payment Cards

1.5%

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Did you know? Statrys offers the best exchange rate in Hong Kong and guarantees to beat any lower FX commission by 10%.

Statrys’ Pros and Cons

Statrys’ Pros

  • Lower fees for international transfers with a transparent pricing structure.
  • Personalised customer support.
  • Business-focused features.

Statrys’ Cons

  • Primarily serve businesses registered in Hong Kong, Singapore, and the BVI.  

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 personalised and responsive customer support.

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Want to learn more? Check out our article on how Statrys compares to PayPal Hong Kong in detail.

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 international payments, making it easier for businesses to receive and send payments globally. 

With over 25 global offices, Payoneer facilitates international transactions in more than 70 currencies across over 190 countries and territories through the following key services:

  • Local Receiving Account: Receive payments like a local in USD, JPY, AUD, EUR, HKD, SGD, CAD, GBP, and AED. 
  • Prepaid Business Card: Top-up your card balance to make purchases and withdraw cash from ATMs worldwide in USD, EUR, GBP, or CAD.
  • Marketplace Integrations: Connect with top ecommerce marketplaces, platforms, and networks, including Amazon, Shopify, eBay, Airbnb, and Fiverr. 
  • Payment Gateway Services: Accept payments via credit cards and other payment methods, simplifying the checkout process for ecommerce businesses. 
  • Fund Withdrawals: Withdraw funds via bank transfers in over 190 countries and 70 currencies or at ATMs worldwide.
  • Batch Payments: Schedule and send batch payments of up to 1000 transactions at a time. 

Payoneer Pricing

Fees

Amount

Monthly Fee

An annual fee of USD 29.95 applies to non-active users or if you receive less than USD 2,000 (or equivalent) within a year.

Receiving payments

From another Payoneer account: Free

Local payments: Free, or up to 1% for receiving USD.

Sending payments

To another Payoneer account: Free

Bank transfer: Up to 3%, minimum fee may apply

Foreign Exchange Rate and Fee

FX rate: Based on wholesale currency market rates

FX fee: 0.5%

Foreign Currency Conversion on Payment Cards

Up to 3.5%

Payoneer’s Pros and Cons

Payoneer’s Pros

  • Global reach in over 190 countries and 70 currencies.
  • No fees for Payoneer-to-Payoneer payments.
  • Integrations with many platforms to facilitate shopping cart checkouts and process online payments.

Payoneer’s Cons

  • Limited consumer-facing services, with a focus on marketplace transactions for B2B businesses.

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 their checkout process and increase sales.

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

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Quick Tips: Learn more about Payoneer’s features and fees with our review.

3

Wise

Wise is an online payment platform based in the UK, providing solutions for individuals and business owners to send money abroad to over 70 countries across the world. For businesses, it offers the following products and services to streamline international money transfers:

  • Business Account: Hold, convert, and send payments in over 40 currencies to over 70 countries, including GBP, USD, EUR, AUD, CNY, and HKD. Top up your balance through various methods, including transfers from bank accounts, Apple Pay, and Google Pay.
  • Local Accounts: Get local account details in 9 currencies and let customers pay you in their own currencies. Supported currencies may vary by location.
  • Debit Card: Spend your multi-currency account balance with the Wise debit card and earn 0.5% cashback on all eligible transactions.
  • Invoice and Batch Payments: Make invoice payments and set up transfers for recurring billings and mass payouts to up to 1,000 recipients in one go.
  • Integrations: Connect your business account to accounting tools like Xero, QuickBooks, and FreeAgent, and automate payments through Wise Open API.

Wise Pricing

Fees

Amount

Account opening fee 

GBP 45 (Business account)

Monthly Fee

Free

Local Payments

Receive: Free

Send: From 0.33%, depending on the currency.

International Payments

Receive: Free for most currencies, or USD 6.11 for USD wire payments and CAD 10 for CAD SWIFT payments.

Send: From 0.33%, depending on the currency

Foreign Exchange Rate

Based on mid-market rates

Foreign Currency Conversion on Payment Cards

No foreign transaction charges, with a currency conversion fee starting from 0.33%.

Wise's Pros and Cons

Wise’s Pros

  • Batch payments to up to 1,000 recipients, whether to Wise or bank accounts
  • Support international payments as individuals and businesses
  • Relatively fast international transaction

Wise’s Cons

  • Primarily focuses on international transfers, limiting its use for businesses needing integrated checkout solutions. 

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 receive payments of overseas clients or contractors. This solution helps businesses save more on currency exchange rates and transaction fees.

✅ Business owners that need APIs to automate their operations.

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Quick Tips: Explore key things to know about Wise business account and learn how Wise compares to PayPal before opening an account.

4

Stripe

Stripe is one of the most well-known payment systems. It provides businesses with merchant accounts and the functionality to process payments, manage billing and handle transactions across multiple payment options. This allows businesses, particularly online stores and SaaS companies, to integrate Stripe into their operations for a seamless, end-to-end financial transaction experience.

Its key services include:

  • Global Payment Collection: Collect payments in over 135 currencies and more than 40 payment types, including digital wallets, Amazon Pay, Shopify Payments, card payments, bank transfers, and buy-now-pay-later options. 
  • Stripe Checkout: A pre-built payment page that allows businesses to easily accept payments online.
  • Mass 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 integrations and user-friendly APIs.
  • Fraud Protection (Stripe Radar): Built-in fraud detection tools that use machine learning to analyse transaction data and protect businesses from fraudulent online payment and credit card fraud.

Stripe Pricing

Stripe does not charge an account set up, monthly, or annual fee for its services. Instead, it operates on a pay-as-you-go pricing model, meaning you only pay for the specific services and transactions you use. 

Fees

Amount

Card Payments

1.5% + 20p for standard UK cards, or 2.5% + 20p for EU cards.

Local payment methods (including SEPA payments, Alipay, and Bancontact)

1%, with a minimum fee of 20p and a maximum of GBP 4.

Buy Now Pay Later (such as Afterpay and Klarna) 

Starting at 2.99% + 35p

Billing Services

Starting at GBP 450 monthly

Invoicing

0.4% per paid invoice

International card payments

1% + 30p, plus 2% if currency conversion is required

For other additional fees, we recommend visiting their pricing page.

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Quick Tips: Use our Stripe Fee Calculator to estimate your net revenue from Stripe payments.

Stripe's Pros and Cons

Stripe’s Pros

  • Pay-as-you-go pricing structure with no setup, monthly, or annual fees.
  • Advanced APIs for easy integration and customisation.
  • Strong subscription management tools for SaaS businesses.

Stripe’s Cons

  • Higher fees for international cards compared to some alternatives

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 based in San Francisco. It offers a payment system with competitive rates for processing fees, providing an affordable solution for businesses handling in-person and online transactions.

Users can set up an account in minutes and immediately start accepting all types of payments. Square’s services and products include:

  • 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, including contactless and mobile payments, ACH bank transfers, online from your website, and remotely with invoices.
  • Business Banking Services: Checking and savings accounts, loans, and credit cards to help businesses grow. 
  • Software Integration: Integrates with popular third-party business solutions, including Xero, Wix, WooCommerce, and Mailchimp.
  • Staff Management Tools: Tools to streamline people management, including payroll, scheduling for shifts, and team communications.

Square Pricing

Square provides services in multiple markets, with pricing varying by country. Here’s the pricing for Square services in the UK:

Fees

Amount

Free Plan with basic tools for payments and point of sale (POS).

Free with no monthly fees, processing fees apply

Plus Plan with advanced features, including inventory management.

GBP 29 per month, plus processing fees

In-person payments, including payments via Visa and Mastercard cards.

1.75% per transaction

Online payments

1.4% + 25p for transactions with UK cards

2.5% + 25p for transactions with non-UK cards

Manually entered payments

2.5% per transaction

Invoice payments, including those paid through BACS bank transfers, in-person, and mobile payments.

2.5% per transaction

Square's Pros and Cons

Square’s Pros

  • User-friendly interface with easy setup.
  • Comprehensive suite of tools, including payroll, POS, and marketing.
  • No monthly fees for basic services.

Square’s Cons

  • Limited international reach compared to other global platforms.

We Recommend Square For

✅ A good choice for merchants and 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 optimise operations.

✅ Ideal for businesses and shops with storefronts. 

Final Note

After exploring various alternatives to PayPal accounts, 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.

Statrys mobile application dashboard showing a total balance in a business account.

FAQs

What are the best PayPal alternatives?

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

What is PayPal?

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What services does PayPal offer?

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Disclaimer

More info

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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