In our ongoing quest to bring ecommerce shop owners the best tips and advice, we decided to outline some of the payment platforms available to online stores. Paypal is the number one brand in the payment platform world (and for good reason) but it’s helpful to know there are other options as well.
We’ve done some research and narrowed down five alternatives to Paypal you can use for your ecommerce shop. What follows is a brief summary of each platform and description of how they differ from conventional payment platforms. After all, who said having options was a bad idea? Here you go friends, five ecommerce payment platforms you may not know about!
If you’re an international merchant, Adyen is a great option for you. Their services run on one secure, internet based platform that offer transaction submissions from online, mobile or face to face payments. Everything is designed and developed in-house. They work closely with customers in designing the payment platform that works best for each individual customer.
Adyen is very focused on being a one-stop shop for customers. They offer services that handle full transaction settlements and reconciliation and everything involved in the payment process is available in one place. Adyen pride themselves on their passion and drive for technology, the coolest part is that their in-house team does it all. It’s easier to trust a company when you know they’re not outsourcing tasks.
Stripe is an easy-to-use payment platform service available to American and Canadian businesses. They offer the functionality of a payment gateway and merchant account into a simple API, making integration a breeze. Best of all, they handle ALL the security requirements for you, meaning you don’t need to go down the dreaded rabbit hole of PCI compliance.
Stripe offers tons of useful examples and tutorials on how to use their API and services.. If you’re having troubles it is easy to find access to super helpful information. Your finance dudes will love Stripe for two big reasons. First, transactions are settled into your bank account every 7 days (as opposed to monthly with most payment processors) meaning you get your money faster. Second, Stripe’s pricing is pay-for-performance; they only take from you if you make money. No monthly charges, no setup fees, none of that hidden information.
Obopay services are focused on worldwide mobile payments and they are one of the leaders in the mobile payment industry. They are driven by innovation and you’ll be impressed to know that they have nearly 15 patents pending (we were!). Their solutions are flexible, quick and easy to implement. They offer a huge range of mobile payment services: peer-to-peer money transfers, bulk payments, cardless ATM, and many, many other cool applications of their technology.
If you follow business or tech news you’ve probably heard of Bitcoin. Digital coins, digital currency. You read that right, virtual COINZ. Almost like monopoly money, but actually worth something more than the reading railroad you’ll never get to ride. Bitcoin is a decentralized, peer-to-peer payment network, which means there are no middlemen; transactions are conducted only between the sender and the receiver of the funds. It enables anyone to make instant payments to anyone, anywhere. And all with 100% anonymity. What’s cool about this initiative is that it’s an open-source, community-driven software project. More and more websites have started accepting Bitcoin.
Payza specializes in global ecommerce processing and payments, their services are available in over 190 countries and over 20 different currencies. Get PAID, wherever your customer may be. What we really liked about Payza was that they offer under-serviced and emerging markets with affordable and convenient ways to receive international payments. They take care of those who need the help, kudos!
Remember, you always have options!
We know that Paypal will forever be the choice for many but now you know that you have options, if Paypal isn’t working for you, consider one of these instead. And please let us know in the comments if there’s another payment provider you would recommend!