advice We need a formidable alternative to PayPal

[Haroon Basha]

PayPal is famous because it is easy, handy and instant but their charges are really bothering a lot for small traders. PayPal is like a Cancer, we have to live with it unless and until a formidable alternative or competitor is born afresh. PayPal deducts nearly 5.5% as their commission, then our bankers add their own charges plus if we use the Credit Cards, the card issuer charges at their Selling rate and we receive the funds in our bank account, the banker credits the funds at their Buying rate only. Thereby we lost nearly 10% just to receive funds from one account to another. Horrible indeed, but the tragedy is no one is there to question their excessive charges. There is general feelings among the PayPal users that the commission rate should be reduced.

 

[forge]

As far as getting a viable option to PayPal, I heard eBay is switching to something else.... maybe that can be pursued.

That's interesting, seeing as eBay owns PayPal.

To the OP, calling PayPal a cancer is absurd. You might want to find a new banker. PayPal has no commissions, they are fees for funds transfer and convenience. Also, some of the fee hikes are likely related to the number of users trying to game the system. Straight up fraud is another major reason, unfortunately.

 

[MapleDots]

That's interesting, seeing as eBay owns PayPal.

Not any more, they have separated and ebay has already announced a switch away from paypal.

I have to go back and figure out where the article was, they even mentioned the new companies name.

 

[forge]

Not any more, they have separated and ebay has already announced a switch away from paypal.

I have to go back and figure out where the article was, they even mentioned the new companies name.

then that's huge

So, looks like the company is Adyen. I had no idea eBay began parting ways about 4 years ago.

https://money.cnn.com/2018/02/01/technology/paypal-ebay-payments-split-adyen/

 

[vast]

Not any more, they have separated and ebay has already announced a switch away from paypal.

I have to go back and figure out where the article was, they even mentioned the new companies name.

Yep, the new alternative is going to be Apple Pay:
https://www.digitaltrends.com/mobile/ebay-apple-pay/
It's nice to see their monopoly being pressured a bit at such a major venue.

 

[MapleDots]

Yep, the new alternative is going to be Apple Pay:
https://www.digitaltrends.com/mobile/ebay-apple-pay/
It's nice to see their monopoly being pressured a bit at such a major venue.

Adyen was the announced name, a dutch company
https://money.cnn.com/2018/02/01/technology/paypal-ebay-payments-split-adyen/

They will probably give several options to open up the payment system.

 

[vast]

Adyen was the announced name, a dutch company
https://money.cnn.com/2018/02/01/technology/paypal-ebay-payments-split-adyen/

They will probably give several options to open up the payment system.

Well, then it's going to be even more interesting...

 

[iwh.llc]

Bring me a developer who can do this & I have a solution. Been in CBD industry. Fully planned & domain for this project.

 

[MapleDots]

Adyen will have to be researched, maybe they could be a viable alternative to paypal. Ebay seems to think they can make it work so the OP might want to start by looking there.

I have not researched this so someone might have to follow the links through.

 

[Haroon Basha]

https://www.adyen.com/ this cannot be an alternative to PayPal. It has only 3,500 customers! Nevertheless, I wanted to open an account, but I cannot because they do not have service in Saudi Arabia.

 

[creataweb]

Adyen is what Undeveloped uses (I believe.)

 

[Furquan]

then that's huge

So, looks like the company is Adyen. I had no idea eBay began parting ways about 4 years ago.

https://money.cnn.com/2018/02/01/technology/paypal-ebay-payments-split-adyen/

Adyen is one of the major player who own & work for many big institutions to process the transaction.

The last I heard that they where in talk with AliPay.

 

[domainmisc]

Hopefully a crypto currency becomes the norm across here soon.

You pay a fee to send crypto currency as well. As of the 13th, it was a 0.184 transaction fee for sending bitcoin.

 

[DAN.COM]

https://www.adyen.com/ this cannot be an alternative to PayPal. It has only 3,500 customers! Nevertheless, I wanted to open an account, but I cannot because they do not have service in Saudi Arabia.

We use Adyen at Undeveloped, however Adyen is not really a Paypal replacer.

I think Transferwise & Payoneer are direct competitors of Paypal but not Adyen.

Adyen is, in essence, a meta-payment provider. They have integrated all payment solutions and offer a single point integration to merchants/marketplaces etc via their API.

Only a limited selection of customers are accepted by them but they have the biggest companies including Google, Facebook as clients. So their customer count doesn't tell much.

 

[Furquan]

You pay a fee to send crypto currency as well. As of the 13th, it was a 0.184 transaction fee for sending bitcoin.

That's is very horrible fee, please switch to Bitcoin Cash.

It's take some cent in fees to send $1k worth BCH to other.

 

[Bullion]

strip.com

 

[atinc]

xlm - stellar lumens
super fast - super cheap transfer fees

 

[maxtra]

strip.com

Not my first thought when it comes to an alternative to PayPal

 

[maxtra]

PayPal is famous because it is easy, handy and instant but their charges are really bothering a lot for small traders. PayPal is like a Cancer, we have to live with it unless and until a formidable alternative or competitor is born afresh. PayPal deducts nearly 5.5% as their commission, then our bankers add their own charges plus if we use the Credit Cards, the card issuer charges at their Selling rate and we receive the funds in our bank account, the banker credits the funds at their Buying rate only. Thereby we lost nearly 10% just to receive funds from one account to another. Horrible indeed, but the tragedy is no one is there to question their excessive charges. There is general feelings among the PayPal users that the commission rate should be reduced.

As a US seller I honestly do not mind the fees. They are the most convenient and recognized payment service at the moment and I think it is worth it. If a competitor with less fees and better service or a crypto becomes mainstream I would happily hop on board though

I do feel for international sellers, the fees are very excessive in that case

 

[~ The 34 Year Buzz!!]

...

Does a Square account work? ..

Bob

Yes and No,
They are a safe alternative to Paypal unless you want something modern like (for example) an "ancillary service"/ site related to the pot boom in Canada, then,,,

/we-need-a-formidable-alternative-to-paypal

 

[NameOmnia]

For Europe I can suggest BitPanda.com that allows FREE Cryptocurrency transfer between accounts.

As for Payoneer I don't think it could be an alternative to PayPal for they are a "mass payout" system more than anything else; it was great whne Payoneer Escrow was running because the accounts could be joined.

With Payoneer I believe you can request CC payments to cutomers but afaik you are not covered from chargebacks etc and that alone makes it a no no for me.

 

[ResoluteDomains]

For Europe I can suggest BitPanda.com that allows FREE Cryptocurrency transfer between accounts.

As for Payoneer I don't think it could be an alternative to PayPal for they are a "mass payout" system more than anything else; it was great whne Payoneer Escrow was running because the accounts could be joined.

With Payoneer I believe you can request CC payments to cutomers but afaik you are not covered from chargebacks etc and that alone makes it a no no for me.

Agree. Chargebacks are what hold me back from getting a merchant account and accepting credit cards directly. I have a relative in the retail clothing business (brick and mortar as well as physical locations) and he told me he expects a certain percentage of chargebacks each month. He used to lose sleep over it and pull his hair out fighting it but he said its not worth it anymore. He just writes the merchandise off as stolen inventory. But with domains we cant really do that. We do not have 100's of small, medium, and large size of each domain name that we might expect to lose 1% a year due to chargebacks/theft/payment-fraud/friendly-fraud, etc.

We only have one inventory count of each item, they're all unique. If someone steals a .com from us, what then? How would one get that domain back? It would be a long and arduous task to get that name. (in my best shark-tank voice) So for that reason, I'm out.

 

[wwwweb]

It is very hard to invoke any change in this arena. There is no reason why bills can’t be credited, and updated once they are paid, not 2-3 days for clearing, and such. There are just to many fat cats who piggy back off these few heavy, and for every delayed payment there are more fees added, hence the whole eco system that thrives off inefficient systems. The technology far surpassed this global ball, and chain we are all tied to with current payment systems. Everytime an emerging technology comes out, they just tie it up in red tape. There are better micro platforms out there today, but they are locked to certain jurisdictions for various regulatory reasons. Crypto/Blockchain is pushing thru, but not until it is proven how the fat cats can be compensated.

 

[NameOmnia]

I have checked and found that BitPanda supports, beside Euro, American Dollars, British Pounds and Swiss Franc.

Maybe it can then be a more viable option not just for Europe and EEA.

 

[jideofor]

There can never be an alternative to PayPal. The American government is backing Paypal. Any alternative that is a threat to paypal is hunted down. Check your history.

All those free frozen funds are too sweet to let go. Those money are never returned to the source they came from neither are they given to the receivers whose account were frozen.. Talk about stealing by tricks under the guise that they are "protecting" their users.

 

[~ The 34 Year Buzz!!]

...
All those free frozen funds are too sweet to let go....

Paypal frozen funds are often released (I know people who went through the bad experience), you simply have to wonder about paying bills (and rent?) while they are "investigating" your account.