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7 Best PayPal Substitutes For Freelance Payments

You’re in luck if you can accept payments through PayPal!

Because the widely used online payments method still does not correctly support many developing countries worldwide. Sri Lanka, where I live, is one of them.

This article is for you if you’re bored of looking for a reliable PayPal alternative like me.

I have a PayPal account that is linked to my credit card. I may use my PayPal account to purchase items from websites such as eBay. However, PayPal does not permit me to accept payments from third parties. And I know for a fact that folks in many other nations are experiencing the same issue.

As a freelancer, I was obliged to look for PayPal alternatives to accept payments from clients. I’ve used a variety of payment options to receive payments throughout the years. The following are some of the best payment methods I’ve used, including a handful that I still use today.

1. Wise (formerly TransferWise)

  • Beginners and advanced users will benefit the most from this product.
  • Receiving is free of charge on the platform.
  • The disadvantage is that it is only available in a limited number of locations.

When Richard Branson invested in this new firm, I first heard about TransferWise (now Wise) from a news report. But I didn’t pay attention to the platform until one of my clients recommended it to me. And I couldn’t believe how incredible Wise is.

“When sending money abroad, banks may charge you up to 5% in hidden fees. On surveyed currency routes, TransferWise is up to 8x cheaper.”

It is, believes it or not, true. I’ve received between 5-10% more when receiving payments with Wise than any other payment method I’ve utilized.

Once you’ve created a Wise account, you can send a payment request to your client along with the necessary bank account information. The client can then pay with their credit card.

Although a Wise account is not required to receive a payment, the customer must register an account to send payments. Given the platform’s appealing rates and perks, it won’t be challenging to persuade your clients to join Wise.

The funds will be paid directly to your bank account once the payment has been processed. There are no platform or transaction fees. That will be deducted from your client’s bill.

The sole disadvantage of using Wise is that the platform is still in its early stages and only covers a small number of nations. It is active in Europe but is not widely supported in the United States.

2. Payoneer

  • Beginners and advanced users will benefit the most from this product.
  • Platform Fee: 3% on transactions, plus $25 per year.
  • Drawbacks: Expensive platform charge.

Payoneer is one of the most widely used PayPal alternatives nowadays. It is available throughout the world and is quite popular among freelancers and individuals in developing countries.

TransferWise is currently my preferred method of receiving funds. However, if it is not available to a client I am dealing with, I switch to Payoneer. This platform includes a great feature that makes asking and receiving payments easier.

Payoneer enables you to request a payment from a client in real-time. The client will then get your payment request through email, along with a link to make the payment. They can also pay with their credit card without needing to create a Payoneer account. The transaction will cost the client 3% of the total amount.

When a client attempts to disregard a payment request, the platform sends a reminder—a helpful feature for freelancers who want to be paid on schedule.

You can then transfer the funds to your bank account or withdraw them from an ATM using the physical Payoneer credit card you’ll receive after creating your account.

The most significant disadvantage of using Payoneer is that the company charges you a $25 annual fee to keep your account active. Payoneer, on the other hand, is ideal for freelancers.

Note: If you sign up for Payoneer using this link, you’ll receive an extra $25 if your account exceeds $100 in transactions.

3. Xoom.com

  • Best For Beginners
  • Platform Fee: Free for receiving
  • Downsides: Can be challenging to use for the clients

I recently discovered this website and was astonished to learn that PayPal created it. This platform enables your clients to submit payments straight to your bank account using their PayPal balance.

I utilized this service once, and it took more than 15 days for the money to get into my bank. This is not a service I would suggest. However, if you have no other option and the client insists on using PayPal, you might request that they transmit money to your bank account via Xoom.

You do not require a Xoom account, nor does your client. The client can use their PayPal account to log in.

4. Skrill

  • Beginners are the best candidates.
  • Receiving is free of charge on the platform.
  • Limits on the amount receivable are one of the disadvantages.

Skrill (formerly Moneybookers) is a lesser-known PayPal competitor used mainly by online gaming and betting users. However, the site also provides a pleasant experience for freelancers.

If you can persuade your clients to use Skrill, you will receive payment through the platform for free. Skrill will, however, levy a one-time fee per transaction when you withdraw money to your bank account. This amount varies depending on the user’s location. Visit the fees page to see how much the platform charges based on your location.

Another disadvantage of using the site is that you cannot receive or withdraw vast sums of money right away. To eliminate such restrictions and receive significant sums of money (such as $2,000), you must first authenticate your identity by uploading a copy of your identification card, passport, or bank statement.

I’ve been using Skrill for a long time. I chose to close my account after discovering TransferWise. If you are dissatisfied with both TransferWise and Payoneer, consider Skrill.

5. Stripe

  • It is recommended for Advancstricters.
  • Platform Fee: 9% plus 30%.
  • Cons: Limited availability and strict implementation.

Stripe is the only payment system I haven’t utilized because it isn’t available in my country. However, some fellow freelancers recommend Stripe as a beautiful way to collect client payments.

Stripe, like other payment systems, cannot be used. It cannot be used to seek payments from clients, and clients cannot use it to give you prices. To allow your customers to pay with a credit card, you must direct them to a Stripe checkout system.

If you have a website, you may add a Stripe checkout button to a page on it. However, the most straightforward approach to using Stripe is combining your Stripe account with an invoicing program, such as InvoiceNinja, and using the invoicing software to request payments from your clients. Your clients will be able to pay you directly through your invoices in this manner.

Check out this page to discover if Stripe is accessible in your country.

6. 2Checkout

  • Best For Advanced users.
  • Platform Fee: Depends on location.
  • Cons: Difficult to implement and chargebacks.

2Checkout is a payment processor that functions similarly to Stripe. Furthermore, it does not support direct transactions or payment requests. To receive payments, you’ll need to use invoicing software like InvoiceNinja.

A significant advantage of using 2Checkout is that, in addition to processing credit card payments, 2Checkout allows you to accept payments via PayPal even if you do not have a PayPal account. Your profits will be saved within 2Checkout, and you will be able to withdraw them to your bank account whenever the total amount exceeds $300.

Some customers are hesitant to use credit cards to make payments (especially brands and corporations). They only accept PayPal payments. When this occurs, you can use 2Checkout to receive compensation.

In the early days of my freelance job, I utilized 2Checkout to process a couple of payments. But I haven’t used it in a long time.

2Checkout charges are varying processing prices for different countries and a $25 fee for chargebacks for fraudulent transactions. Check out this page to see what rates are available in your country.

7. Bitcoin

  • Best For Advanced users
  • Platform Fee: Depends on your wallet app
  • Downsides: Difficult to implement and process

Bitcoin is one of the most effective payment options available. However, it is also one of the most complicated payment methods to set up and use. You must first obtain a Bitcoin wallet, and you must also have clientele who are conversant with Bitcoin payments.

Using Bitcoin has some dangers as well. Because the price of Bitcoin is continually fluctuating, you run the threat of being underpaid. However, if you keep your Bitcoin in the wallet, you may be able to raise the value of your Bitcoin. I have never used Bitcoin. Some believe it is the future of money. So I’m thinking about checking into it.

The freelance industry is gradually catching up with Bitcoin. There are also freelancing marketplace websites that provide Bitcoin-paying freelance tasks.

To summarize

So, what is the best PayPal substitute? So I’ll have to go with TransferWise. If it’s available in your nation, take advantage of it. Payoneer, on the other hand, because it allows you to request payments from clients effortlessly. It is considerably easier to get paid this way.

Hopefully, PayPal will soon roll out all of its capabilities to the rest of the world’s countries. However, I’ve been waiting for that to happen for almost six years. In the meantime, let’s hunt for stronger PayPal competitors.

Do you know of any more excellent payment services? Please let me know in the comments section!

Source: Freelancing Hacks

________________________

About Skyhigh.Vip  

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Flexgigzz is the Asia leading marketplace for freelancers service and together with SOHO Learning Hub which is an online platform for short courses and both of them aims to be the number one provider in Asia. For growth industries such as E-Sport Authority which is dedicated to providing independent media coverage to all E-Sport News related from around the world and for the art world, there is Atelier Auction which is an investable art auctioneer and being in the art scene for decades

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