Almost everything is online these days, with the world becoming heavily reliant on internet-based technology and everything it entails. One aspect of the online world that has shown particular growth in recent times has been the array of online payment solutions now available. Technology has certainly progressed in this area, and as consumers, we’re now using lots of reliable, safe, and user-friendly options.
When assessing the main players in the space already, PayPal is the biggest and is utilized by millions. With the emergence of PayPal, though, has come an array of competitors that are aiming to outdo the service, perhaps by offering cheaper fees or faster transactions. PayPal is certainly the undisputed king, though, but many alternative names are gathering real momentum in the space.
Why do people use online payment solutions?
It’s important to stress that not everyone is using online payment solutions yet, with millennials turning to them more than any other age group, but awareness around them is growing. These types of online services aren’t just being used at retail stores and to order in food either, but also in other areas such as gaming. For example, Boku, a mobile casino payment method provider, is a service that enables casino gamers to instantly fund gaming accounts using a mobile phone device, with the casino gaming options available at a boku payment casino appealing to people. Alongside gaming, people are using these types of methods to buy jewelry, book holidays, and an array of other options. The convenience of using an online payment solution hasn’t reached all audiences on the whole yet. The older generation tends to opt for more traditional methods of payment, for example. Awareness is certainly spreading, though.
The best types of online payment solutions away from PayPal
The options in this space are vast, but some online payment solutions offer different things. For instance, Due separates itself out from the rest thanks to its innovative time-tracking and invoicing tools, both of which are ideal for freelancers. Adding to its offering, Due then decided to factor in online payments with a 2.7% transaction rate. You can also send and receive money from foreign territories, while also having a secure place to store your cash, thanks to its impressive e-bank.
Another excellent product for many is the service Stripe provides, with many comparing it to PayPal thanks to its user-friendly experience. Stripe doesn’t charge a monthly fee and membership is free, too. A well-designed payment solution that is easy to use and works extremely well, Stripe also possesses a variety of innovative tools that put personalization at the forefront – something small businesses appreciate. For example, it comes with a fraud-management tool called Stripe Radar and both virtual and physical cards for staff.
Apple Pay is another trusted payment solution for millions. Transactions are impressively fast, it’s safe and secure due to its touch ID confirmation system, and it’s a slick and easy-to-use app that is accepted by many businesses and used by millions of customers. The fact that consumers can pay for a delivered meal using a fingerprint is quite remarkable when you really think about it.
Not everyone has heard of Dwolla, but it’s another excellent alternative to PayPal in 2022. Of course, PayPal will always be a favoured option for some, but Dwolla is perhaps better in terms of its bank transfers. Not only are transactions free, but Dwolla gives users the opportunity to create a customised payment solution thanks to its Automated Clearing House (ACH) payments.
Other options include Amazon Pay, Payoneer, Square, and Payza.