What Are the 5 Best Alternatives to PayPal in Australia?

Launched in 1998, PayPal has been one of the most popular online payment processing platforms for decades. That’s because it provides convenience for making payments.

So far, more than 426 million users and merchants have enjoyed this service. So, it’s not surprising that PayPal generated $23.5 billion in 2021, and has increased revenue yearly since 2010.

You’re likely one of the 8.5 million active PayPal users in Australia. While there are many reviews about its alternatives, we want to focus on the 5 best alternatives to PayPal in Australia in terms of functionality, availability, and pricing. So without any further ado, here they are…..

1- Skrill

Skrill is a payment method operated by the Paysafe company.

If you have used both platforms, you’ll realize that Skrill is very similar to PayPal. The best thing about the platform is its enhanced security and how simple it is to create an account, allowing those who aren’t computer savvy to quickly grasp the platform. Though there isn’t much difference between the two, Skrill is recommended for international merchants.

Multiple integrations, an easy API, advanced fraud management, and chargeback protection are among its features. You also get to enjoy frictionless payments. This means you can make multiple payments with a single button press. There is also customer service in multiple languages, multiple currency accounts, and advanced analytics and reports.

With Skrill, you don’t need to pay fees to transfer money to banks abroad which makes it a good alternative to PayPal for international business transactions. You also do not have to pay to set up an account.

Once you have a Skrill account, you can use your online wallet to unload funds, send money to an email or another Skrill wallet, use a Skrill Visa prepaid card, and receive money from others. As long as you make at least 1 transaction in a year, your account is free. If not, you’ll need to pay a $5 service fee. Some of the additional fees are the following:

• 4.99% for every international transfer transaction
• $10 every year for the prepaid card
• $5.50 for a bank account withdrawal

2- Payoneer

Payoneer is another good choice for making payments overseas. The platform makes it hassle-free to get pain in different currencies and bill clients in other countries.

It can be especially useful for freelancers who frequently work with clients from other countries because Payoneer allows them to easily send invoices to their clients. Aside from freelancers, businesses hiring freelancers abroad can also benefit from this PayPal equivalent.

Making single or multiple payouts, receiving payments, and withdrawing funds are some of the features of Payoneer. It also offers integrated accounts, escrow services, third-party payments, an extensive partner network, and API support. Payoneer gives a business many options.

Now, let’s talk about the pricing. First off, to make withdrawals from your checking account with Payoneer, you must pay up to 2% well above the market rate at the time of the transaction.

Then, to withdraw funds from another checking account in the same currency, you must pay $1.50. And, when you pay others who do not have a Payoneer account, you must pay 1% to 3% depending on the payment procedure, such as a credit card or ACH.

Check out this handy Infographic we created to summarise all the options – please share with anyone you feel would benefit! To read options 3-5 in more detail keep reading below!

3- Venmo

For peer-to-peer transactions, Venmo is a good option. This platform is recommended if you’re looking for an online payment platform that can quickly transfer money.

You can add your debit card and bank account details on Venmo. Receiving payments from peers and transferring these payments to any bank account connected to your Venmo account is also possible.

You also have the option to add many cards or bank accounts to your account. If you want to leave money to use for future transactions on the platform, this is also possible.

If you want people to see the transactions you made with people you know, you can also make your platform transactions public. This is one of the features enjoyed by more than 52 million Venmo users.

Using it, you may need to pay a few minor fees such as out-of-network withdrawal for ATM withdrawal. But, overall, most of the services here have no charge.

4- Square

This is one of the best alternatives to PayPal for credit card processing for small businesses. Its transparent pricing schemes enable users to easily understand the fees, simplifying transactions and making it more suitable for small businesses.

It also doesn’t force you to get into a long-term contract. And, Square allows you to customize the platform for your company. This is what sets this online payment platform from other PayPal alternatives.

When it comes to security, this platform does not mess around as well, providing users and small businesses with peace of mind. The security and simplicity of this platform make it one of the best PayPal alternatives.

For the pricing, you need to pay 2,6% plus 10 cents for all swiped and contactless payments and payments with built-in chip cards. There is a 3.5% plus 15 cents fee for processing keyed-in payments done manually.

5- QuickBooks Go Payments

Quickbooks has long been known as accounting software, but the platform now offers a Paypal alternative called Quickbooks Go Payment.

Since they both come from the same company, you can integrate the transactions on the Quickbooks Go to your Quickbooks software. However, this does not necessarily mean that you must install both applications on your device in order to use Quickbooks Go.

For the features, you can receive mobile payments, set up recurring bills, receive alerts in real-time when customers check or pay invoices, and forward invoices through your phone or computer among many others. There are no setup or monthly charges to pay, but there are transaction fees:

• 1% on bank transfers ($10 max)
• 2.9% on invoiced cards
• 4% on swiped cards
• 4% on keyed-in transactions (with a $0.25 fee for every transaction)

FAQs

Who is the biggest competitor of PayPal?

Venmo, Skrill, and Square are some of PayPal’s biggest competitors.

What is an alternative to PayPal if I don’t have it?

There are many PayPal alternatives you can choose from. But, Skrill, Payoneer, Venmo, Square, and QuickBooks Payments are some of the most recommended.

What is the best online payment platform?

PayPal is the best payment platform overall. It has strong security, a simple interface, and no fees for making transactions with people you know.

What about Stripe you did not mention it above?

Stripe is an excellent alternative to PayPal, particularly for businesses in Australia. Stripe is a modern, tech-focused payment processor that offers a wide range of capabilities. It’s easy to set up and use, and offers reliable support and fast processing times. Additionally, Stripe provides a secure payment gateway, flexible payment options, and innovative features like subscription payments and recurring billing. Plus, Stripe’s pricing structure is competitive, making it a great option for businesses of all sizes. Stripe is best for online payment stores that is what it is well known for.

Conclusion

Finally, you know the 5 best alternatives to PayPal in Australia. When compared to PayPal, they have its own strengths and weaknesses. You can make an informed decision when you research and understand what your business requires from these alternatives. When switching to an online payment platform, it’s best to start with these.