We live in a tech – savvy world where online businesses and e-commerce merchants can demand fast and safe digital transactions. Transactions were made simpler than ever before thanks to technological advancements. Accepting and receiving payments electronically has created opportunities, but has also opened up new challenges. We can’t ignore that PayPal is the undisputed champion when it comes to accepting and receiving payments.  Although many people love PayPal for a variety of reasons, technological advancements have allowed a slew of competitors to challenge PayPal through lower fees, quicker transactions, and improved security.

  1. Stripe – Millions of companies of all sizes—from startups to Fortune 500s—use Stripe’s software and APIs to accept payments, send payouts, and manage their businesses online.
  2. Dwolla – Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to our financial institution partners. When it comes to transferring funds, Dwolla is similar to PayPal, but thanks to its API, it emphasizes more bank transfers, or Automated Clearing House (ACH) payments, enabling users to develop a customized payment solution with payments arriving within the day. The best part here was that transactions are totally free.
  3. Payoneer-  Easily get paid by leading marketplaces including Upwork, Fiverr, Onlinejobs.ph and more or get paid by clients like a local. Payoneer provides multiple ways for its users to withdraw  earnings via ATM or to their local bank account at low rates with a local USD, EUR, GBP, JPY, AUD, CAD & MXN receiving account so clients can pay as easily as if they had a local bank account.

Taking online transactions became a common part of business. Even so, the technology used to accept payments is extremely complex, with numerous components, and should be taken into consideration when choosing a provider. Payment processors that are connected to credit cards are also more integrated and stable, but they are also more pricey and not often an option for small businesses. Online Payment institutions and networks become the need of the era, as well as the future of doing business, since the exchange of currency is already known to increase the spread of Coronavirus due to physical contact.