PayPal has long been a popular payment processor for online businesses, but recent events have caused many merchants to seek out alternatives. Two factors in particular have contributed to this shift: a drop in PayPal’s share price and a price hike for certain transactions.
In late 2022, PayPal’s share price dropped by more than 10%, causing concern among investors and merchants who rely on the platform for payment processing. While the drop in share price may not have a direct impact on merchants’ day-to-day operations, it can be a warning sign of underlying issues with the company.
In addition, PayPal announced in early 2023 that it would be increasing fees for certain transactions, including international sales and high-volume transactions. This price hike has led many merchants to reconsider their use of PayPal and seek out alternative payment processors that offer more favorable pricing.
Fortunately, there are many alternative payment processors available for online businesses. Here are some of the top PayPal alternatives to consider:
- Stripe: Stripe is a popular payment processor that offers competitive pricing, customizable checkout options, and a wide range of features for online businesses.
- Square: Square is another popular payment processor that offers a range of payment solutions, including online and in-person payments, as well as competitive pricing and easy integration with popular e-commerce platforms.
- Authorize.Net: Authorize.Net is a long-standing payment processor that offers a range of features and customizable options, as well as competitive pricing and strong security measures.
- 2Checkout: 2Checkout is a global payment processor that offers a range of payment options, including credit cards, PayPal, and more, as well as competitive pricing and strong fraud protection measures.
In conclusion, the drop in PayPal’s share price and the recent price hike for certain transactions have led many merchants to seek out alternatives to the popular payment processor. Fortunately, there are many competitive and feature-rich payment processors available for online businesses, including Stripe, Square, Authorize.Net, and 2Checkout. By exploring these options and choosing the best fit for their business, merchants can continue to process payments smoothly and efficiently, without relying solely on PayPal. Feel free to reach out to us at GetPayment so we can help you in greater detail!