12 Best Stripe Alternative Payment Methods of 2024
Businesses increasingly diversify online payment options to cater to a broad spectrum of customer preferences. The demand for versatile and robust payment gateways like Stripe is ever-growing. Whether you're looking for lower transaction fees, specialized features, or better international support, finding Stripe alternative payment methods is crucial. Identifying the right fit for your business hinges on these factors.
Each has its advantages, ranging from higher levels of security to higher levels of customer service. Understanding your business needs and how many transactions you process will go a long way toward making a wise choice.
Look at these 12 Stripe alternatives, including their features and pricing information, to decide which suites your business needs -
1. PayPal
PayPal is one of the most well-known online payment systems worldwide. Founded in 1998, it allows businesses and individuals to send and receive payments securely across borders. PayPal easily integrates with most eCommerce platforms and is favoured for its convenience and brand recognition. Its user-friendly interface and extensive global network make it a top choice for small and large businesses.
With over 429 million active users globally, it processed $1.36 trillion in total payment volume in 2021 alone. They also offer robust security features, ensuring safe transactions for buyers and sellers. It makes it a go-to solution for international businesses. For businesses looking for Stripe alternative payment methods, PayPal offers a reliable and widely accepted solution with a solid global presence.
Features -
1. Global availability in over 200 countries
2. Quick and secure payment processing
3. Integration with eCommerce platforms like Shopify, WooCommerce, and Magento
4. Support for multiple currencies
5. Strong buyer protection program
Pricing -
1. Transaction Fees (Domestic) - 2.9% + $0.30 per transaction
2. Transaction Fees (International) - 4.4% + fixed fee based on currency
3. Chargeback Fees - $20 per dispute
Strengths -
1. Global reach, accepted in over 200 countries.
2. Seamlessly integrates with major eCommerce platforms.
3. Offers buyer and seller protection for secure transactions.
4. No monthly fees, making it affordable for small businesses.
5. Instant transfers are available in some countries for faster payouts.
Limitations -
1. High transaction fees, especially for international payments.
2. Sudden account freezes, or limitations can impact businesses.
3. May not accept specific industries, such as high-risk businesses like firearms.
2. Square
Square is a popular payment solution for small businesses, especially brick-and-mortar stores. Its simplicity and affordability make it a strong contender in the payment gateway industry. It offers everything from mobile payments to online processing and even point-of-sale (POS) systems. Its ecosystem includes business management tools to streamline business operations.
As of 2023, over 2 million businesses worldwide use Square for payment processing. In the U.S., Square handles 15% of all card transactions in physical retail locations. Its POS systems are utilized in 35% of small retail businesses, making it a leading choice for in-person payments. The company has also experienced a steady annual growth rate of 30% in users adopting its services globally.
Features -
1. POS system integration
2. In-person and online payments
3. Invoicing and recurring billing
4. No monthly fees
5. Free online store with basic functionality
Pricing -
1. In-Person Transaction Fees - 2.6% + $0.10 per transaction
2. Online Transaction Fees - 2.9% + $0.30 per transaction
3. Custom Pricing - Available for businesses with over $250k in annual revenue
Strengths -
1. Great for businesses with a physical presence.
2. Only charges for transactions, with no monthly fees.
3. Ability to process payments offline.
4. Simplifies payment collection for services with invoicing.
5. Works well for both in-person and online payments.
Limitations -
1. Limited international support, available in a few countries outside the U.S.
2. Basic online store functionality compared to specialized eCommerce platforms.
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3. Authorize.Net
Owned by Visa, Authorize.Net is a trusted name in the online payment industry. They serve businesses that require a highly secure payment gateway. Its robust security makes it ideal for companies handling sensitive customer transactions. It supports various payment methods, including credit cards, e-checks, and digital wallets, providing flexibility for businesses of all sizes.
With support for over 430,000 merchants globally and processing over $149 billion in annual transactions, it delivers reliable performance with 99.99% uptime. Its customizable APIs enable seamless integration into existing business systems. For those exploring Stripe alternative payment methods, Authorize.Net is a strong competitor known for its security and versatility.
Features -
1. Fraud detection tools
2. Recurring billing
3. Multi-currency support
4. Detailed reporting
5. Developer-friendly API for custom integrations
Pricing -
1. Monthly Gateway Fee - $25
2. Transaction Fees - 2.9% + $0.30 per transaction
3. Setup Fee - $0
4. Chargeback Fees - $25 per dispute
Strengths -
1. Advanced security features, including fraud detection tools.
2. Extensive API, making it highly customizable for developers.
3. Recurring billing options for subscription-based businesses.
4. Detailed reporting to track transaction data.
5. 24/7 customer support.
Limitations -
1. $25 monthly fee, in addition to transaction fees.
2. It requires technical knowledge for setup, making it more complex than other options.
3. Higher fees can be a barrier for small businesses.
4. Braintree
Braintree, a subsidiary of PayPal, offers comprehensive payment solutions for online and mobile commerce. It supports various payment methods, including PayPal, credit/debit cards, and digital wallets like Apple Pay and Google Pay. Braintree handles over $50 billion in authorized payment volume each year. Over 45,000 businesses worldwide trust its services.
It supports transactions in more than 130 currencies, making it ideal for global businesses. With an uptime of 99.9%, Braintree ensures reliability for businesses of all sizes. They also offer advanced fraud protection tools to safeguard transactions. Braintree provides seamless integration with major eCommerce platforms, simplifying the payment process for merchants.
Features -
1. PayPal and Venmo integration
2. Advanced fraud detection
3. Support for multiple currencies
4. In-app payments for mobile applications
5. Recurring billing
Pricing -
1. Transaction Fees - 2.9% + $0.30 per transaction
2. International Transaction Fees - 3.9% + $0.30 per transaction
3. Chargeback Fees - $15 per dispute
Strengths -
1. Seamless integration with PayPal and Venmo.
2. Supports multiple currencies, making it ideal for international businesses.
3. Mobile payments are easy to integrate with apps.
4. Developer-friendly API for customization.
5. Advanced fraud detection to help prevent chargebacks.
Limitations -
1. A 2.9% + $0.30 transaction fee can be expensive for large volumes.
2. Complex setup that requires technical knowledge.
3. Customer support may not be as responsive as other providers.
5. 2Checkout (now Verifone)
2Checkout, now rebranded as Verifone, offers global payment solutions specializing in cross-border transactions. It supports over 45 payment methods and 100 currencies, making it ideal for businesses with an international presence. Verifone also offers robust fraud protection tools, ensuring secure business and customer transactions. They serve over 20,000 merchants worldwide.
They serve over 20,000 merchants worldwide and process transactions exceeding $30 billion annually. With a user base that has increased by 15% year-over-year, Verifone continues to gain traction in the market as a leading choice among Stripe alternative payment methods. The platform's intuitive interface and comprehensive analytics make it a preferred solution for businesses seeking transparency and control.
Features -
1. Global payments in 200+ countries
2. Support for digital and physical goods
3. Customizable checkout experience
4. Subscription management tools
5. Recurring billing
Pricing -
1. Transaction Fees - 3.5% + $0.35 per transaction
2. Chargeback Fees - $20 per dispute
3. Monthly Fees (Advanced Plans) - Custom pricing for higher tiers
Strengths -
1. Extensive global reach, accepting payments from over 200 countries.
2. Customizable checkout experience for your brand.
3. Supports recurring billing and subscription management.
4. Accepts over 45 payment methods and multiple currencies.
5. Suitable for both digital and physical goods.
Limitations -
1. Higher fees for international transactions, starting at 3.5% + $0.35.
2. Monthly fees increase for advanced plans.
3. Limited support for high-risk businesses.
6. Klarna
Klarna is a popular payment provider known for its "Buy Now, Pay Later" (BNPL) model. It makes it an excellent choice for businesses looking to offer financing options to customers. Businesses widely use Klarna in Europe and North America. It also appeals to younger shoppers, with many users being Millennials and Gen Z. Klarna currently serves over 150 million consumers globally.
The platform processes over 2 million daily transactions, showcasing its scale and reliability. It partners with more than 450,000 merchants across 45 countries. BNPL options increase average order values by 20-30% for retailers. Flexible payment options like Klarna can boost conversion rates by up to 40%. Retailers using Klarna often see a reduction in cart abandonment rates.
Features -
1. Buy Now, Pay Later options
2. Integration with eCommerce platforms
3. Mobile app for customers
4. Payment in instalments
5. There is no interest for customers if paid on time
Pricing -
1. Transaction Fees - 3% - 4% per transaction
2. Chargeback Fees - Varies by region
Strengths -
1. Increases conversion rates by offering Buy Now, Pay Later options.
2. No interest for customers, encouraging more purchases.
3. Mobile-friendly and popular with younger customers.
4. Simple integration with major eCommerce platforms.
5. Global reach, especially in Europe.
Limitations -
1. Higher merchant fees, typically around 3-4%.
2. Limited acceptance for high-risk industries.
3. Customers may default on payments, impacting business indirectly.
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7. Amazon Pay
Amazon Pay allows customers to use their Amazon accounts to complete purchases on third-party websites. It offers millions of Amazon customers a trusted, familiar checkout experience, making it an excellent choice for businesses looking to boost conversion rates. Its seamless integration with various eCommerce platforms further enhances the shopping experience.
It provides convenience for both merchants and buyers. Over 50% of Amazon customers have used it for transactions outside of Amazon. Businesses that offer Amazon Pay have seen a 34% increase in checkout conversion rates. Their global reach in over 170 countries makes Amazon Pay a reliable choice when considering Stripe alternative payment methods for international transactions.
Features -
1. Trusted Amazon payment method
2. Integration with eCommerce platforms
3. Easy checkout process
4. Mobile-optimized checkout
5. No monthly fees
Pricing -
1. Transaction Fees (Domestic) - 2.9% + $0.30 per transaction
2. International Fees - 3.9% + $0.30 per transaction
3. Chargeback Fees - $20 per dispute
Strengths -
1. Trusted by millions of Amazon customers.
2. No monthly fees, only charges per transaction.
3. Mobile-friendly checkout experience.
4. Available to customers worldwide.
5. Quick and simple setup for most eCommerce platforms.
Limitations -
1. It only works for people with Amazon accounts.
2. Transaction fees are comparable to PayPal (2.9% + $0.30).
3. Limited customization options for larger businesses.
8. Skrill
Skrill offers a seamless user experience, making it easy to manage payments across borders. It provides robust security features, ensuring that transactions remain safe and protected. Its mobile app allows businesses to track and process payments on the go, offering flexibility for busy and savvy entrepreneurs. Its simple interface also helps reduce transaction times, streamlining payment management.
They also support over 40 currencies, making it a versatile option for global businesses. With its prepaid debit card, users can easily access their funds, adding an extra layer of convenience for day-to-day operations. Skrill's low transfer fees and fast processing times make it an attractive choice for businesses that handle frequent international transactions.
Features -
1. Multi-currency support
2. Instant transfers
3. Low transaction fees
4. Prepaid cards available
5. Mobile app for managing payments
Pricing -
1. Transaction Fees - 1.9% per transaction for businesses
2. Chargeback Fees - $20 per dispute
3. Withdrawal Fees - 1.75% per withdrawal
Strengths -
1. Transaction fees are lower than those of PayPal or Stripe.
2. Fast, instant transfers to bank accounts or Skrill wallets.
3. Multi-currency support in over 120 countries.
4. Easy-to-use mobile app for managing transactions.
5. Prepaid cards are available for easier access to funds.
Limitations -
1. Limited integration options compared to more prominent payment gateways.
2. Higher withdrawal fees can add up over time.
3. Not ideal for high-risk businesses.
9. Payoneer
Payoneer is a global payment platform specializing in cross-border transactions. It's ideal for freelancers, eCommerce sellers, and international businesses that need to accept and send payments worldwide. It offers companies the ability to manage multiple currencies through a single account. It partners with major platforms like Amazon, Upwork, and Airbnb, further expanding its reach.
In 2023, Payoneer processed over $65 billion in transactions, solidifying its position as a leading global payment solution. The platform also provides a prepaid Mastercard, allowing international users easy access to funds. It is one of the most excellent Stripe alternative payment methods for businesses handling cross-border transactions, payments, and invoicing.
Features -
1. Multi-currency accounts
2. Mass payouts
3. Integration with eCommerce platforms
4. Prepaid Mastercard
5. Global support
Pricing -
1. Transaction Fees - 1% for receiving payments
2. Withdrawal Fees - $1.50 for bank withdrawals
3. Prepaid Card Fees - $29.95 annual fee
Strengths -
1. Global reach with support for 150+ currencies.
2. Multi-currency accounts allow businesses to hold and manage multiple currencies.
3. Prepaid Mastercard provides easy access to funds.
4. Seamless integration with freelance and eCommerce platforms.
5. Transaction fees for international payments are lower compared to PayPal.
Limitations -
1. Higher withdrawal fees can impact profit margins.
2. Some users need faster customer support response times.
3. Not ideal for businesses focused on domestic transactions.
10. PayU
PayU is a global payment service provider that caters to high-growth markets across Asia, Central and Eastern Europe, Latin America, and Africa. It is a leading online payment gateway for businesses that operate internationally or in emerging markets. With a focus on providing simple, secure, and scalable payment solutions, PayU supports multiple payment methods, including credit and debit cards, bank transfers, and local payment options.
This makes it a versatile choice for global businesses. PayU processes over $55 billion in annual transactions and serves over 450,000 merchants across 50+ markets. It is primarily known for its substantial presence in developing regions and its ability to provide localised payment options, enabling businesses to quickly expand globally. For companies seeking Stripe alternative payment methods.
Features -
1. Supports 400+ local and international payment methods
2. Strong presence in emerging markets
3. Fraud prevention tools
4. Recurring payments and subscription billing
5. Easy integration with APIs for developers
Pricing -
1. Transaction Fees: Vary by region and payment method
2. Setup Fees: Varies based on service agreements
Strengths -
1. Extensive coverage of local and international payment methods.
2. Strong foothold in high-growth markets across emerging regions.
3. Scalable platform suitable for businesses of all sizes.
4. Advanced fraud prevention tools to secure transactions.
5. Easy API integration for custom solutions.
Limitations -
1. Transaction fees vary greatly depending on region and payment method.
2. Limited support for businesses operating only in developed markets.
3. Setup fees and conditions may differ based on specific service agreements.
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11. WePay
WePay, a JPMorgan Chase company, is designed for platforms and marketplaces. They offer seamless integration with custom software and are highly secure, making it a good choice for businesses looking to deliver tailored payment solutions. It handles over $1 billion in transactions annually and provides advanced fraud protection to ensure secure payments.
With a 99.99% uptime rate, it delivers dependable service for businesses. 60% of top U.S. marketplace platforms use WePay for their transactions, and its flexibility in supporting ACH and credit card payments makes it a competitive choice on the Stripe alternative payment methods list. Its robust API allows businesses to customize their payment experience to fit specific needs.
Features -
1. Platform integration
2. Multi-party payouts
3. Customizable APIs
4. Fraud protection
5. ACH and credit card payments
Pricing -
1. Transaction Fees (ACH) - 1% + $0.30 per transaction
2. Transaction Fees (Credit Card) - 2.9% + $0.30 per transaction
3. Chargeback Fees - $15 per dispute
Strengths -
1. Ideal for platforms and marketplaces.
2. Customizable APIs for tailored payment solutions.
3. Supports multi-currency payments.
4. Strong fraud detection and prevention tools.
5. Backed by JPMorgan Chase for top-tier security.
Limitations -
1. Complex setup requiring technical expertise.
2. Better suited for large platforms rather than small businesses.
3. Monthly fees and additional charges for advanced features.
12. Wise (formerly TransferWise)
Wise is a global money transfer and payment service offering low-cost, transparent international payments. While it's primarily known for sending money abroad, Wise also provides businesses with a multi-currency account, making it an excellent choice for international transactions. It allows businesses to hold and convert between multiple currencies at the real exchange rate.
It avoids inflated rates that traditional payment gateways might use. Wise serves over 13 million customers globally and supports transfers to 80 countries. On average, Wise is 6x cheaper than traditional banks for international transfers. Businesses using Wise can save up to 75% on international payment fees compared to banks, making it one of the most cost-effective Stripe alternative payment methods for global transactions.
Features -
1. Real exchange rates (mid-market rate)
2. Multi-currency accounts to hold 40+ currencies
3. Integration with eCommerce platforms and payment systems
4. International business payments and invoicing
5. Transparent, low-cost transfers
6. API access for developers
7. Debit cards available for business accounts
Pricing -
1. Transaction Fees (International) - 0.4% - 1% depending on the currency and transfer method
2. Currency Conversion Fees - 0.35% to 1%
3. Account Setup Fees - Free for individuals, £45 for businesses (one-time fee)
4. Debit Card Fees - Free for the first card, subsequent ones at $7(for businesses)
Strengths -
1. Low-cost international transfers compared to other payment gateways.
2. Real exchange rates with no hidden markups.
3. Ability to hold, convert, and spend in 40+ currencies.
4. Transparent pricing with no surprises.
5. Debit cards are available for businesses to access funds quickly.
Limitations -
1. No in-person payment support.
2. Limited integration with payment gateways for eCommerce.
3. Transfers can take longer, especially for more significant amounts.
Final Say
When selecting a payment processor, consider the specific needs of your business. It includes the geographical location of your customers, the type of transactions you handle, and the level of customer service you require. Each of these Stripe alternative payment methods offers unique features and pricing structures. Assessing which one aligns best with your business model and growth objectives is vital. Whether a small startup or an expanding enterprise, the suitable paying mode can significantly affect your operational effectiveness. In addition, this may make huge differences concerning overall success.