TransferWise
TransferWise is a very useful online payment service for anyone wanting to make a lot of international payments. They are comparatively significantly cheaper than PayPal, especially when sending money to other countries and have a ‘borderless’ account which is great for people like freelancers that want to avoid additional transaction fees.
The system works by giving you one transfer fee and removes any hidden costs. They also have an interesting method of making international payments. This works by taking a payment from a UK bank account for example and deposits it into their own UK bank account, and then if the cash is going to a person in the US the money is transferred from TransferWise’s US bank account at the normal exchange rate. This means that no money actually crosses borders and keeps fees as low as possible.
Pros:
– A very cheap option for international payments
– Open pricing plan with no hidden charges
– Use a borderless account to transfer without getting extra fees in over 40 countries
– Create invoices in any currency
Cons:
– Only bank transfers are accepted
– The borderless account only works for Euros, US Dollars, Australian Dollars and Great British Pounds.
2 Checkout
2 Checkout is great for global payments, and as we’ve mentioned with both PayPal and TransferWise this is a limitation of many payment providers. There is a calculator available which is useful to see if the service works out to be cheaper than PayPal in your country.
Pros:
– no monthly fees or additional charges for setup
– you can use several different types of payment methods including credit and debit cards
– 87 currencies are accepted and the website uses 15 different languages making it the best for international users.
– better fraud security than most other providers
– Recurring billing is accepted
Cons:
– There is a 1 percent fee for any money transfers that aren’t in the US
– There is a $20 charge for any charge backs that you make
– exchange rates are generally higher than the bank’s rate
Payoneer
Payoneer is more like a bank than other options on this list, and you get a full online bank account and credit card when you set up the account. This means that you can use ATMs to get money out and make payments with your card. In addition, making payments online is very easy and only takes one single step.
Pros:
– there are some great options for people that work freelance and want to take money from people for your services.
– The system is simple to set up on your website and takes minimal technical knowledge.
– Use your funds easily with your online bank account and credit card
Cons:
– some reviews of the customer support suggest that it could do with improvement
– Fees for transferring money, whereas this is often free with other providers
– Fees for using ATMs
A final option to check out is powechash21, which is an alternative online payment gateway, prepaid cards, a virtual terminal as well as merchant solutions.
We recommend using powercash21 alternative payment methods for anyone wanting to grow their business globally.
