PayPal alternatives for high-risk business in 2021

When you choose a processor for online payments, the first company you think of is probably the time-tested and reliable PayPal.

In fact, the service of even such a well-known company is not loved by everyone. and it’s not at all about high commissions or some other problems, but the way the firm treats high risk business.

Numerous facts of account blocking under frankly stupid pretexts definitely do not add pluses to PayPal’s rating. And many firms are simply denied service.

If your firm is also interested in finding a worthy alternative to one of the leaders in the payments market, right now we will offer you some interesting options. After all, PayPal is far from a monopolist in its activities.

Let’s say at once that regardless of which payment processor you choose, you may always face the problem of blocking your account. This is not because of the peculiarities of PayPal, but rather to the specifics of the payment processors.

However, do not worry, because once your business account is verified, each of your transactions as will be faster and will not be verified by all the strict rules.

But if, as we found out, account blocking problems are inherent to all processors, PayPal’s pricing policy may not suit everyone, so right now we’re going to look at some interesting alternatives to the leading payment processor.

Alternatives to PayPal

Let’s say right away that our list includes only processors that have been on the market for a long time, are known to most companies, and work with firms in high-risk industries.

Square

It’s hardly a coincidence, but many companies that don’t really like PayPal choose to use this particular payment gateway.

In addition to very competitive commissions, Square has a lot to offer you on a free basis. In particular, you can set up your own online store, get a domain, and make the necessary connections for free without paying a cent.

Additional services, such as payroll management, employee time management, time scheduling, and other resources also deserve special attention.

Obviously, many of the free features that Square provides imply some limitations, which is quite normal. For a small fee, these limitations will be removed. And this company also offers its customers a wallet service. So if we’re talking about an alternative to PayPal, perhaps Square is perfect for this role.

PayOp

Payop is an aggregator of payment methods for various types of Internet businesses, offering accepting payments from 170+ countries by 300+ methods, including Internet acquiring.

Payop is a project of an international group of companies with offices in the USA, UK, Singapore, Ukraine and its own software development team.

The company provides payment solutions for almost all business industries.

PaymentCloud

A distinctive feature of many modern payment systems is a total unwillingness to get involved with companies which belong to high-risk industries. Alas, due to current circumstances, many firms fall into this category, but PaymentCloud does not stop it.

They serve high-risk firms by providing access to all the service they need to accept payments, as well as additional services. In addition, this payment processor provides data retention, integration with other services, virtual terminals, and many other interesting features. However, the official website of this payment system has no information about the cost of service. This payment system uses a multilevel pricing system which is not always convenient and profitable.

One of the advantages is a very high quality of customer service, which has been repeatedly mentioned by many operating companies cooperating with PaymentCloud. But it’s important to understand that while this company does serve high-risk clients, they may ask to pay a higher fee for such service.

Shopify

Another very well-known company that has been providing a much broader service than just accepting payments from customers for quite some time now.

It might not be the best solution for small companies that are just starting out, but when it comes to large firms with a large turnover, their cooperation with Shopify can be extremely beneficial thanks to a number of benefits. It’s worth noting that the company began providing payment processing services thanks to a lucrative partnership with Stripe.

By using Shopify as an e-commerce platform and entrusting it with payment processing, you won’t pay a transaction processing fee. However, the monthly fee and transaction fee will be relevant. If, however, you choose not to Shopify Payments, be prepared to pay as much as 2% extra for each transaction. Not the most profitable solution.

Shopify will offer you interesting features and functions, such as order management, various convenient reporting forms, and so on.

Unfortunately, due to the huge number of plans, it is far from always clear, is this or that plan profitable for your company. However, Shopify experts are always on hand and ready to explain everything.

Authorize.Net

Another company which made an incredible leap from a simple payment acceptance service to a complex payment system. With very loyal rates, it gives companies a wide range of opportunities by providing both a built-in payment gateway and support for accepting payments in multiple currencies.

You don’t have to pay anything for installation and you don’t have to pay any monthly fees. You’ll have no problem integrating the API into absolutely any solution you need. You’ll also get a higher level of fraud protection and a lot of other interesting features.

The bottom line

Of course, the list of alternatives to PayPal goes on and on, and you don’t have to worry about any shortcomings in your choice. The most important thing is to have a clear idea of your company’s needs and choose the option that suits you best in terms of cost and functionality.