Choosing the right payment processor or money transfer service is more than a technical decision—it directly affects your cash flow, customer satisfaction, and international reach. With so many options out there—like Paypal, Stripe, Payoneer, Wise, PagSeguro, MercadoPago, Authorize.net, Revolut, and Pagar.me—it’s easy to feel overwhelmed. But don’t worry: this guide is here to break it all down in plain, practical language.
Whether you're a small business owner, freelancer, eCommerce seller, or startup entrepreneur, you’ve likely heard of Paypal and some of its competitors. But beyond brand familiarity, how do they stack up in terms of fees, accessibility, features, and usability? Which platform suits your business goals, and which one makes money transfers as smooth and cost-effective as possible?
Before diving into each provider, let’s clarify what these services do. Payment processors like Paypal, Stripe, and Authorize.net allow businesses to accept payments online, often via credit cards, debit cards, or digital wallets. They serve as the bridge between your customer’s money and your business bank account.
Money transfer platforms like Wise and Payoneer, on the other hand, are geared toward sending and receiving funds across borders. These tools are particularly useful for freelancers, remote teams, or businesses that operate internationally.
Some platforms—like Paypal and Revolut—blur the line between these categories, offering both merchant services and international transfers. The key is understanding how each option aligns with your use case.
Paypal has been a staple in online payments since the early 2000s. It’s widely accepted by businesses and consumers alike, supports over 200 markets, and lets you send, receive, and hold multiple currencies. For merchants, Paypal offers standard payment buttons, invoicing, subscription billing, and even in-store QR code payments.
If you value brand recognition and need a turnkey solution, Paypal might be a strong fit. However, it’s worth comparing with other platforms that offer better rates or flexibility for specific needs.
Stripe has emerged as a favorite among developers and SaaS companies. Unlike Paypal, which emphasizes ease of use, Stripe offers a flexible API that can be molded into custom checkout experiences. It's available in 46 countries and supports over 135 currencies.
Stripe shines when you want a seamless, on-brand checkout process. Its fraud detection tools and in-depth reporting make it a top choice for scaling startups and tech-savvy teams.
If your main concern is transferring money internationally or getting paid by global clients, both Payoneer and Wise (formerly TransferWise) are strong contenders.
Payoneer is designed with freelancers, remote workers, and online sellers in mind. You can receive payments from marketplaces like Upwork, Amazon, and Fiverr directly into your Payoneer account, and withdraw funds to your local bank in over 150 countries.
Wise is laser-focused on transparency and low exchange rate fees. It doesn’t try to upsell you on services—it just helps you send money from A to B without inflated markups. Wise’s real mid-market rates are hard to beat.
Between the two, Wise often comes out ahead for personal transfers or freelancers billing international clients. Payoneer may be better if you're tied to major online marketplaces.
In Latin America—especially Brazil—you’ll hear about PagSeguro, MercadoPago, and Pagar.me. These platforms are designed to handle local regulations, tax ID validations (like CPF/CNPJ), and installment payments common in Brazil.
PagSeguro offers both POS and online payment options, with good reach into underbanked populations. Its digital wallet and mobile devices make it a flexible solution for in-person and online sales.
MercadoPago is tightly integrated with MercadoLibre (Latin America’s eBay equivalent), making it a must-have for sellers on that platform. It also allows installment payments and digital wallet features.
Pagar.me, backed by Stone, is known for its modern API and customization options, aimed at medium to large online stores and fintechs.
For businesses operating primarily in Brazil, these services may outperform global giants like Paypal or Stripe due to regional expertise and customer trust.
Authorize.net has been around since the 1990s and remains a staple among traditional US businesses. It’s owned by Visa and offers everything from virtual terminals to recurring billing. While it’s not as flashy as Stripe or Paypal, it’s extremely reliable.
Authorize.net is ideal for established US-based businesses that prioritize security and need legacy payment methods alongside card processing.
Revolut started as a digital banking app and has since evolved into a versatile financial platform. While it’s not a traditional payment gateway like Paypal, it supports global money transfers, virtual cards, business accounts, and crypto trading.
For entrepreneurs or digital nomads who want to manage their money globally with flexibility, Revolut is a smart addition to the toolbox.
Now that we’ve covered the strengths and weaknesses of each provider, how do you choose the right one for your specific case? Start with these key questions:
Ultimately, you might find value in using more than one platform. For example, many businesses use Paypal for customer payments and Wise for international vendor transfers.
Let’s look at a side-by-side comparison based on real-world considerations:
There’s no one-size-fits-all solution, but evaluating based on your top priorities—cost, support, features, ease—will guide you to the right platform.
If you’re looking for a plug-and-play solution with wide user trust, Paypal remains a top contender. But for many businesses, combining platforms is the smartest move. Stripe for checkout customization, Wise for cross-border savings, and Paypal for customer familiarity is a combo that works well for many online businesses.
The real key is understanding your business model, who you’re serving, and how you plan to scale. A little bit of research now can save you a lot of fees and frustration later.
Have you used Paypal or any of these alternatives? What has your experience been like? Let us know in the comments! We’d love to hear what’s working for you—or where you’re running into trouble.
Is Paypal still the best option for online businesses?
Paypal is still a strong choice thanks to its brand trust and wide integration, but it's not always the most cost-effective. For lower fees and more control, Stripe or Wise may be better suited.
Can I use more than one payment platform?
Absolutely. Many businesses use multiple platforms to cover different needs, such as Paypal for buyers, Wise for suppliers, and Stripe for recurring payments.
Which platform is best for freelancers?
Freelancers often prefer Wise for its low-cost international transfers or Payoneer for easy marketplace integration. Paypal remains useful for quick invoices and payments.
How do I get the lowest fees on international transfers?
Wise typically offers the best exchange rates and lowest fees. Avoid platforms that add hidden charges through currency markups.
Is Revolut good for businesses?
Yes, especially for global freelancers or startups needing multi-currency accounts, though it may lack deeper payment gateway features like Paypal or Stripe.