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PayPal Competitors That are Worth a Shot

For years, PayPal has had pretty close to a monopoly on internet spending. In case you are not aware, PayPal is an internet service that allows people to transfer money back and forth between bank accounts in a completely secure way. Of course, PayPal does charge a nominal fee for each transaction that is made, but for many that convenience is worth the fee. Yet, just recently there has been a host of competitors that have challenged PayPal’s supremacy in the market, and they are beginning to pick up steam and take customers away from the service. These competitors have a long way to go, but they are offering new services and different strategies to set them apart from PayPal and to attract a new customer base that is not interested in what PayPal has to offer. Here is a list of some PayPal competitor that are definitely worth a shot:

Competitor #1. WePay

This service performs all the functions that PayPal does, but it has lower fees in order to remain competitive. The reason why PayPal is so successful is because they were there first and people are just more familiar with it than the competitors. But, lately WePay has stepped up their marketing and really trying to take away some of PayPal’s customers in the process. Another thing that makes WePay worth giving a try is that its interface is easily manageable and allows people to integrate it into their web sites in order to make transactions more convenient and easier to manage when compared to the seemingly old-fashioned way in which the PayPal interface works.

Competitor #2. Square

This is one of the newest competitors on the market, and it is really making a case to put PayPal out of existence. One reason why PayPal is in such danger of becoming an internet dinosaur is because PayPal rose to relevance as the primary payment option available on eBay, but eBay is becoming more and more irrelevant by the day as Amazon and other sites soak up all the business. The only thing is that currently Square primarily only focuses on real world credit card transactions, which is not quite the same market that PayPal focuses on.

Competitor #3. BrainTree Payments

This site is going right after the PayPal demographic and it seems to be making some headway in that regard. The payment service is focusing on online merchant transactions, which has always been PayPal’s bread and butter. This service is seeking to streamline payments in ways that PayPal has neglected because it has never had competitors to challenge them on the matter.

Kelly is a freelance writer for a wide variety of community newspapers, regional magazines, financial web sites and blogs. His writing can be read all over the country and usually revolves around the issues of insurance, mortgage, and credit info.

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