Which Stripe Competitor Will Fit Your UK Business Needs?

1. Tipalti
2. PayPal
3. Trolley
4. Payoneer
5. Revolut
6. Wise
7. Standard bank transfer with your own bank

As most UK businesses move from paper to digital, the way we send and receive payments is changing. Online payment processing has become a popular form of transacting, giving customers the ability to easily pay with a debit or credit card. 

Stripe offers all-in-one payment processing that has helped build the infrastructure for facilitating digital transactions. Small businesses across the world use the open Stripe API to customise their own payment gateways, while Stripe earns a fraction of every transaction. 

As a PCI Service Provider Level 1, Stripe payments are always safe. Thousands of big brands use the platform including Lyft, Reddit, and Instacart.

Stripe is best for online credit card processing and works with Visa, Mastercard, American Express, and Discover. It’s a scalable platform that’s easy to implement and allows a business to partner with a multitude of e-commerce platforms. 

Stripe Top Features

• Payouts: Users can request instant payouts 24×7, including weekends and holidays
• Subscriptions and Invoicing: Build and scale recurring business and expand revenue
• Issues Cards: Create, distribute, and manage physical and virtual spending cards
• Compliance: Stripe holds global money licensing in every region you operate
• Built-in Reports: Use built-in reports or feed data into other tools using the API

Pros

There’s a good reason why a vast majority of small businesses use Stripe as their payment processing platform. Some advantages include:

• Very affordable with no extra fees for PCI compliance
• Flexible customisation with an open API for developers
• Users do not need to sign up for a monthly subscription
• Top integrations and digital wallet

Cons

Stripe has just as many disadvantages as it does benefits. Consider some of these:

• Stripe can freeze, hold funds, or shut an account off completely due to suspected fraud
• The platform is not a single processor for both offline and online payments
• Stripe does not support PayPal in any sense
• Standard pricing for all credit card payments means it’s costly for a high-volume business

Since there is never a “one-size-fits-all” when it comes to selecting a payment processor, business owners have a lot of options to choose from. Stripe is not the end-all-be-all. Write down your top five business needs and consider these best Stripe alternatives:

7 Best Stripe Competitors: Key Features, Costs, and Pros & Cons

Tipalti

Tipalti is an end-to-end accounts payable automation platform that offers large-scale payments management. The system is designed to reduce 80% of your workload, and can help you simplify every step of the purchasing and payment process.

With Tipalti, businesses experience a remarkable 66% reduction in payment errors and achieve a 25% acceleration in financial closures, significantly enhancing control over expenses and financial operations. No matter your transaction volumes or business model, the developer-friendly platform has a global reach.

The versatile platform processes international payments using six different methods spanning over 196 countries and accommodating 120+ currencies. By leveraging Tipalti, enterprises can swiftly expand their payable operations, automating routine tasks and facilitating seamless global expansion.

Tipalti stands out as a premier provider of payables automation, offering a comprehensive array of features including tax compliance, foreign exchange (FX) management, a user-friendly supplier portal, automated expense management, corporate card integration, robust reporting capabilities, and advanced fraud detection. This is what positions Tipalti as a top contender among alternatives to Stripe.

Key Features

• Advanced AP automation with streamlined procurement, PO creation, invoice capture, reconciliation, fraud protection, mobile payments, and more
• Global and mass payments using six different payment methods to 196+ countries in 120+ currencies
• Fast, real-time integrations with your current tech stack, including ERPs like NetSuite, Sage, and QuickBooks.
• Mobile app with integrated expenses and global reimbursements for automated expense management
• Enhanced payment experience with capabilities for white-labelling and iFrame embedding

Cost

Tipalti offers transparent pricing with several different packages that meet your business needs. The Tipalti Starter plan is a flat-rate of £119/month and is designed to grow with your organisation. As operations expand, it’s easy to add to the user experience with advanced features like global tax IDs and multi-entity payables.

Pros

• Stellar communication, with an email and hassle-free chat feature within the system
• Intuitive supplier portal that’s easy to use and collects accurate data
• Several different payment methods, including ACH, wire transfers, PayPal, and local bank transfers—covering more regions and currencies than competitors 

Cons

• Online reviews state they could use more built-out reports
• Feature set may be overwhelming for smaller businesses or entrepreneurs who don’t require complex functionality
• Some limitations and issues with PO integration for certain companies

PayPal

When considering payment processing solutions, PayPal is likely among the first names that spring to mind. With years of experience in the online payments sector, the company offers versatile options for businesses to accept payments.

PayPal enables users to send and receive payments instantly, from virtually anywhere in the world. Additional features include invoice management, currency conversion, seller protection, express checkout, virtual terminal, and more.

The simple payment gateway service facilitates the creation of a hosted checkout page, while PayPal Here caters to in-person payment processing needs. Comparable to Stripe fees, PayPal provides a user-friendly experience and includes a free mobile app.

Key Features

• Cutting-edge encryption technology ensures protection against fraud 
• Online invoicing and payment options, compatible with shopping carts and express checkout
• Barcode scanning functionality and inventory management capabilities
• Convenient registration of customer cards for seamless checkout experiences
• Customisation options for invoices, pre-designed templates, integrations, and more

Cost:

PayPal’s current merchant fees vary depending on the type of transaction. For online payments, there is a fee of 2.9% plus a fixed fee, which differs based on the countries involved. In-store payments and credit card transactions incur a fee of 1.2% plus a fixed amount. QR code transactions under GBP 10 are charged at 2% (plus fixed fee), while those exceeding GBP 10 incur a fee of 1.5% plus a fixed amount.

Pros:

• Enables instant global payments with just an email address
• PayPal Here provides a simpler solution than Stripe for accepting payments in person
• Offers special discounts for selected retailers and startups sponsored by PayPal

Cons:

• Lack of a free trial option, and subscription management can be challenging
• Excludes support for certain currencies like the Indian Rupee
• Fees for transactions not made through PayPal can potentially double your expenses

Trolley

Trolley is a global payments system tailored for UK businesses. It offers versatile payment functionalities. This enables a business to put payment buttons and a lightweight shopping cart on any website, and send payment links directly to customers via email, SMS, or WhatsApp. It’s particularly suitable for online businesses (rather than in-person events). This may be a differentiating factor when comparing Tipalti vs.Trolley.

This system delivers a customisable payout experience to over 215 countries, boasting some of the industry’s most competitive foreign exchange (FX) rates. Through Trolley, businesses can streamline recipient onboarding, payments, and tax compliance via a unified dashboard.

Verify identity and build a best-in-class payments experience with service onboarding and support for 36 languages.

Key Features

• Streamlined end-to-end workflow for efficient payment management and collaboration
• Robust development tools and a flexible API, reducing time-to-market by 90%
• Ensures compliance with IRS and DAC7 regulations with support for 1099 and 1042 tax forms
• Scalable pricing model adaptable to business growth
• Global payout network with Swift wires, ACH, IACH, and EFT

Cost:

The processing fees for Trolley transactions are determined by payment method and volume. The Standard plan starts at £49.

Pros

• Simplified integration through APIs and widgets, enhancing ease of use
• Convenient tax form features and diverse payout options
• User-friendly interface coupled with responsive customer support

Cons

• Must use Trolley’s currency exchange systems and pay associated fees
• Potential delays in payments to recipients in certain countries
• Lack of visibility regarding whether funds have been deposited into the recipient’s account

Payoneer

Payoneer provides a global payment solution empowering businesses to manage international payments and send funds to multiple countries, using different payment options. 

The well-known payment gateway allows a business to establish a multi-currency account that has everything a business needs to make payments. (It also offers a point-of-sale (POS) card reader and checkout experience). This may serve as a differentiating factor when comparing Tipalti vs. Payoneer.

5 million+ users already trust Payoneer, which supports 70 currencies in 22 different languages. Users can pay from a Payoneer balance, credit card, or ACH bank debit. The brand also offers customers online sales support and a knowledge centre with detailed “how to” guides.

Key Features

• Easily pay on the go with the Payoneer mobile app
• Make batch payments up to 1,000 at a time
• 2,000+ marketplaces and networks for online transactions
• International transfers to anywhere with low costs
• Connects with accounting programmes like QuickBooks

Cost

Opening a Payoneer account and receiving payments from another Payoneer account are free. 

• Payoneer to Payoneer payments – No charge
• Credit card transfers – 3% – 5%
• ACH bank debit – 1%
• Payoneer to a local bank account – 1% to 3.5%
• eCheque payments – £1.50 to £10
• Mass payout fees – 1% to 2% 

Pros

• No set-up costs or monthly fees, and it is cheaper than the competition
• Simplified set-up process that takes just minutes
• No proof of entity is required to apply for the service

Cons

• Customer service responsiveness could be improved.
• Despite its widespread usage, acceptance on some platforms may be limited.
• Physical credit cards may not be available in certain countries.

Revolut

Revolut is a formidable Stripe competitor and payment processing service with over 40 million customers worldwide, in 140+ countries. Using the app, a business can hold up to 25 currencies and send money in 150+ different currencies. When comparing Revolut to Transferwise, this is about three times as many currencies as Wise.

The Revolut platform is protected by a 2,500-strong, 24/7 dedicated team. In 2022 alone, customers saved more than £200M in potentially fraudulent transactions. The software offers everything from multi-currency accounts to POS systems, API payouts, savings, currency exchange, and more.

The global payments service offers five different payment plans to choose from that enable a business to send money abroad and stick to the budget. Sending and receiving money can be as quick as texting a friend. 

Key Features

• Multi-currency accounts, allowing users to hold and manage money in multiple currencies
• Send and receive money internationally with low fees and competitive exchange rates
• Budgeting features, such as spending categorization, budget setting, and real-time transaction notifications
• Create savings goals and recurring billing; set aside funds in dedicated savings vaults
• Physical and virtual debit cards that support contactless payments

Cost

Revolut offers five different plans that depend on your business needs. 

• Standard Plan: Free
• Plus Plan: £3.99/month
• Premium Plan: £7.99/month
• Metal Plan: £14.99/month
• Ultra Plan: £45/month

Each plan offers different perks and benefits that range from in-app support to world-class travel.

Pros

• Helps to better classify and manage money transfers
• Easy to use interface with impressive design 
• No hidden fees with a straightforward way to send money

Cons

• May not accept all types of business and there are some restrictions
• It can be difficult to reach customer service and get a timely response
• Reported issues of synchronisation with some banks

Wise 

Wise, formerly known as TransferWise, is a recently rebranded global payments platform designed to equip businesses with all the tools necessary for international growth and operations. With Wise, businesses can conduct global money transfers at competitive exchange rates and effortlessly pay invoices in over 70 countries.

Businesses will often compare Transferwise vs. Payoneer, as these platforms are closely related. You can receive overseas payments without hefty conversion fees and streamline payments to up to a thousand recipients at once. Wise also simplifies the process of obtaining an IBAN, routing number, and sort code, consolidating all these essentials within a single business account.

Your team can make online and in-store purchases without incurring foreign transaction fees, and money transfers between accounts can be completed in mere seconds.

Key Features

• Invoice payments are 19 times cheaper than PayPal, requiring only the recipient’s email and bank details
• Simplify international payroll, employee reimbursements, and recurring payments with just one click
• End-to-end encryption partnered with top financial institutions like Barclays, alongside multi-currency banking options
• Withdraw funds from online sellers or trading platforms using your IBAN and other account details
• Debit cards available for business expenses in any currency, without foreign transaction fees

Cost

Registering for a Wise account in the UK will cost a business 45 GBP. The fees for sending money varies by currency but starts at .43% of the transaction. The same fees apply to converting money. The following fees also apply:

• ATM Fees over 200 GBP/month/account – 1.75%
• Account Funding transactions – 2%
• Wise Debit Card – 3 GBP
• Getting Account Details – 45 GBP
• Receiving Money – Free

Pros

• Ideal for frequent international transfers to individuals
• Offers cost-effective rates compared to banks and competitors like Western Union
• Enables money transfers without the need for a business bank account

Cons

• Supports fewer currencies than other alternatives to Stripe
• Some transfers may experience lengthy processing times
• Occasional issues reported with certain credit cards being accepted 

Standard Bank Transfer

A standard bank transfer, also known as a bank wire transfer, local bank transfer, or simply a wire transfer, also makes this list because it is the easiest method. You are already banking with them, so why move your money? 

This method involves electronically transferring funds from one bank account to another. It typically requires the sender to initiate the transfer through their bank, providing details such as the recipient’s account number, bank name, and routing number.

The transfer is then processed, with the funds debited from the sender’s account and credited to the recipient’s account. Standard bank transfers can be used for both domestic and international transactions, although the processing times and fees will change depending on the banks involved and the destination.

Cost

Costs will vary depending on your bank and region. It’s always best practise to call and make sure the exact rates before sending anything overseas. 

Pros

• Companies are already familiar with their banks and processes
• Your own bank will have robust security measures to protect transactions
• There may already be an existing relationship that facilitates things

Cons

• Banks typically charge higher fees for local bank transfers cross border payments
• Transfers can take a little longer depending on the type and region
• There may be limited currency options depending on the size of the bank

Honorable Mentions

These fintech platforms for credit card processing are also worth noting:

• Payment Depot
• Flagship Merchant Services
• National Processing
• Helcim
• Intuit QuickBooks

Summing it Up

Stripe has grown to massive proportions. In fact, the brand claims there’s an 89% chance any given credit or debit card has been used on their network. 

Pricing, customisation, functionality, and customer support are all things that make Stripe an ideal solution for payment processing. However, it is not—and never will be— the only solution.

As every UK business has dynamic needs, so reflects the payment processing market. There are many Stripe competitors out there that are a better fit for your business. It all boils down to your operational needs and the offerings of the platform. 

Consider some of the following when choosing a Strip alternative:

• Do we need a merchant account?
• Do we need to make global payments?
• Do we need a solution for e-commerce?
• ​What types of integrations do we need?
• How fast do payments have to occur?
• Are we making payments in bulk?

Additionally, you might want to look at the pricing model. Some brands offer a monthly subscription with a lower cost per transaction. Other platforms offer cheaper exchange rates for global payments. 

Once you have your needs in order, it’s easier to align them with the top features of a payment processing tool that will drive revenue and help your business grow. Ready to learn more? Get started with Tipalti today.