Top Rating: Best Alternative For PayPal In Nigeria| (Flaxx.co) 2022 Update.

Over the years, far back in 2019, PayPal was sensational news for anyone who wished to receive payments from abroad in Nigeria. but right now, the best alternative for PayPal In Nigeria isn’t far away. As you know, The platform was globally recognized and brought a breath of fresh air to digital creators, freelancers and various online entrepreneurs all over the world, most especially in Nigeria.

The payment portal was founded in 1998 and overtime, grew to become one of the most commonly used online payment platforms in the last two decades. It has a way of taking out the inconveniences associated with using paper money or checks, as you can do a lot through its online payment Portal.

It is recognized as one of the most trusted online payment solutions, many businesses offer PayPal as a payment option on their websites to encourage sales.

But,

Currently the PayPal Service isn’t available to Nigerians anymore ever since we were taken off their list some years ago and those that have tried using the service despite being banned has lost their hard earned money in the process

I know of a friend who lost a whole $1340 while trying to use PayPal after it was banned, omo, my guy cried blood in full bucket because that was all he had for that month

Despite this fact, Papal currently has over a million active users excluding Nigeria and some other countries and the good news here is; there is an alternative to PayPal, these guys partner with them to give the best possible service to the common Nigerian man.

In this blog article, we will be exploring the best alternative for PayPal currently in Nigeria, and look into the PROS and CONS to enable you make better money decisions.

Top Rating: Best Alternative For PayPal In Nigeria| (Flaxx.co) 2022 Update. 

But before we get into the best alternatives, it’s also important to have a working knowledge of what PayPal is and how it works. Understanding its basic use will allow us have a better view in evaluating our alternative. So let’s dive in!

PayPal acts as a digital wallet. You can store credit card and debit card information in your account to make payments online and frequently pay by storing bank account information in your PayPal account. These different payment methods which are stored in your account can be used for shopping online at any time.

The security, speed of transactions, and PayPal rewards are the top biggest selling points of the company. The security aspect is especially important. PayPal emphasizes its high security when you give your information to them, and how they keep your details secure when you make online payments.

They have a safer route rather than providing your name, email address, living address, and credit card information on all the sites you purchase from. Your bank account information is also secured within PayPal, decreasing the likelihood for your information to get stolen. PayPal also offers in-store payment options for users.

PayPal can help you exchange cash with other individuals or donate to charity. They also have diverse uses for businesses which can accept PayPal as a payment method on their e-commerce sites and even implement PayPal invoicing features if needed.

The business features of PayPal are widely used, which is part of what makes an account valuable for consumers. According to its website, 19 million merchants use PayPal to help grow their business. It’s a versatile platform used by many, as the merchant account numbers indicate.

Here is a key takeaway: PayPal is a digital wallet that allows you to quickly and securely accept and make payments online.

Here are some PROS and CONS to having a PayPal account…

PROS OF USING PAYPAL

The following are the advantages of using PayPal:

1. Secure Means of Payment

As I said earlier, PayPal has established the following security measures to protect customers who opt to pay with its service:

1. Doesn’t share sensitive payment details with sellers
2. Has round-the-clock monitoring of transactions to constantly monitor unusual events
3. Uses latest encryption technology to secure transactions from the beginning
4. Offers fraud prevention by enforcing its policy of not asking for sensitive information via email
5. Provides dispute resolution for any customer who wants to complain of unauthorized or incorrect transactions
6. Has purchase protection for customers who make purchases using PayPal and for payments made on its website. PayPal offers to reimburse clients the full purchase price they paid plus any original shipping costs, as long as they fall within the appropriate terms and limitations.
7. PayPal logo on your eCommerce store can help increase conversions by 28 percent.

2. Diverse Financing Options

PayPal offers loans to its business clients to ensure they always have access to cash needed to expand their operations. Aside from this, They also gives its clients’ customers a credit line they can use to “buy now and pay later.” That option alone makes businesses more attractive and helps drive more sales.

3. Mobile-friendly Payment Solutions

PayPal offers mobile-friendly payment solutions for small businesses looking to increase their conversion rates on mobile devices. Whether the business has its own store app or a mobile-first/mobile-optimized website, customers can log in to their secure account to make payments without having to leave the seller’s website. This added security puts customers’ minds at ease so that they can complete their purchases.

CONS OF USING PAYPAL

Here are the disadvantages of using PayPal for business or personal use:

1. Popular Target To Hackers & Scammers

PayPal consistently ranks among the most popular targets for phishing scams. According to a cyber-security, They hit its peak in 2019, recording a phishing increase of 111.9% year over year.

And while it has slid down to the eighth spot in rankings, the threat remains high with PayPal experiencing a 305% increase in the first half of 2022. The sensitive information on an account makes it attractive to hackers and scammers.

As an alternative, we recommend Flaxx, a payment processor with advanced security features that includes customizable payment risk level scores, secure data migration, and online identity verification for every process.

2. Customer Service Needs Improvement

Small business owners will find that the majority of negative feedback about this payment portal is connected to its quality of customer service. Complaints vary from lack of support for fraudulent transactions to slow response times when resolving disputes.

While PayPal’s customer service is available via phone, email, and social media platforms, users still report unresolved issues that directly relate to poor customer service.

As of this writing, PayPal received a score of 3.7 out of 5 from around 900 account holders rating their experience of the customer service. Majority of complaints revolved around the poor service they received while asking for assistance over fund freezes and account holds.

For a solution with 24/7 support, consider Flaxx, They have a 24/7 customer service attendant on the phone and responds to quires through calls, emails and social media accounts.

3. Seller Protection Policy Doesn’t Cover Digital Goods

The company’s seller protection policy shields small business owners from costs related to unauthorized transactions and undelivered merchandise. However, this is only for physical goods, which is of great disadvantage to online merchants.

4. Popularly Known for Frozen or Delayed Funds

Regardless of who’s at fault, any dispute raised by either the buyer or seller can result in PayPal limiting the merchant’s account. Accounts may be frozen and refunds or returns may be delayed until the issue is resolved. And on most cases, it’s always forgotten and put away

5. Confusing Transaction Fees

PayPal’s transaction fees are widely varied and rates differ per use case. At a long run, users end up being confused and making the wrong move which either gets their accounts freezed or suspended

6. Considerable Charge-back Fees

A charge-back is a reversal of charges after a purchase, typically initiated by customers when an item is lost, delayed, or not up to their satisfaction.

Chargebacks can be costly, especially if you are a business using PayPal. With their service, a chargeback results in a $20 penalty per transaction on top of returning the customer’s payment and losing the costs invested into shipping, documentation, and transaction fees.

7. Expensive for International Payments

On top of its standard domestic rates, PayPal charges a premium of 1.5% per transaction when accepting international payments, including donations and for charity.

Additionally, they also charge an average of 3% to 4% spread on top of the current exchange rate for any transaction involving currency conversion. This is admittedly pricey, but there are not a lot of competitors out there that offer international payment processing to as many currencies as PayPal.

If your business involves a high volume of international transactions, consider switching to Flaxx. Its charges are relatively low for international payments, the cost for currency conversion is only 1%.

Now that we are done evaluating likely outcomes of using a PayPal account, here is my recommendation for an alternative. Flaxx is fast, easy, reliable and relatively cheap, they deal and exchange at the Nigerian black market rate, they are most definitely guys you should look out for when it comes to international payment processing here in Nigeria

Flaxx Features

• Works well with PayPal, Payoneer, and Amazon

• Virtual Account for PayPal Verification and International Payment

• Accept credit and debit cards, Alipay, Applepay and so much more

• Works well with other freelance services like Upwork and Fiverr

I have tested the website for myself and everything is functional. The USD account here can be used in withdrawing funds from PayPal, Payoneer, Amazon, Upwork and Fiver. Like Grey and Payoneer, creating a virtual account is free, and you only need to prove your identity in four easy steps.

You can also link this virtual account to PayPal or Payoneer so that you can withdraw your funds at the black market rate. I guess everybody knows Payoneer’s rate is very low. The rate right now will be about NGN430, which is the official CBN rate. If you still withdraw from Payoneer straight to your Naira account, you are losing a lot of money and leaving out the better part on the table.

How to Register for a Flaxx Account

To register and verify your Flaxx account, follow this process,

1. Go to https://Flaxx.co
2. On the left side corner, click on the three lines and choose Register
3. Provide all your necessary details, including your Full name, email, Phone number and password.
4. When you are done, click on create an account. Then the website will ask you to verify your email address.
5. An OTP would be sent to your email to verify, input the OTP code and click on Verify. You will be verified immediately and your account will be activated successfully
6. And there you have it, your account would be ready, you can simply login with your email and password to complete your KYC. They trade with the black market rate and receives deposit at zero cost.
7. After ID verification, you can request virtual cards. You can request GBP, USD, Euro, and Naira bank accounts. Your USD account will be given to you immediately you request for one.

Conclusion

Flaxx is currently the best alternative to PayPal for Nigerians. The account can be linked to your PayPal for withdrawal, and you can also use it as your payment method for other platforms that request international payment.

It works so well with USD, Euro and GBP bank account as well as a 24 hour customer service. I hope you had a good read, if you have any questions or doubts, let me know in the comment section below.

I would definitely love to hear from you.

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