They are two strong competitors when it comes to paying or getting paid. In dilemma while finding the best Platform among Paypal vs Payoneer for making payments and withdrawing funds?
Let’s uncover the facts in this post.
PayPal and Payoneer are two reputable online payment services offering different Services. Both have been around for a long, allowing you to make or accept payments through Customers and Businesses.
Choosing one over the two is difficult. We will simplify this task by providing a detailed Paypal vs Payoneer Comparison.
Let’s see Paypal vs Payoneer and what these two online transaction services offer their customers.
Table of Contents
Overview of Paypal
It is an Electronic Commerce Company founded in 1998 under the name Confinity. It is rebranded to Paypal in the year 2001.
Paypal integrates with various business applications, and presently, it has over 210 million active users from all over the globe.
It is a combined Payment gateway businesses use to get payments for goods and services and send global payments out.
Freelancers, Vendors, Contractors, and other entities will directly get payment in their Paypal Accounts. Also, you can check some businesses that accept PayPal payments.
The Paypal MasterCard allows you to use a PayPal Account anywhere. It can also be used to send mass Payments across the globe through Paypal Payouts.
Paypal arrives with a Fraud Detection tool that protects your Account from existing and evolving threats.
The best thing about this platform is that anyone can send money through Paypal even if they don’t have an account on Paypal.
Sending money through Paypal is so simple. The steps are:
- First of all, enter the seller’s Email Address.
- Now, enter the Amount you want to send.
- Now type in your Payment Data.
- Tap on Transfer. That’s it!
Overview of Payoneer
Payoneer is a Financial Service brand that was founded in the year 2005. In New York, Payoneer is located in 200 Countries with the support of 150 Currencies.
This Service allows you to directly withdraw funds with a Debit card and send or receive funds domestically and Internationally.
This service lets users easily track their Account balance, payments, and complete transaction history.
Paypal vs Payoneer: A Detailed Comparison
1. Site Layout and Design
Out of them, PayPal has the best site design and layout. PayPal lists all the incoming and outgoing transactions and invoices on the homepage. All these link features will help the users to manage their Accounts easily.
Besides this, other elements like font, color, and website style make it user-friendly. On the other hand, Payoneer has a fundamental design that only provides a few features like PayPal.
Often users need clarification about how to access the inner features. Besides this, users do not find transaction history on the homepage.
2. Account Setup
Creating an Account on PayPal is damn easy. You can easily create an Account just by using your email ID. As soon as you enter the details, the account gets approved instantly.
The Account gets verified when you link your Bank Account and tax ID with their PayPal Account. On the other hand, the Account setup procedure of Payoneer is quite tricky.
Users need to provide their bank details while signing up. Since Payoneer has high security, the Account may take several days to get approved.
3. Receiving Money Procedure
We all expect to receive money faster while using the online transaction method. PayPal users get the money instantly into their Accounts when the sender sends it.
On the other hand, Payoneer loads the money to the receiver Account instantly. However, loading the money on the Sender Card may take several hours and sending it to the receiver.
4. Sending Money Procedure
The sending money procedure on PayPal is instant. However, the service only allows to send money in some countries.
In that Country, users can only send money using the cards linked to their Account. Also, it does not allow holding/storing funds in PayPal Accounts. You can use Paypal Alternatives in that case.
On the other hand, Payoneer users can only send money using Payoneer Mastercard. However, this card is only available in some of the Countries.
5. Fees Structure
The fee Structure is the most important factor when deciding which Payment method to choose. Which one to choose entirely depends on the preferences.
While some people prefer faster transactions at whatever fees, while others want that money gets transferred at cheaper rates even though the process is slower.
Since the transfer service is fast, users must pay high transaction charges while sending, receiving, and transferring funds through PayPal.
Conversely, Payoneer is a very cheap Online Payment Service that collects fewer fees for its services.
6. Service Availability
When choosing the best Payment Service, it is essential to consider its availability. The PayPal service is available in about 200 Countries with the support of 25 Currencies.
On the other hand, Payoneer Service is available in 200 Countries with the support of 150 Currencies. So Payoneer wins here.
7. Security Features
Since all the transactions are encrypted, PayPal is a positively secure Payment Service in the World.
The only problem with PayPal is that if a credit card is linked to your Account, anyone who knows the PayPal Password can easily log in to your Account using another computer and make transactions.
On the other hand, Payoneer is a more secure platform. Even the Account holder will need help to get complete details about the Account. If someone tries to log in using a new device, they need first to verify it.
8. Currency Conversion Fees
Many Online Payment Services are processed in USD. So it would help if you changed them first into the local currency.
PayPal deducts 2% to 4.4% when the currency conversion is done before the transfer. On the other hand, Payoneer deducts only 2 percent. Thus, Payoneer is cheaper the PayPal.
Which Service is Used by People the Most?
While selecting any one Payment procedure out of two, it is essential to determine which Service people prefer out of two.
PayPal is the largest Online Payment Service, with over 205 Million Active users worldwide. Despite low transaction charges, Payoneer has only 4 million active users worldwide.
Paypal vs Payoneer: Side-by-Side Comparison
|Support||iOS/ Android||iOS/ Android|
|Currencies Supported||AUD, BRL, CAD, CNY. CZK, DKK, EUR, HKD, HUF, ILS, JPY, MYR, MXN, TWD, NZD, NOK, PHP, PLN, GBP, RUB, SGD, SEK, CHF, THB, USD||
USD, EUR, GBP, CAD, AUD, JPY, and CNH
|Availability||Over 200 Countries||Over 150 Countries|
|Receiving Cost||2.7% to 2.9% plus a fixed cost||1% via ACH, and 3 % via Credit Card|
|Sending Cost||2.7% to 2.9% plus 30 cents for each transaction||1% via ACH, 2% via other banks, 3% via Credit Card|
|Card Fees||$4.95 Monthly||$29.95 Annually|
So this is all about PayPal vs Payoneer.
PayPal is the most widely used Online Payment Service that is used to send or receive payments instantly. People are adopting this service despite charging higher transaction fees due to its features.
Payoneer is another good Online Payment Service that has a good user base. Despite being the cheapest and most highly secure service, the platform has no user-friendly interface.
On the whole, both these payment methods are accepted worldwide. So people can choose based on their preferences.
Thanks for reading about PayPal vs Payoneer!!