Payoneer Vs. Paypal : The money landscape has drastically transformed over the past years as more and more individuals prefer cashless exchanges and payments. Several solutions are acquiring a position in the market to encourage this procedure. When money is your concern, you only want the most steadfast payment processor.
Millions around the globe rely on two ultimate solutions – Payoneer and PayPal. With both platforms providing excellent services for money management, you may wonder which solution is better. When comparing the two, you may want to consider aspects like speed, service charges, security, etc.. Read this post to get a clear understanding of both.
Understanding Payoneer
Emerging in 2005, Payoneer has been an exceptional brand for financial services that offers an online platform to individuals to conduct account transfers internationally and domestically. The platform supports digital payments and delivers venture capital to clients.
Payoneer is a user-friendly solution that enables users to monitor their account balance, complete transaction history, and expenditures. You may also track the foreign financial figures and banking charges. The platform currently supports more than 200 nations with around 150 domestic currencies.
Companies like Google, Adobe, Amazon, Rakuten, Fiverr, Airbnb, Adobe, eBay, and Upwork utilize Payoneer.
What Is PayPal?
PayPal has been in the game since 1998 and has established itself as a safe online payment processor for money transactions. As a pioneering solution, it transformed the face of fintech and the digital method of paying. As a result, it earned recognition as a famous brand for processing payments.
With a low entry barrier, every business can open an account for the system. You must join your credit card, debit card, or bank account for this. PayPal also supports your shopping adventures and enables online purchases with compatible stores.
PayPal collaborates with countless business applications, including CRMs, accounting, etc. It is currently serving around 210 million users in over 200 markets.
What Is Better: Payoneer vs. PayPal
While PayPal and Payoneer are excellent payment processing systems, they may perform better than each other in varying aspects. Let us look at these factors to determine the best solution for you.
Security Compared to Payoneer, PayPal has been in the game for much longer and has a more expansive network. Both solutions are managed entirely as US MSB (money service business) and utilize point-to-point encryption. Payoneer has PCI DSS Level 1 certification to mitigate the chances of getting credit card details stolen or fraud.
Regardless, there have been instances where Payoneer suffered card fraud. PayPal offers security that surpasses encryption. It protects the chargeback and seller to the companies. In case of fraud, your PayPal account will instantly get the funds back. Conversely, it takes considerable time to clear the issue. Hence, if you are considering security, PayPal is the clear winner.
- Usability & Integrations
Payoneer offers seamless integrations with countless popular platforms, including Upwork, Fiverr, iStock, etc. Hence, Payoneer makes the process smooth if you wish to transfer money from such platforms. It also enables billing your clients by asking for payments using the platform for multiple currencies.
Payoneer’s support for multiple currencies also features the option to convert between different currencies without difficulty. Payoneer makes the ideal solution when buying products from Walmart, Amazon, or Alibaba.
Likewise, PayPal supports countless platforms and online shops like Wish, Airbnb, Amazon, etc. The platform observes changes beyond crypto and fiat currency transactions. It enables you to manage and pay your bills, establish saving goals, secure a loan, and more. has easy integration with both,
Therefore, while both payment processors deliver incredible integration solutions, PayPal’s usability surpasses Payoneer’s. PayPal offers more refined services and functionality.
- Transfer Fees
In return for the excellent services and convenience PayPal and Payoneer offer, they charge a certain service fee. With PayPal, every donation or purchase is free if you are not converting the currency. For merchants, the fee subdivision may differ for their commercial transaction accounts.
While this depends on your region, the charges vary from 1.9% to 3.49% of the transaction figure. In addition to this percentage, certain sales may obtain a fixed fee. The fee list also differs for cryptocurrency transactions.
For Payoneer, transactions between the platform’s accounts incur no fee, no matter the currency. When a user asks for payment from clients through Payoneer, the platforms only charge a 3% fee of the total transaction value.
Additionally, the charges of marketplace integration vary for different platforms and may require you to check the official sites for service fees. Payoneer also incurs costs for withdrawing from bank accounts and if you own their debit card.
As you can see, PayPal is much more complex than Payoneer, while the latter facilitates working and tracking your money.
- Transfer Speed
PayPal outdoes Payoneer when it concerns transaction speed. While Payoneer requires zero to three business days to fulfill transactions, PayPal only needs one to two business days. Hence, PayPal takes the clear win. Additionally, you can pay an extra fee if you want instant accessibility to your funds.
- Payment Limits
For first-time users, PayPal limits the one-time transaction to $4,000 without having an account. After this, users will need to create an account to conduct transfers. As a verified account holder, PayPal does not limit the amount you can send (in total). However, you can only send $10,000 all at once.
Contrarily, Payoneer lets you receive and send an amount of $25,000 every day. However, you can only send $50,000 and receive $100,000 per month. As a result, PayPal outpaces Payoneer with almost no limit on transactions.
- Customer Service
PayPal has been in the market for a long time and is a well-established, larger company. However, Payoneer still does better with its support teams. The company delivers round-the-clock, multilingual support via chat, email, and phone.
Contrarily, a significant portion of PayPal’s support and help center is now self-service. In terms of customer service, you can experience a few delays. Naturally, this is the case with every company that grows larger with time. As a result, Payoneer is a winner in delivering stellar support and customer service.
Conclusion
The final decision will depend on what your needs and goals are. PayPal offers incredible tools for your creative business needs but requires you to monitor additional costs with additional things. Payoneer works phenomenally for international transactions and massive payments. If you require a payment gateway, PayPal works better. So, whatever you choose, your business requirements will be the real judge.
