If you are an affiliate blogger or a marketer then sending and receiving funds are the most crucial part of the business. Due to advanced technology, business is not limited to local areas, it is expanded to overseas. So today we are going to find out Payoneer vs PayPal and which one is the best for sending and receiving money in 2020?
In every business sending and receiving funds are the most delicate and important parts. As the transaction has to be done on the internet, this exposes the business to the risk of online fraud and hacking.
So, a secure and reliable payment system is required for doing a successful business on the internet. thanks to the advanced technology, it has made possible for business owners to securely and easily send and receive funds from one country to another.
Paypal is the first name that pop-ups when the overseas transaction comes into mind. Why it shouldn’t, PayPal has made every affiliate bloggers, marketers, and small business owners’ life very easy and profitable.
Paypal is an electronic fund transferring service and there are many other services available on the internet. but PayPal holds the first place. It has been in the market since 2005 and is making the online fund transfer simple and secure. However, nothing in the world is 100% perfect. Everything has some disadvantages.
While on the other edge, there is the fastest emerging electronic payment system Payoneer. It is growing rapidly among the owners for transferring their funds overseas. So the question arrives, which one is best for fund transfer in the year 2020?
We are going to research Payoneer vs PayPal in deep to find out which ones are the best?
Paypal: The #1 Choice For Internet Marketers
Paypal is an American company that serves as an electronic fund transfer service overseas. It replaced the old traditional method of sending and receiving payments like papers and checks. It was founded in 1998 by Elon Musk.
Paypal is built for online vendors, affiliate bloggers, freelancers and anyone who does online business. It has made the process very simple and reliable for online merchants to accept payments without fear of scams.
Paypal is the most popular method of overseas transactions because of its amazing features and security. It is a quite well-reputed company in the world that has top-notch security for making every transaction secure and fast.
Paypal is used in more than 200+ countries and supports over 100 currencies for sending and receiving money. However, there are some processing fees and conversion fees for the transaction.
This fee is a very small fee which includes all the processing charges like currency conversion and their fee. The fee is only applicable for overseas payments and it is free for local transactions.
In PayPal, you can link your local bank account or credit card to make direct payments to the merchants in a few clicks.
Payoneer: Another Best Online Payment Solution For Internet Marketers & Freelancers
Payoneer is an online fund transfer service company in the same ways as PayPal. It was founded in 2005 by Yuval Tal. the users can send and receive funds from their e-wallet to overseas merchants or clients.
Payoneer is a fast-growing B2B payment system in the world. their services are provided in 70 languages in over 200 countries with 150 currencies support. So there is no place where you cannot send payment or receive it.
Payoneer works in a bit different manner to PayPal. They offer faster payment processing and includes a lot of amazing features. Payoneer provides you the US, UK bank account for receiving payments to that account from local users.
Then you can transfer that payment in your local bank account or you can load it in a Payoneer debit card. It is a prepaid debit card which means you have to first load money in it to use it for shopping or paying to merchants.
Payoneer is a widely used method by companies like Fiverr, Amazon, Upwork and many more for payout to their employees. It can also be used by bloggers for selling membership or by eCommerce websites to sell products. it is very simple to integrate on any website and start receiving money in the bank account.
Payoneer vs PayPal
Paypal is the leading email-based money transferring system. The user doesn’t have to fill all the bank details, it can be done via email. so the user’s information is not shared with the merchant while paying.
Recognized Payment System
Paypal is a very popular system for overseas transactions. Because it was built for providing a secure and easy online payment system for everyone. Now, people don’t have to use the old fashioned way of transferring funds which were slow and not reliable.
It is used by everyone who does an online business overseas like e-commerce websites, B2B merchants, freelancers. So it has created a common ground for doing online business securely and fast.
Paypal allows the merchants to send a professional invoice for their products and services. This makes it easier for the buyer to trust the merchant. There are different types of templates for creating a professional invoice.
For e-commerce websites, the online payment system is very important. PayPal is very simple to integrate with the website. once the system is set up then the merchant can easily receive payments in the bank accounts.
Works With Credit/Debit Card
You can shop anything from international websites with PayPal. You don’t have to load money in the wallet to shop. The credit and debit cards can be linked to the account. After that, you can purchase any product in a single click. This makes shopping secure and faster.
Payoneer is the another best online payment service via email. they provide complete security for online sellers and buyers. The overseas transaction is very simple and quick. It is being used by many big companies like Fiverr, Amazon, Upwork, Google for sending payments to their employees and partner program members.
Payoneer made the work of bosses very easy. As they offer the feature to send all their employees in a single transaction. While it would take days to send payments one by one. But with the mass payout, you pay all your employees in one click.
Business to business market is growing very rapidly. Payoneer allows the merchant to send and receive single payouts directly in the local bank account. Also, the fund is processed within 24 hours of initiation. So the merchant doesn’t have to wait for days for the money. That is why it is very popular among B2B merchants.
Easy To Integrate
With the Payoneer API, the merchant can directly receive payments on their local bank accounts. API implementation is very simple and fast. with the Payoneer, there is no need for a landing page for payment processing. All the things will be done by Payoneer to provide safe transactions.
US/UK Bank Account
Payoneer allows you to create a UK/US bank account for receiving funds. Some users prefer paying via bank accounts. With the help of the bank account, the merchant can receive payments from local users.
Payoneer vs PayPal
For a user, the first concern in online transactions is security. Because who likes to lose their hard-earned money. so these two companies have advanced encryption for the data and transaction.
Paypal is the #1 electronic payment system because the system is fully encrypted. That means no third-party can see and manipulate the on-going transaction. Paypal offers protection to the seller as well as to the buyers.
in the seller’s protection, if a user claims that he/she not have received the item. Then under the seller protection, you can do a reversal, chargeback. While under buyers protection, if you don’t receive the product or gets a damaged item then you can get the money refunded. However, there are some terms and conditions that should be read carefully.
On the other side, Payoneer spends a huge amount of money on security. This makes it the most secured fund transferring system. There are not many attacks on Payoneer as compared to PayPal. But still, it gives priority to the security of the user.
Getting payments faster in the bank account is very beneficial for merchants. So that money can be used for other purposes. So the second most important factor is the speed of fund transfer.
In PayPal, it takes around 3-5 days for the money to arrive in the bank account. it can take longer if the holidays come in between. The withdrawal process is done automatically daily. Manual withdrawals can also be initiated.
While in Payoneer, the funds take only 24 hours to send into the local bank account. the withdrawal process is automatically done. You also have the option to load the fund in Payoneer prepaid debit card. The debit card can be used anywhere in the world for shopping and withdrawals.
Paypal doesn’t charge for creating an account. they only charge you when you receive money. they charge a small percent of the fee for providing buyer/seller protection, conversion fee, and processing fee. The fee on the business account is 2.5%+ fixed fee. The fixed fee is based on the currencies received.
While in Payoneer, the user can save up to 71% fee on every transaction. There is a lot of difference in PayPal and Payoneer when it comes to the fee. Payoneer is a low-cost online service. That is why it is growing rapidly among the merchants and companies. The processing fee and conversion fee is very less as compared to PayPal.
Paypal and Payoneer both support over 35+ languages and over 200+ countries. The transaction is possible for every type of currency. They allow transactions in around 150+ currencies. Checkout PayPal Supported Countries here.
They both provide great customer support all over the world. service centers are available in many locations and still growing. However, still PayPal is not working in some countries. The support teams are pleased to solve any query or problem in no time.
You can connect with the support via phone call, email or chat. Whatever you feel comfortable.
Paypal and Payoneer, both have their mobile app. The application is available for android and ios devices. The mobile app is very useful for keeping a track record of all the transactions. The user can easily check for the successful transaction in a few clicks.
the security of the mobile app is very advance. The user can use a fingerprint for easy login. It also checks for the unauthorized device and alerts the user.
However, in the mobile app, the only basic tasks can be done. For advanced tasks like initiate, a withdrawal needs to be done from the website.
Conclusion On Payoneer vs PayPal
We saw two of the best online payment services in this article (Payoneer vs Paypal). now, the question arrives, which one is we should use?
The answer is a bit difficult because both of them are best on their own. However, they have some differences which we can compare. Like receiving funds on PayPal charges more fees than in Payoneer.
This is because PayPal provides buyer/seller protection while in Payoneer there is no such thing. so this increases the overall fee. However, it doesn’t mean that Payoneer is less secure. They have their security policies.
It is just receiving funds on Payoneer is faster and low cost. You will save about a 71% fee on the transaction. So if you have the option to receive payments via Payoneer then get it. Otherwise, Paypal is the best option.
Also if you always need your payments faster than go with Payoneer. If speed and fees are not a concern then use PayPal. Both are the most reliable services for sending and receiving overseas funds.
We recommend you to use both. you can use Payoneer whenever you have the option and on other situations use PayPal. Also read their charges on different accounts to take full benefits of their services and save some money in your pockets.