Paypal and Payoneer both are an online financial service provider that allow you to make & receive payments. If you are a blogger, freelancer or you have an online business and you have to make the overseas transaction then you have to avail these facilities. Now the debate is which is better Payoneer or Paypal.
Basic Difference:
Payoneer: Payoneer is a registered Member Service Provider of MasterCard Incorporated. Founded in 2005 and has it’s headquarter in New York City.
Signing up for Payoneer is totally free you just need to provide some information for verification once you finished this step you will be provided with your card which you will receive via email and now you are all set to go.
Payoneer does not charge you anything on Payoneer to Payoneer transfer. Payoneer is one of the fastest ways to avail your earning. Payoneer has a very good conversion rates also. If you withdraw money from ATM and with Payoneer you can easily access your funds at any ATM at anytime anywhere. Payoneer provides you with MasterCard and as I have mentioned above that it facilitates you with easy ATM access worldwide it also provides you with MasterCard facility so that you can easily make online transaction or pay with internet websites and you don’t even need to worry about if you don’t have any local bank account you can still use this card anywhere. Payoneer provides facilities to affiliates and online sellers using platforms like Amazon or eBay to receive funds and people who have a vast business and need to send funds in mass level to the professionals which is the best part.
PayPal: It is an American worldwide online payment transaction company. Founded in 1989 and it’s headquarter is in San Jose, California and United State. Signing up for Paypal is also free and then you just need to do the verification process in which you need to add your debit or credit card to the account and then PayPal will make 2 small payments and charge to your card as per your selected method.
Paypal charges you a certain percentage for every transaction you make. The currency conversion rate is also very high of Paypal. Paypal does not have any plastic card facility like Pioneer although you can attach your bank account to it so you cannot take out your money anywhere it is more a merchant facility and payment gateway method. Buying something online and paying for it with Paypal will not charge you anything only if currency conversion is not there.
Safety and Reliability:
One of the major concerns while making online and an international transaction is a safety. If you are using Payoneer service you have to be very careful while handling your account because Payoneer does not provide any refunds or dispute facility while Paypal have this facility If you get stuck in any fraud case or mistakes Paypal will open a dispute with the respective person and will also refund your money after deducting some fee. I have heard from many people that Paypal put your account on hold some time without any prior information and if it happens you won’t be able to use your account and your money gets stuck in your PayPal account. Later on, they will again ask you for verification and for that you need to submit some official documents and then you will be able to operate your account again and you will face these circumstances with Payoneer also but with Payoneer, it is very rare. So, in that case, Payoneer is more reliable.
Other Difference: Payoneer has the fastest service to local bank mostly within 24 hours, on the other hand, PayPal takes 5-7 days. Paypal is older than Payoneer so people have more trust in it despite of its so many cons. With Payoneer, you get a physical card (MasterCard) which makes your entire buying and selling process much easier. You can make payments for both online and offline while Paypal has some restricted places online and offline it has no money withdrawal facility.
Dashboard Interface: Both has very simple user-friendly and well-organized dashboard interface. If you have ever used these services you must know that all the detail information that you are looking for is well presented on the front page itself.
Payoneer Dashboard Interface:
Mobile App:
Payoneer:
Transaction and Payment History: This provides you the detail information regarding your payment and transaction.
Currency comparison: with this feature, you can check your account balance in any of the provided 20 countries.
Refer and Friend: this will allow you to participate in their referral programs.
Multi language: This app is available in 19 languages.