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Nowadays there are millions of transactions happening everyday between individuals and firms across the globe. In our era of globalization the economic activity is happening internationally between all parts of the world. The most used services are global payment processors that allow you to send and receive payments from abroad. They make those transactions safe and secure and charge a fee depending the transaction size and volume.
The two biggest and most widely used services are Payoneer and PayPal.
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Paypal and Payoneer stats
PayPal was founded back in 2005 and has turned into the biggest payment service ever since. Payoneer was found in 2005 too, funded by Carmel Ventures, PingAn, Nyca Partners, Greylock, Crossbar Capital and others. It operates in 200 countries with more than 100 currencies but was recently restricted in India by the RBI according to some guidelines. They both support many countries so it’s not a trouble factor for you.
So what is the best one to use for freelancers and business owners?
PayPal and Payoneer fees
Payoneer charges less for each transaction than PayPal – $14.88 on average and the cheapest is $1.55. You can save around $5 per transaction of $100 there. Payoneer has lower conversion and exchange rates. On PayPal you are charged $5 per $100 and the as added transaction fee. The save is almost $3 on Payoneer and it works more smoothly. The funds are automatically converted into Rupees and transferred into your account and you’re getting an automated notification. The withdrawal limit is $9500 per day. On PayPal it takes more time as you have to manually initiate all withdrawal processes.
It will also take less time for funds to be transferred on Payoneer (within 24 hours) than on PayPal (3-5 business days).
For customers Payoneer benefit is the fact that you will receive a separate UK and US collections account, meaning you will have a virtual bank account there with complete privacy and control. You can use it to receive payments from customers who want to pay to their local banks for some reasons and receive the money in 24 hours.
Safety and Security: PayPal and Payoneer
PayPal is believed to be more safe and secure with all the recent hacking cases. PayPal is independent, public trading online company and is more safe than Payoneer.
Mobile Applications of Payoneer and PayPal
PayPal and Payoneer both have mobile applications available for download on iOS and Android.
On PayPal Mobile Application you can easily share money online by clicking on send button, manage and move your cash, enhance your security measurements, get access to your credit balance through home screen, check your funds location, use your friend’s coordinates to transfer money, pay in affiliated stores.
On Payoneer mobile application you can check your payment history, compare your balance with different countries, choose an interface language, receive referral program bonuses, and much more.
However, it’s always better to use both services for your customers convenience. The sign up is free for both. Payoneer has more benefits but PayPal is still the first choice for many people.