Payoneer is a popular merchant service that executes transactions for people looking to run a quick transfer.
It works mostly on the business-customer level, with options for businesses to send invoices on cue. Also, it forwards the invoices to customers directly instead of routing them through a facilitator.
Here is how the system works
You can forward your invoices to a customer who pays for the services and credits your Payoneer account. Subsequently, you either withdraw the money to your bank account or access them at any supported electronic card reader.
On the other hand, PayPal goes a step further than the company-customer route of Payoneer by offering POS services, sales tracker, and sales reports. There are other features on the Zettle POS run by PayPal, regardless.
However, while PayPal caters to over four hundred million people globally, only five million users tend to prefer Payoneer to PayPal (or use both).
Why is this so? Because of pricing or ease of use?
Besides explaining the pricing and app download process, we contrast crucial features between Payoneer and Paypal in this article.
Read on below for details.
Table of Contents
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Payoneer vs PayPal: Compare the Features
The first thing you notice about these two e-commerce techs is the dissimilar number of users. PayPal records 400 million, but only 5 million people use Payoneer.
Payoneer is also supported in at least 150 countries, compared to 200 countries using PayPal. Check the headers below for a glimpse at the covered areas.
- Stats for Payoneer
App has over five million users, who only need to provide a few details to signup o the app. Some of the required info include _
- Full name,
- Email address & Phone number (for receiving verification code),
- Data of birth, and
- Residential Address.
The user can upload bank account details if he chooses.
Moreover, Payoneer will require your ID to provide double-layer security and other info.
It supports Mastercard, which works for many international customers
Also, it supports Android and Apple, covering users in up to one hundred countries. Customer Support includes live assistance, on-screen prompts, and email messages.
Further, Payoneer users can use a range of currencies such as EUR, USD, CNH, AUD, JPY, CAD, and GBP.
As per transaction speed, Payoneer typically processes on an average of two to five business days, with options for instant services for a fee.
Payoneer also deserves the credit for vetting shady transaction requests, sometimes locking the account owner out of the service (point in case: it was instrumental in cutting off cash flows from Munich-headquartered Wirecard).
Now, we compare the stats for PayPal.
- Stats for PayPal
PayPal offers the same features as Payoneer, but with a few extras that include more currencies (HKD, HUF, NZD, NOK, CHF, THB, SGB, MYR, MYR, DKK, BRL, RUB, PHP, MXN, etc.) and integrations.
Also, it offers Point of Services and sales tracks.
Verdict
If the two apps paired off for ease of use for millions of users, their qualifying criteria would be the exchange rate adopted by each app. For instance, PayPal would charge 3.75% (as against 2% for Payoneer).
Notice that the features on each are almost the same. So, here is the comparison.
User Feedback _ favors Payoneer as the better of the two, with about 4.5 stars out of a total of 5. The fascinating twist is that only six percent (6%) of the users downvoted the app but only because of the vetting issue raised previously.
Speed _ both company maintains the same record speed.
Here is the call
If you want far-flung coverage, PayPal is more suitable for the task than Payoneer, especially when the user can forego the exchange costs. However, the latter saves money for users by charging per transaction description and deducting small money to run transfers.
Check the pricing below.
Payoneer Pricing
Note:
The app offers great value in many ways. For example, it costs nothing to send or receive money through the app, provided the user on the other end is using the app. Also, the same applies to integrated networks like various Airbnb features.
However, it charges 3% for credit card transactions between Payoneer to non-Payoneer accounts.
If your account has been dormant for a year, you could be debited $29.95 on the twelfth month.
Also, it charges 0.5% for users trading currency disparities on Payoneer apps, while transfers to local banks cost $1.5 and 2% for domestic and foreign currencies respectively.
On the whole, the company offers better pricing than PayPal.
Any Alternatives?
PayPal is a likely alternative to the app, especially because of the POS and miscellaneous services it offers.
Moreover, you can use Stripe or Venmo, depending on the transaction you want to run.
See how to download the app below.
Download the App
Payoneer is available on Google Play Store and Apple Store. Here is how to download it.
- Open the Store on your mobile phone.
- Search “Payoneer – Global Payments Platform for Businesses” (with Payoneer Inc. in subscript).
- Click on Install and finish setting up the app on your PC or mobile phone.
One of the best benefits of the app is that it doesn’t deduct fees for transfers between app users. It records an easy win paired off with most apps offering similar services.
Additionally, it offers a two-step verification process to provide adequate security for users.
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