When it comes to online payment platforms, Payoneer vs. PayPal are two of the most popular options on the e-market. Both platforms are globally friendly and if you work with clients overseas, then either of them would be a good option for you.
Both Payoneer and PayPal have their unique advantages and disadvantages, and it is important to understand how they are different from each other before making a decision on which one to use.
It is on that note that this article will talk about Payoneer and PayPal respectively and walk you through the differences and similarities between the two of them.
Now to get started, let’s talk about these two platforms independently!
Payoneer vs. PayPal
Payoneer is an online payment platform founded in 2005 by Yuval Tal and Ofer Simon. The company is headquartered in New York City and has a presence in over 200 countries, supporting five currencies. Whether you are a business owner or an individual, Payoneer provides a convenient and secure way to send and receive payments.
Like the former, PayPal is an online payment platform that allows users to send and receive money. It was founded in 1998 and is headquartered in San Jose, California. PayPal has a long history and is one of the most popular payment platforms in the world. Like Payoneer, PayPal offers a range of features, including mobile app access and mass payouts. you can click here to learn more about PayPal login.
Similarities between Payoneer and PayPal
This section will explain in detail the features that make the two apps similar.
- Mobile app access: This is an important feature for Payoneer and PayPal. The Payoneer mobile app allows users to manage their accounts, view transactions, and send and receive payments. The PayPal mobile app offers similar functionality and additional features such as bill pay and PayPal credit. Both apps are available on IOS and Android devices.
- Currency conversion: Both payment platforms offer currency conversion, which allows users to send and receive payments in different currencies. However, Payoneer offers a wider range of supported currencies than PayPal, and the exchange rates of Payoneer are generally more competitive.
- Mass payouts: both platforms offer the ability to make multiple payments simultaneously, which can be a huge time-saver for businesses or individuals who need to send payments to multiple people. However, Payoneer has a more modernized process for mass payouts, making it easier to use for large-scale payments.
Differences between Payoneer and PayPal
This section will cover the features that make both platforms different.
- While both platforms offer the ability to make payments at once, Payoneer has a more efficient process for mass payouts, making it easier to use for large-scale payments.
- Although both platforms offer currency features, Payoneer offers a wider range of supported currencies than PayPal, and the exchange rates of Payoneer are generally more competitive.
- Both platforms take security seriously and offer encryption and fraud protection to keep user data safe. However, PayPal has a stronger reputation for security and has implemented additional security features such as two-factor authentication.
- Regarding acceptance, PayPal has significantly greater acceptance than Payoneer. The former is accepted by millions of businesses worldwide, making it one of the most widely accepted payment platforms. Although, Payoneer is growing in acceptance but is still not as widely accepted as PayPal.
- Customer support: in terms of customer support, PayPal offers 24/7 customer support, while Payoneer’s support while Payoneer’s customer support is more limited in terms of availability and response time.
- With Payoneer, you can send money to other Payoneer users for free. With PayPal, you can only send money to other PayPal users for free if they have a PayPal balance. Otherwise, you will be charged a fee.
- Payoneer offers a prepaid card, while PayPal does not. Payoneer’s prepaid card can be used to make purchases online and in-store, and can also be used to withdraw cash from ATMs. PayPal does not offer that.
- PayPal’s currency exchange rates are less competitive, compared to Payoneer.
- With Payoneer, you can receive money for free from other Payoneer users, or for a small fee from external sources. PayPal charges a fee for receiving money from any source, regardless of whether they have a PayPal account.
In summary, while both platforms are great options for sending and receiving money internationally, it is important to note that choosing between the two depends on your needs as a business owner or individual when it comes to getting paid by customers overseas. Each platform has both its advantages and disadvantages which should help you pick one or both.