PayPal vs Payoneer – Online Payment Systems

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PayPal Holdings, Inc. is an American Company operating a worldwide online payments system that supports online monetary transfers and serves as an electronic alternative to traditional paper methods like checks and money orders .Its counterpart Payoneer is a financial services company that provides online money transfers and digital payment services. The two are  giants in online payment but differ greatly on services they offer. Let’s set see the differences between the two.

 

PayPal

PayPal is accepted in more than 200 countries. It divides its services to target 2 groups; Individuals and Businesses.

Individuals

PayPal has over 200 M active accounts worldwide. PayPal supports various transactions for Individuals as follows;

  • Buy Online
  • Send payments
  • Request payments
  • Buy and sell on eBay

Why PayPal ?

       1.Safer and Faster

Paying with PayPal saves individuals from entering financial information every time they are paying. It only requires a password only. In addition it ensures Buyer’s protection for your eligible purchases. This means you can get your money back in case of failure by the seller to deliver. PayPal has you covered.

      2. Mostly free, always upfront

It’s free to open a PayPal account and buy something using PayPal unless it involves a currency conversion. There are no PayPal fees if you use your PayPal balance to send money in your own currency to friends and family.

      3.Simple and convenient

Pay online with your PayPal and skip entering your financial info. OR pay even faster with One Touch, stay logged in and check out without entering your password.

Businesses

There are over 7 million businesses around the world offering PayPal payment option.

     1.Get  paid on your website

PayPal enables your business website to accept PayPal and card payments from using checkout buttons to fully customized solutions.

     2.With online invoicing

PayPal provides free invoice templates that you can customize and send to your customers. It also provides the option to create your own invoices. Customers can pay easily in just a few clicks.

Payoneer

Payoneer targets companies and payees of companies. It doesn’t accept transfer of money from a personal account to another personal account.

Why Payoneer differs from PayPal

1. It doesn’t support transfer of money from an individual to another individual.It only accepts transfer of money from companies

2. It stands out by providing local currency accounts. For dummies or simply those who don’t get what local currency accounts are. These are virtual Bank accounts for other countries which you don’t have a Bank account in. They enable you to accept payments in more currencies. It’s useful to Individuals (mainly freelancers) because it enables them receive local bank transfers from companies and market places in the US, UK, EU, Japan, China, Canada and Australia directly to their Payoneer account.

3. Offers Payoneer card .In addition to the ability to withdraw funds directly from your Payoneer account to your bank account .You can withdraw funds from your Payoneer account from ATM’s that accept the Payoneer card.

Offers payment solutions for diverse markets

  • E-COMMERCE
  • ONLINE ADVERTISING
  • FREELANCING
  • VACATION RENTALS

Business

Send Global Mass Payments

Payoneer operates a flexible, tightly regulated, global payout platform. This enables you to automate your user payments flow, pay less for your transactions, access flexible online reports, guarantee the integrity of all your payment traffic, ensure your payments go through as planned.

Trusted Global Payment

Payoneer saves your business the headache of achieving and maintaining regulatory compliance. With Payoneer’s expertise in international payments it makes sure your transactions meet the requirements of every country you send money to.

Individuals

Get Paid By Companies from All Industries

  • airbnb
  • amazon.com
  • Cdiscount
  • CJ affiliate
  • fiverr
  • gettyimages
  • HomeAway
  • LAZADA group
  • Tradedoubler
  • Rakuten.com
  • Upwork
  • wish

Payoneer is accepted by many companies in addition to the above.

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