Payoneer over PayPal? An unbiased comparison!

If you are a freelancer, an online marketer or even a person who often indulges in purchasing online, then there is a 90% chance that you would either be using PayPal or Payoneer. So, for those of you out there, this article is definitely the one for you to comprehend why Payoneer is a better alternative than PayPal.

You might be a hardcore fan of Paypal but because it is more costly when it comes to international money transfers, Payoneer would be something worthy to consider. Believe me, the benefits outweigh PayPal making Payoneer one of the best payment gateways in the markets. It is currently used by Fiverr, Upwork, and Airbnb making it a credible gateway.

Since we really don’t have time to kill, let us see why Payoneer tops PayPal.

More savings with Payoneer

The best thing about Payoneer is that its’ conversion rates are of the market’s standard and only adds a 0.5% commission, unlike PayPal that uses its’ own conversion rate that they get from the bank adding a 2.5% margin which is usually bad for us customers and good for banks due to the large profit margin lying between. Not very favorable for transactions with larger amounts.

Due to PayPal’s atrocious exchange rates, it can no longer be considered as a good option for an exchange or international money transfers. This is one important aspect that can help you save more than you think which otherwise you will be losing when you use PayPal.

More security with Payoneer

Since money is the main object of transaction in this platform, safety is a key priority, particularly when trading globally. Payoneer is known to have taken some precautionary steps to aim for a safe and secure fund transfer experience that is an essential prerequisite when choosing payment gateways.

From verification processes to high encryption and documentation when applying for a MasterCard are all considered as proactive steps to ensure the safety of transactions and the safety of your personal information as well.

Paypal is noted to have a bad practice of freezing accounts with no reasonable explanation and they have also had cyberattacks previously which are not there in Payoneer further making it more reliable than PayPal.

Payoneer’s Affiliate Program

Unlike PayPal that does not have an affiliate program, Payoneer is on the top thanks to it’s Refer a friend affiliate program where you get added benefits like rewarding commissions. It is as easy as spreading the word and earning some cash!

Mobile App comparison

While both PayPal and Payoneer have apps that are supported by Android and iOS and the PayPal app is more comprehensive, Payoneer is more user-friendly as its features are very perceptive as that is what users really look into. It is multilingual with almost over 19 languages and also has its affiliate program and currency comparison that is all portrayed as very useful features.

Faster speed with Payoneer

Since we are speaking over here about global trade, being able to process payouts or even withdrawals at a faster and smoother pace is very essential and Payoneer outweighs PayPal in this aspect.

While PayPal takes about 3 days for fund transfers to process and transfer payments, in contrast, Payoneer is able to do this in a rapid 24-hour span since the entire complete process is automated.

Therefore, Payoneer is a great place for a simple quick efficient process and you can even receive money instantly through its master cards as well which is quicker, unlike PayPal which is more costly and slow.

24/7 Service

Do not worry if you have a query even at 3 am in the morning as Payoneer will always be available to clear doubts and issues. Paypal, in contrast, is very inconsistent in this aspect with their phone support. It all depends on your luck to get a knowledgeable expert or a baffled clueless one when you have a quandary.

On the other hand, Payoneer with its 24/7 multilingual support system aims to serve each user who has issues despite living in different time zones. After all, it is a global platform, isn’t it?

With Payoneer, you will always have Payoneer with a helping hand when in need!

Cons of Payoneer in a nutshell

Although Payoneer seems to be a better option than PayPal, it can never be a perfect place! so, one con that was often highlighted was the annual fee of almost $30 a year which is non-refundable. So if you are not planning to stick long and decide to leave midway, this is not the one for you.

Another drawback that was seen is that they don’t completely close your accounts when you decide to leave. Rather, they block and keep retain our bank details in their databases. This might not be very favorable and might raise a few eyebrows.

A final note

With all that said, Payoneer is a clear winner when compared with PayPal due to two factors being speed and cost which are essential prerequisites when choosing a payment gateway. Payoneer excels in both of these areas making it the most suitable option out there when compared with PayPal.

However, it is up to you to decide which might be the best for you. But, if you are reading this then you probably would gear towards Payoneer due to its benefits. No matter what, keep the pros and cons in mind when making your choice to make sure it is a rational decision and not a biased one.

But of course, this is not a competition where you must choose one over the other and it also doesn’t prevent you from trying out both. And if it is that difficult to make your choice, you could use both of them side by side. But always remember to choose the one that would ensure security and give you less stress while transacting because stress is not healthy for our human bodies!