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Payoneer vs PayPal - Which Payment Processor is Better for Your Online Business?

October 15, 2021

Payoneer vs PayPal - Which Payment Processor is Better for Your Online Business?

When it comes to running an online business, choosing the right payment processor can make all the difference. Two of the most popular payment processors in the industry are Payoneer and PayPal, both of which offer a wide range of services for business owners. In this blog post, we will take an unbiased look and compare Payoneer and PayPal so that you can make an informed decision for your online business.

Features

Let's first compare the features of both platforms.

PayPal is a traditional payment processor that has been around since 1998. It offers several features like accepting payments, sending or receiving money, creating invoices, and more. PayPal also has a buyer protection program that helps buyers get refunds in case of unauthorized transactions or fraud.

Payoneer, on the other hand, is a newer payment processor that has been gaining popularity in recent years. It offers features like accepting payments in multiple currencies, mass payouts, global payment services, and more. Payoneer does not have a buyer protection program but offers a dispute resolution center for transaction disputes.

Fees

Another important factor to consider is the fees charged by both platforms.

PayPal charges a fee of 2.9%+ $0.30 for each transaction. This fee can be lower for high-volume sellers. PayPal's cross-border transaction fee is around 4%. PayPal also charges a fee for currency conversions.

Payoneer charges a fee of 3% per transaction for receiving payments, with a minimum fee of $1.50. Payoneer also charges a fee of 2% for cross-currency payments.

User Experience

User experience is crucial when it comes to payment processors, and both PayPal and Payoneer offer a seamless experience for their users. Their interfaces are user-friendly, and onboarding processes are simple.

Payoneer does have an edge in user experience, especially for global payments, as its platform is designed for international transactions.

Customer Support

Both PayPal and Payoneer offer customer support via phone, email, and chat. However, Payoneer has received some negative feedback from its customers regarding the quality of its customer support.

Verdict

Based on the above comparison, it is evident that both payment processors offer unique benefits to their users. If you are dealing with international transactions, Payoneer may be a better option for you, while PayPal may be a better fit for those who prioritize buyer protection.

At the end of the day, the decision comes down to your business's specific needs and budget.

References

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