If you work online or want to work online from the comfort of your home, you’ll need to understand how online payments work and the difference between Paypal vs. Payoneer.
PayPal vs. Payoneer (Side By Side Comparison)
| Features | Paypal | Payoneer | |||||||
| Virtual Banking Account | ✘ | ✔ | |||||||
| Payments Within The Website | ✔ | ✘ | |||||||
| Mastercard | ✔ | ✔ | |||||||
| Stringent Rules & Regulations | ✘ | ✔ | |||||||
| Country Restrictions | ✔ | ✘ | |||||||
| Integration | ✔ | ✔ |
Review: PayPal vs. Payoneer
A more common, approach in collecting payments is to use a financial service to handle and secure your online payments.
PayPal and Payoneer are two such services that will help you collect payments online.
I will go into a detailed comparison between the two services in order to assist you in deciding which service to use to collect payments online.
Here are 6 factors to think about while deciding between Payoneer and Paypal.
1. Virtual Banking Account
If you’re not familiar, Google Adsense is a Google service that supports monetizing your site with advertisements and earning money online.
When you go into the “Payments” section of the Adsense dashboard, you’ll notice that you can add a bank account that was created with Payoneer when configuring your payment options.
Payoneer supports the creation of virtual bank accounts outside the country you are located in. From there, you can conveniently transfer funds to a bank account in your home country.
You can use PayPal to link your bank account to get paid online, but you wouldn’t be able to create virtual banking accounts.
2. Payments Within The Website
If you want to purchase a course from a website, you would be required to pay via the website. You might notice PayPal when completing your order, which allows the company offering the course to collect payments directly from their website.
Payoneer, unlike PayPal, does not provide the ability to receive payments within the website.
3. Mastercard
You would be able to use Mastercards to withdraw money anywhere in the world using either PayPal or Payoneer.
4. Rules And Regulations
Payoneer has stricter rules, such as restrictions on money transfers for giveaways, while PayPal is less stringent and allows money transfers for giveaways.
5. Country Restrictions
PayPal is only available in a limited number of countries while Payoneer is supported worldwide. If you live in a country where PayPal is not supported, you will have no choice but to use Payoneer to receive payments online.
6. Integration
If you go to Udemy, a platform that lets you build, purchase, and sell courses online, you’ll notice that it can accept payments by activating either Payoneer or PayPal. If this feature appeals to you, you won’t be disappointed regardless of the service you choose.
A Different Approach
An alternate way of collecting payments online is to connect your banking account to the website, which allows the company to directly deposit funds into your account.
Conclusion
The 6 factors mentioned above can help you to decide between PayPal vs. Payoneer.
As you can see, both payment services have their benefits for freelancers, and both online businesses and people trying to get paid online, in general, can benefit from either one of them.