Payoneer Vs PayPal: Which Is Better For Global Payments?
When it comes to choosing online payment processing, many novice online merchants may choose a service simply because it’s the cheapest. While cost should certainly be considered, it should not be the sole deciding factor. Here are a few important factors to consider:
In the current economic times, cross border transactions have evolved from being large B2B or government transactions to millions of small transactions occurring everyday between individuals and firms.
The internet has converted the world into a global marketplace where people from one part of the globe can indulge in the products and services of another part. This has spawned the era of secure online transactions which are not limited by national boundaries.
When it comes to online payments the most used services are those of global payment processors. These firms take responsibility of allowing you to give and receive payments from abroad. They provide a secure framework for the same and also charge a certain fee based on the transaction sizes and volumes.
The first obvious name which comes to mind is PayPal. It is the first and the payment processor I have been associated with since I started digital marketing. Founded in 2005 by innovators including Elon Musk, it has grown in the most popular channel for global payment processes.
The other name which comes to mind because of its recent big launch in India and my direct involvement with it as a marketer is Payoneer.
Founded in 2005 by Yuval Tal, Payoneer has risen nicely in the past years with substantial funding from Carmel Ventures, PingAn, Nyca Partners, Greylock, Crossbar Capital and others. It has become a popular PayPal alternative for many and is currently operational in 200 countries with over 100 currencies. It had earlier started its services in India but was discontinued by the RBI according to some guidelines.
Well, now it has launched its services with some hand-crafted features ideally suitable for Indian freelancers and online business owners.