In this article we will see one the best substitute of PayPal for online money transfer , which is Payoneer. Before we dive into its review, lets checkout the drawbacks PayPal and why you need an alternative.
PayPal is a popular name that has been closely associated with online payments which are very famous for users to make financial transactions, completely doing away with the need for bank transfers and checks. This free payment process only requires a valid PayPal account for both the sender and the receiver. The biggest tendency of PayPal is its recognition from users and without any problem how easily it handles and unites with other third parties.
As perfection is concerned, PayPal is not the best option for payment as it has many serious drawbacks. Nothing is perfect in this world, but then you should not tolerate any issues if there are better options available. Let us first check some important issues related to PayPal which you can rationalize and act accordingly:
Fees: Despite the fees of payment methods may differ from one to another, but major difficulty is with the price. PayPal charges a higher fee.
Holding Payments: Frequently, PayPal detains user’s payments and place it under analysis without any valid reason.
All countries cannot use PayPal. There are limitations on usage.
There are another drawback also from the “Merchant” point of view. Since many users also apply PayPal in their life, so it is important for everyone to know major disadvantages. The best substitute of PayPal, for online money transfer is Payoneer. Let’s see what does it has for us.
What is Payoneer and how does it work?
Payoneer is basically a payment platform that has made its mark internationally by simply empowering people to receive payment at a reduced cost. It is very simple to use and you can get started with just three quick steps:
- Sign Up with Payoneer
- Get paid by your clients and various international marketplaces.
- Receive Payments in your currency directly into your bank account.
If you are working with companies like Google, Airbnb, 99Designs, Getty Images, Fiverr, Taboola etc, then you can paid from them with Payoneer easily.
To get paid by your client directly, you can make a bill and request a payment in your Payoneer account and an email will be send to your client on your behalf and detailed instructions of how to pay you.
If you clients have a Payoneer account than it gets even simpler.
Benefits of Payoneer
The first and the foremost benefit of Payoneer is the Zero transaction fee and highly competitive currency exchange rates.
As we have mentioned earlier how PayPal charges about 4.4% for transferring money to your account, check the graphic below for more clarity and an example of comparison when you use PayPal and Payoneer with a same amount.
Apart from lesser fee and transaction charges, you also benefit from the faster intuitive interface, tracking of your Finances etc.
Using Payoneer instead of PayPal will surely provide you more value and benefit that may look small initially, but it surely saves you a plenty in longer terms. By using this service, I have benefited immensely and I recommend you use it as well.