A few years ago, sending and receding money from overseas was a hustle. You had to deal with bank wire transfers that would charge you exorbitant exchange rates and fees.
Today receiving and sending money even from the remotest part of the continent is a breeze – provided the sender or the receiver has an internet connection.
Thanks to online payment processing services such as PayPal and Payoneer that give you easy and cost-effective means to make local and international payments.
While there are other digital payment services such as Skrill, Neteller, Stripe, and Transferwise, PayPal and Payoneer are the two most popular online payment processors with the largest market share.
Apart from that, these two platforms provide services to over 200 countries across the globe.
You are now probably asking yourself, which payment processing service is better between the two? Well, in this article, we will examine different parameters that differentiate PayPal from Payoneer and Payoneer from PayPal.
But before we dive into the details, let’s have a brief overview of PayPal and Payoneer.
A Brief Overview of PayPal
Founded in 1998, then known as Confinity, PayPal is an American E-Commerce company that specializes in digital money transfers. In 2000, Confinity joined hands with X.com to form PayPal.
In 2002, the company had its initial public offering. Later that year, after watching the company become the premier choice for online shoppers, vendors, affiliate bloggers, and freelancers, eBay, an internet auction company, acquired PayPal at the cost of $1.5 billion.
In 2015, eBay spun off PayPal into a separate publicly-traded company. Since its inception, the company has allowed users to exchange money between accounts and make payments online in a secure platform.
Currently, PayPal allows users to link their accounts to their own bank accounts, making it easy and more efficient to transfer payments in various currencies compared to checks or money orders. It supports over 20 currencies and is available in more than 200 countries.
Following a sophisticated series of security advancements, the company has grown to become the first choice payment processing platform due to its superior anti-hacking and anti-phishing measures.
For example, users can request a refund if they’ve been cheated. What’s more, the company takes security very seriously. Therefore, whenever they detect a suspicious transaction, they can deactivate the account pending further investigation.
A Brief Overview of Payoneer
Payoneer is a digital payment services company with headquarters in New York, United States. The company was founded by an Israeli businessman, Yuval Tal in 2005, and has since grown to be one of the most preferred online financial services company by businesses, affiliate marketers, and freelancers.
The company offers services to over 200 countries and territories and allows transactions in over 150 different currencies.
This article was written by MyThemeShop Editorial Team and originally published on Blog – MyThemeShop.