Payoneer vs Paysafe: Which is the Safer Way to Pay Online?
Are you looking for an online payment platform that can also assist you in making your business payments internationally?
Maybe you are experiencing difficulties making payments from abroad to your relatives in your hometown?
Why worry about these? Just go through this guide and you’ll find the solution.
In this guide, we review and compare two great payment processors: Payoneer and Paysafe.
What is Paysafe?
Paysafe is a business payment gateway based in the UK, formerly known as Optimal Payments PLC, established in 1996. It supports over 70 payment methods in more than 40 currencies and processed $98 billion as of 2019.
Features of Paysafe
- Payment Processing: Accepts online and in-person payments, mainly via credit card.
- Online Payments: Schedule payments, customize payment pages, track transactions.
- In-Store Payments: Integrated with Clover, Verifone, and SwipeSimple for physical payments.
- Mobile Payments: Accept payments through mobile apps.
- Digital Wallets: Offers wallets via Skrill and Neteller.
- Money Transfers: Instant payments via Rapid Transfer with online bank funds.
- Loans & Cash Advances: Offers small-business loans and merchant cash advances.
What is Payoneer?
Payoneer is a U.S.-based payment company founded in 2005 with its headquarters in New York. It offers international payments and working capital services and has over 4 million clients transacting in 150 currencies.
Features of Payoneer
- Make Payments: Send payment requests to customers.
- Invoice: Built-in invoice generator tool.
- Mobile App: Available on Android and iOS.
- Merchant Cash Advance: Capital advance for Amazon/Walmart sellers.
- Send/Receive Payments: Global bank transfers and 3rd-party integrations.
- Developer Tools: API access for client billing with user consent.
Pros of Paysafe
- Supports many currencies
- Highly secure
- Provides business reporting
- Web UI for tracking transactions
- More personalized service due to smaller user base
Cons of Paysafe
- Limited U.S.-specific features
- Some suspicious features
- May require technical know-how
Pros of Payoneer
- Lower fees
- Responsive customer service
- Integrated invoice system
- Wide international support
Cons of Payoneer
- Limited payment feature options
- High card processing fees
- Accounts can be frozen or terminated
Bottom Line
Both platforms offer powerful tools, but each excels in different areas. Paysafe leads in currency support and transaction variety, while Payoneer offers low fees and solid customer support.
