Here is a full-detailed article on Payoneer vs Hyperwallet.
The world of today has made it an easy task for individuals to receive, save and send money from sales or services offered even without having a merchant account.
These have been made possible by the inception of online payment platforms such as Payoneer, PayPal, Venmo, Hyperwallet, GooglePay, Zelle, Cash App and so on that does not require a bank account for transact on them.
Today, we would take a review on two of these payment platforms to see the one that best suits your personal and business needs. The two platforms are Payoneer and Hyperwallet
What is Payoneer?
Payoneer is a payment platform that specializes in connecting customers together for online transactions.
Since it was established in 2005 in New York, Payoneer has been able to house over one thousand, four hundred and seventy-three (1,473) employees to aid it vast execution. Thus, Payoneer has been recognized for its tremendous capabilities making it the heart of every industry.
To set up an account with Payoneer is very easy and it is free of charge. However, make sure while filling your details during registration you fill the correct information. Payoneer can accept up to 150 currencies from over 200 different countries.
In terms of discounts, promotions, coupons, and gift cards grant; Payoneer is essential in these stances because it offers up to 75% on transactions involving the use of them.
Payoneer also makes it possible for small businesses to expand their tentacles because it can be utilized to link different countries’ businesses. It also grant loans to these businesses to assist them accumulate their start-up capital.
The platform also charges a considerably low monthly fee for support for small businesses as it charges just $2.99.
The security framework of Payoneer is a leading one in the industry as it is rated 87% which shows that the platform is promising at the moment. Several security measures have been put in place on the platform such as two factor authentication to ensure the safety of its users.
Overall, the platform is rated 82% for checking detecting fraud by its users.
Having sighted some features of Payoneer; let’s stroll into that of Hyperwallet to justify which platform is more preferable.
What is Hyperwallet?
Hyperwallet is a San Francisco global-based payment platform founded in 2000 and has more than 4 million payees but supports only just 31 currencies.
Even after the notable transfer of ownership of Hyperwallet to PayPal in 2018; the integration of the company remains unclear.
From our research, recent ratings made on Hyperwallet’s state of rendering discounts, gift cards, and coupons serve as a demerit since it has a overall of 27%. In terms of detecting fraud and preventing fraudulent acts; Hyperwallet has an alarming rating of 22%.
Therefore, it is not surprising that people are finding their way out of choosing Hyperwallet.
Some other reports also claimed that Hyperwallet also faces issues in validating identities of payees and have a two-factor authentication rating of 22%.
Implementation of providing reports or feedback to users is another factor that is not so impressive with a rating of 26%. Hyperwallet also provides access to debit and credit cards services to its users but a lot of users have complained of the inadequacy of the company’s cards.
All these issues make Hyperwallet remains questionable and many users are still waiting for the company to provide them with effective responses.
Payoneer Vs Hyperwallet: Full comparison
With the above information; it should be easy for anyone to decide which of the platform is better and preferable. The responses gathered from users of both platforms gave Hyperwallet a total rating of 82% while Payoneer has a total rating of 182.
Payoneer’s prepaid debit card is another aspect giving the platform an upper hand. Its prepaid cards are accepted and can be used anywhere Visa is active; therefore, it is better than that of Hyperwallet.
Several top platforms have also testified and adopted the use of Payoneer in their businesses which further proves how reputable the company is.
Payoneer has an overwhelming ERP integration (that allows users to integrate the platform on their websites) unlike Hyperwallet that lacks pre-built integration.
In terms of reserved financial system, Hyperwallet can be said to have no confidence in such position unlike Payoneer that has a standard financial system reservation. Although Payoneer deals mostly with small businesses; it has never fail to have update its financial system reservations.
Overall, rating the quality of product, price of the product, and customer service from the above platforms on a scale of 1-5 stars; the following results were gotten;
- Payoneer has 3.5 star in terms of the quality of their products while Hyperwallet has 2.5 star
- In terms of the price of their respective products, Hyperwallet has 2.5 star while Payoneer has 3.8 star- making the masses to have enthusiasm in working with them or having an account with them.
- Lastly, Hyperwallet has the rating of 1.6 star while Payoneer has 3.6 star in terms of satisfying their customers
We also took a look at the managerial system of each platform and discovered that Hyperwallet has an overall total culture score of 67/100 while Payoneer has 100% overall culture.
Lastly, we weigh the standard of both platforms considering their distinction in providing crucial services. In this aspect, Hyperwallet has 67% of Diversity while Payoneer has a total of 75%.
Conclusion
Both Payoneer and Hyperwallet have had their bad days but the time taken to rejuvenate the platforms is what really matter. While Payoneer was able to recover and regain its momentum; Hyperwallet is a bit slower in its recovery.
Hence, it is only normal for us to recommend anyone to use Payoneer for better productivity and faster transaction processes. Moreover, it is an apparent fact that Payoneer has total standard ratings unlike the ratings of Hyperwallet. To wrap it up, Payoneer will go home with the victory in this comparison.
Idris Yau is an entrepreneur and a seasoned finance and marketing content writer. He brings you unbiased reviews about products and answers to your finance questions.