PayPal vs. Payoneer: In which process do you want to receive your money from abroad? If you want to earn money from your blog, you must be familiar with PayPal and Payoneer. But the payment process of both is not similar. Both of the services are reliable and offer a vast customer experience. But both services work in a different process. Take a review of various advantages and disadvantages of these two payment services.
Which Service Is Better: PayPal Vs. Payoneer?
When you think about online payments, the most used services are global payment processors. Using these firms, you can easily give and receive payments from abroad. They will provide you with a secure framework and charge a fee based on the volumes and transaction size. The first famous name is PayPal. Most digital marketers use this payment processor. The other name which is also very popular is Payoneer. Let us talk about how they work.
How to Use PayPal?
Getting payment from abroad was a little bit tricky about a decade ago. But when PayPal comes into this market, this payment process becomes effortless. There are several services by which you can get your payment from abroad. But PayPal is beyond any doubt the most popular among them. It is a service that permits you for national and international money transactions through the internet. The whole process is based on an email ID. Technically, you can say that one email ID will transact money to another email ID. Therefore, it is effortless to use. Now let’s discuss this in detail.
1. Register Yourself
You need a valid email ID and a bank account for using PayPal. First, you have to register with PayPal by using your valid email address. Your email address will identify you. Next, you require an IFSC code and some other branch-related information for the registration. After successfully completing your registration, you can enter your bank or credit card details.
2. Verification Of Your Bank Account
To ensure that you have entered the correct bank details, PayPal will transfer one or two very small amounts of money into your bank account. Once you receive this amount in your account, you have to go to your PayPal profile and enter the amount you received before some minutes. If you enter the correct amount, You will verify your credit card or bank account. Now you can easily use your PayPal account for the transaction of money.
3. Receive Money Through PayPal
When it is time to receive your payments from someone, you have to tell that person your email ID, which is registered through PayPal. It is not a matter where he is located. You have to tell the person all the details of your email ID. When your payer gives you the payment, you will receive an email alert that will assure you that you have received the payment successfully. Now, this is your choice that you will keep your money on a PayPal account or your bank account. Before transferring money, PayPal will take some commission of 3.4 % of your total payment.
4. Send Money via PayPal
Now you can use your PayPal account to transfer money to someone who has a valid PayPal account. You have to ask for the person’s email ID to whom you want to pay. Now go to your PayPal account, send money to the person.
How to Use Payoneer?
When you want to sign up for a Payoneer account, it will take you to your bank account. Payoneer will give you a local account in Europe, the USA, the United Kingdom, and Japan if you need a local bank account. When you want to receive your payment from anyone, you have to share your bank account details which Payoneer gives to that person. Let’s discuss it in detail.
1. Sign Up With Payoneer
When you try to sign up, you have to be sure that you enter the same address that you gave on the Airbnb payment page. After completing the sign-up, Payoneer will approve your details by email. Once you are approved, you will receive a card by email. Then, you need to activate that card for making payments.
2. Receive Your Payment
Once your Payoneer master card is prepared, Airbnb will make your payment in EUR or USD. It depends on your country. Now you can view your balance on Payoneer’s website. Payoneer delivers the fund to your account within 2-3 hours.
You can use both PayPal and Payoneer accounts. When you want to receive payments, you can use Payoneer. It offers services in some selected countries. So if you wish to receive money in USD, GBP, you should try this one. According to digital marketers, Payoneer is more helpful to save money than PayPal.
Still, have a question about PayPal vs. Payoneer? Ask in the comment section.