Payoneer and Paysera are two global fintech companies that offer digital money transfer, online payments, currency conversion, and more. Payoneer has a concentration on digital payments for freelancers, while Paysera has a greater focus on European businesses. Although Payoneer and Paysera are rivals in the realm of payment solutions, services at one company may be missing at the other.
In order to compare Payoneer and Paysera, we will concentrate on bank transfers and other digital money transfers using these two payment services companies. In particular, we will consider the following:
● Transfer speeds
● ACH and international money transfers
● Debit and credit cards
● Currency and country capabilities
|Transfer fees||1% for ACH; 3% by credit card||Free for SEPA area banks; €7 for international transfers|
|Transfer speed||2-3 business days for domestic transfers; 2-5 days for international transfers||Instant on the SEPA network; international transfers take up to 3 business days|
|Debit cards||Contact Mastercard||Contactless Visa|
|Credit cards||Does not offer credit cards, but supports credit card payment processing||Does not offer credit cards|
Overview of Payoneer
Payoneer specializes in payment options for freelancers and other digital nomads. Because the company provides many global payment options, these workers do not need to be located in the United States. In fact, the company has 21 offices around the globe and supports more than 35 languages. Payoneer’s services function across more than 200 countries and 150 currencies.
Payoneer Individual Accounts
With a Payoneer account, it’s possible to send and receive global payments in up to 7 currencies (USD, EUR, GBP, JPY, AUD, CAD, and MXN). Doing so is completely free. For transfers to a local bank account in local currency, the company’s service once again has no transfer fees. Up to 4 currencies are available.
Business accounts are available, and these do incur fees. Payments from customers via credit card are 3% of each transaction. Small businesses that accept ACH transfers have to pay 1%.
Payoneer also works with many freelancing platforms to provide payment solutions for gig workers. Transaction fees vary by platform.
Payoneer customers also can use a debit Mastercard (for $29.95 per year) to withdraw funds and make point-of-sale transactions.
For small businesses, Payoneer offers Enterprise accounts. Some of the features include:
- API functionality: Companies can use their own software in conjunction with Payoneer’s to send payments to vendors in more than 200 countries around the world
- Tax form management: Documents are saved electronically and can be used for IRS filings
- Ability to send mass payouts. These can be sent to local banks or overseas via wire transfers.
Overview of Paysera
Paysera is based in Lithuania and has a European focus. Nevertheless, its platform functions across 180+ countries and 30+ currencies. Although this range obviously underperforms Payoneer, Paysera succeeds in some areas where Payoneer fails.
Paysera Services for Individual Accounts
For example, Paysera offers a Visa debit card that functions on NFC card readers for contactless payments. Payoneer does not currently offer a contactless card. Paysera’s Visa card is denominated in Euros. Withdrawals in some non-Euro currencies may result in forex surcharges, and exchange rates will of course vary from day to day. Withdrawals in GBP incur no charges.
Paysera accounts in Europe are eligible for free same-day transfers with Paysera’s SEPA Instant service.
For currency exchange, a Paysera account can move seamlessly from one currency to another with competitive conversation rates. Exchanges above 5,000 Euros receive discounted rates.
Paysera Services for Business Accounts
Paysera offers ecommerce solutions inside of business accounts. These include:
- Paysera Checkout: This is a payment gateway that online retailers can use to help their customers checkout. It is a convenient online payment service that requires no bank account or other traditional financial system. The money transfer service has the capability of connecting to a traditional bank account, so customers can pay with a card or bank account.
- Paysera Tickets: Businesses that sell tickets can use Paysera’s software to sell tickets and collect payment in real time.
- Point-of-sale technology: Small businesses that still have physical locations can use Paysera’s tools to collect payment from customers via a mobile phone. The fee for the business is anywhere from 0.20% to 0.70%, depending on the number of monthly transactions.
Paysera and Payoneer Provide Easier Payment Methods
With their financial services and low monthly fees, Paysera and Payoneer make old-fashioned paper money more of a nuisance than an asset.
In your software evaluation, also consider Tipalti global mass payments automation software. Tipalti software makes payments to 196 countries in 120 currencies, with a choice of payment methods. Tipalti automates payables, approvals, and payments end to end, to save up to 80% of your time and strengthen internal controls for better corporate governance. Tipalti software provides self-service supplier onboarding and supplier tax compliance, reduces erroneous payments using 26,000 rules, and automates payments reconciliation.