Sending or receiving money to or from a foreign country requires that you select a suitable service provider. This is particularly the case if you need to send or receive money frequently, either as a business, an online seller, or a freelancer. Since there is no single company that works equally well for everyone, paying attention to your individual needs is crucial. This Payoneer vs. Stripe comparison touches upon all the important aspects so you may make an informed decision.
Trustpilot, an online review-based website, gives you easy means to look at where the Stripe vs. Payoneer comparison stands from the point of view of both companies’ customers. On this platform, while Stripe gets an average score of 6.3 out of 10, Payoneer does reasonably better, averaging at 9.2 out of 10.
The other aspects that require your attention before you select Stripe or Payoneer include:
- Exchange Rates
- Ease of Use
- Regular Overseas Payments
The cost of your payments and transfers may vary depending on whether you select Payoneer or Stripe, which is why this aspect requires due attention.
- A Payoneer account holder may send money to another Payoneer account holder without paying any fee.
- If you receive money from a Payoneer account holder in USD, GBP, or EUR, you pay no fees.
- Where you live affects the fees you need to pay when withdrawing money from your Payoneer account to your bank account.
- Online sellers pay no fees when receiving payments in CAD, GBP, EUR, CNY, and JPY.
- Online sellers pay 1% as fees when receiving payments in USD.
- Using the prepaid Mastercard in unlisted currencies may come with up to 2.5% conversion fees.
- The company provides additional details about its fee structure online.
- If you receive payments via debit or credit cards, you pay 2.9% plus $0.30 as fees.
- If you accept a payment through an international card, an added 1% fee applies, and you may also need to pay a currency conversion fee of 1%.
- Payments made via wire transfers, ACH credit, and ACH direct debit come with 0.8% as fees, along with a flat fee not exceeding $5.
- If you use the company’s billing service to set up recurring payments, you pay no fees for the first $1 million, after which a 0.4% fee applies.
- Additional details about the company’s fee structure are available online.
Ease of Use
Signing up with either Stripe or Payoneer is rather straightforward. However, you need to submit some documents so they may verify your identity and that of your business.
- Payoneer operates a multilingual website.
- You cannot use Payoneer to transfer funds to an overseas bank account.
- You may transfer funds or make payments only to other Payoneer users.
- The company lets you withdraw funds into your bank account.
- You may access money in your Payoneer account through a prepaid Mastercard.
- If you register as an online seller, you get receiving accounts in USD, CAD, GBP, EUR, AUD, JPY, and CNY.
- Depending on your country of residence, you may add funds to your Payoneer account via credit cards, bank account transfers, or eChecks.
- Stripe lets businesses receive payments via debit cards, credit cards, and various region-specific methods.
- You may integrate the Checkout feature in your website to receive payments directly from your customers.
- You may use the Stripe mobile website or app to receive payments.
- Stripe Terminal is designed for in-person payments.
- Stripe users can set up one-off and recurring invoices.
Regular Overseas Payments
This aspect of the comparison might have a bearing of whether you should select Payoneer or Stripe. While Payoneer does not offer this functionality yet, Stripe lets its users set up recurring payments.
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