Payoneer vs Stripe: A comprehensive comparison

When it comes to managing online transactions, selecting the optimal payment solution holds the key to success for businesses. In this concise comparison, we delve into the offerings of two prominent contenders: Payoneer and Stripe. From personal features to fees, security measures, and global reach, we dissect the crucial factors that will empower you to make an informed decision. Join us as we navigate the landscape of Payoneer vs Stripe and unlock the perfect payment solution for your business.

Personal features

Our Stripe Payoneer analysis shows that both are both primarily designed to cater to businesses, freelancers, and consultants. Payoneer offers money transfer solutions specifically for these groups. Stripe, a payment processing company, provides services for businesses of different sizes, including sole traders, consultants, and freelancers.

Business benefits

Payoneer specializes in providing international money transfer services for businesses, online sellers, and freelancers. It offers solutions for online sellers, unique local multi-currency bank accounts, mass payments, prepaid Mastercard, payment requests, Payoneer to Payoneer transfers, and accounting integration. Payoneer has also partnered with companies like Airbnb to service payments to their hosts, and it integrates with online selling platforms like Amazon, Wish, and Shopee.

Stripe, on the other hand, offers multiple ways for businesses to accept payments and make international payouts. It provides payment solutions for online and in-person retailers, automated payouts, billing solutions, virtual and physical cards, and integration with online platforms. Stripe integrates with major online platforms such as Amazon, Shopify, Booking.com, Slack, Zoom, and Grab.

Fees & exchange rates

Payoneer charges fees for transferring money out of Payoneer to local bank accounts, using their Mastercard to spend in foreign countries and some additional fees. There are no fees for receiving money into your Payoneer account. Payoneer’s exchange rate margin fee can go up to 3% in some circumstances, and spending funds in the Payoneer account using the Payoneer Mastercard can have up to a 3.5% currency conversion fee.

Stripe’s fees vary based on the country from which you register and the types of services on offer. It charges for card payments, international card payments, adaptive acceptance, local payment methods, instant payouts, billing, terminal services, card issuing, and disputes. Additional charges apply for currency conversion, international payments, and disputes.

In addition to the above, Stripe’s pricing is quite straightforward. For each successful card charge, Stripe charges 2.9% + 30¢. However, there are additional fees for certain scenarios: An additional 0.5% is charged for manually entered cards. An additional 1.5% is charged for international cards. An additional 1% is charged if currency conversion is required. Stripe also charges for other services like instant payouts, 3D Secure authentication, card account updater, adaptive acceptance, and network tokens.

Security & compliance

Payoneer is fully regulated in different countries, offers two-factor authentication, and has a high volume of repeat transfers. However, its exchange rate margin fee transparency could be improved as exchange rates include margins of up to 3% in some cases.

Stripe is regulated by relevant governing bodies of different countries. It rates as Average on Trustpilot, with some concerns about customer service and holds on payments. Stripe has been audited by a PCI-certified auditor and is certified as a PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry. To maintain a high level of security, Stripe uses best-in-class security tools and practices.

Ease of use

Payoneer offers a straightforward sign-up process, various payment options, and a mobile app. However, its transfer speed can take up to 3 business days, and assistance with the USA tax compliance form could be improved.

Stripe provides a straightforward sign-up process, easy setup for recurring payments, various payment methods, and mobile apps. It allows businesses to accept payments via various methods, including bank account transfers, credit cards, debit cards, checks, and region-specific methods.

Support & countries

Payoneer supports transfers to more than 200 countries and territories in over 150 currencies. Customer support is available via chat, email, and over the phone. However, the number of send-from countries is limited, with some negative customer reviews.

Stripe supports businesses from over 40 countries and payments in more than 135 currencies. It provides customer support via chat, email, and phone.

Trust & transparency

Payoneer is fully regulated in different countries, offers two-factor authentication, and has a high volume of repeat transfers. However, its exchange rate margin fee transparency could be improved as exchange rates include margins of up to 3% in some cases.

Relevant governing bodies of different countries regulate stripe. It rates as Average on Trustpilot, with some concerns about customer service and holds on payments.

Differentiating factors between Stripe and Braintree

Services for different business sizes:

Payoneer

• Pros: Offers specialized services for businesses, online sellers, and freelancers. Provides solutions like mass payments, prepaid Mastercard, payment requests, and accounting integration.
• Cons: May not be as versatile as Stripe in terms of the range of services offered.

Stripe

• Pros: Provides a comprehensive suite of APIs powering commerce for businesses of all sizes. Offers payment solutions for online and in-person retailers, automated payouts, billing solutions, virtual and physical cards, and integration with major online platforms.
• Cons: Might be more complex to set up and manage for smaller businesses or freelancers due to its wide range of services.

Fees and exchange rates:

Payoneer

• Pros: No fees for receiving money into your Payoneer account.
• Cons: Charges fees for transferring money out of Payoneer to local bank accounts and using their Mastercard to spend in foreign countries. Exchange rate margin of up to 3% can apply in different circumstances.

Stripe

• Pros: Transparent pricing with fees varying based on the country from which you register and the types of services on offer.
• Cons: Charges an additional 1% fee for currency conversion.

Security and compliance:

Payoneer

• Pros: Fully regulated and certified as a PCI Service Provider Level 1. Implements robust security measures to protect customers’ data.
• Cons: No significant cons in this area.

Stripe

• Pros: Also fully regulated and certified as a PCI Service Provider Level 1. Implements best-in-class security tools and practices.
• Cons: No significant cons in this area.

Ease of use:

Payoneer

• Pros: Straightforward sign-up process and mobile app available for iOS and Android.
• Cons: Transfer speed can take up to 3 business days, and transfers cannot be completed over the phone.

Stripe

• Pros: Straightforward sign-up process, easy setup for recurring payments, and mobile apps for iOS and Android.
• Cons: Might be more complex to set up and manage due to its wide range of services.

Customer support and global reach:

Payoneer

• Pros: Supports transfers to more than 200 countries and territories, in over 150 currencies. Customer support is available via chat, email, and over the phone.
• Cons: The number of send-from countries is limited.

Stripe

• Pros: Allows businesses from over 40 countries to sign up to use its services and supports payments in more than 135 currencies. Provides customer support via chat, email, and phone.
• Cons: Limited to businesses from over 40 countries, which is less than Payoneer’s coverage.

Conclusion

In our Stripe Payoneer comparison we see that both offer robust payment solutions for businesses, freelancers, and online sellers. When choosing between the two services, there are three key factors that typically drive the decision:

1. Target customer base – Payoneer provides specialized services for smaller businesses, freelancers, and online sellers focused on international money transfers. Stripe serves businesses of all sizes with a wide range of payment services but has more complex setup.
2. Pricing model – Payoneer has no fees for receiving funds but charges for sending payments out. Stripe has transparent pay-as-you-go pricing for payment processing services.
3. Global availability – Payoneer supports 200+ countries for money transfers but has limited sending countries. Stripe accepts payments from 40+ countries but supports payouts worldwide.

Payoneer Stripe summary: Payoneer excels at fast and low-cost international money transfers for smaller merchants selling globally. Stripe is ideal for larger businesses needing an all-in-one commerce solution from payments to billing. Assess your business’s specific needs and priorities around target customers, pricing, and global reach to determine if Payoneer or Stripe is the better choice.

Please note that the fees, security measures, and other details mentioned above are subject to change, and it’s always a good idea to check the latest information on the respective Payoneer and Stripe websites.