5 Best Payoneer Alternatives For Online Payments (2022)

mobile payment

 

Digital payments are on the rise, especially owing to COVID-19, which has turned most parts of the world virtual.

Exchanging cash physically is slowly becoming a thing of the past. Don’t you agree?

Online banking and payment methods have gained immense popularity recently. Customers are constantly looking for safe payment methods.

In this article, I will tell you about the 5 best Payoneer alternatives for online payments as of 2022. First, let us understand the advantages of electronic payments.

 

Pros Of Online Payment Methods

 

Be it for goods or services, cashless payments are slowly becoming the new norm. You can use your cards, mobile devices, or simply the internet to make these electronic payments.

Here’s a list of the major advantages of cashless payments:

 

1. Contactless mode:

Thanks to COVID-19, customers are looking for ways to avoid physical interactions, even for payments. Electronic payments with the use of QR codes, one-time passwords (OTP), have made it easier to send and receive funds in a contactless manner.

 

2. Get payments instantly:

E-payments are quicker; they do not have any location or time restrictions. This is not the case in traditional payment modes like cash and cheques. You can live in India and make an electronic payment on an American website instantly!

 

3. Greater payment security:

Layers of security protect online transactions. Data encryption, payment tokenization, fraud monitoring, etc., make online payments highly secure.

 

4. Lower theft risk:

Cash can be easily stolen, and you need to take safety measures before depositing the cash in your bank accounts. However, you can minimize theft risk when you use a secure electronic payment method for your business transactions.

 

5. Lower cost:

With online payments, businesses can save money on paper, materials, and postage. It also helps reduce their environmental impact. They also save on labor costs as they don’t need a person to do the manual billing and invoicing.

Before I tell you about other e-payment platforms, let us talk about Payoneer first.

 

What is Payoneer?

 

payoneer landing page

Screenshot of Payoneer landing page

 

Payoneer is a Financial Services company based in America. It offers services such as digital payments, money transfers and caters to providing working capital to its customers.

Payoneer is a safe platform that strives to keep its consumers protected in terms of online transactions. However, not every customer is fond of its services. Here’s why.

 

Why Look For A Payoneer Alternative?

 

In 2020, customers could not access their funds using their Payoneer cards. Many complain and worry about losing their money.

All of this had to do with the falsified reports presented by Wirecard, which provides the cards and accounts to Payoneer customers.

 

Other potential disadvantages of Payoneer:

Owing to all the above cons, customers may consider shifting from Payoneer to look for other alternatives for online payments.

 

Here Are The Best Payoneer Alternatives For E-payments

 

1. PayPal

 

paypal landing page

Screenshot of PayPal landing page

 

When we talk about sending and receiving payments internationally, one of the first platforms that come to mind is PayPal.

Founded in 1998, PayPal is a multinational Fintech company based in America. Its user interface is simple, making it easier for account holders to make or request payments.

The platform accepts payments in twenty-five currencies. It is a brilliant Payoneer alternative and has changed the way customers do online banking. Close to 150 international markets and millions of people use PayPal.

Almost similar to Payoneer, PayPal offers a MasterCard to its customers with no annual maintenance fees. Merchants and remote businesses can use PayPal to carry out business transactions seamlessly.

PayPal allows you to send funds in many international currencies. It also has a larger network of global partners and charges significantly lower fees than Payoneer.

 

2. Wise

 

wise landing page

Screenshot of Wise landing page

 

Formerly called TransferWise, Wise is a London-based Fintech company founded in 2010.

Owing to its transfer speed, exchanges rates, fee, and ease of use, Wise is a winner in online payments.

It has a strong security system and employs robust encryption technology to protect your personal information. You also have the option to use 2FA for enhanced security.

The Multi-Currency Account in Wise gives you the option of having your customer pay you in their native currency. You may accept payment in USD, GBP, AUD, EUR, NZD, or PLN into your Wise bank account free of any extra charges.

The multi-currency account is available to businesses and individuals.

Compared to Payoneer, not only Wise has a significantly lower service fee, but it also has a faster transfer speed. This applies to cross-border payments as well. They also have a simpler and more transparent payment structure.

 

3. Skrill

 

skrill landing page

Screenshot of Skrill landing page

 

Founded in 2001, Skrill is a digital wallet provider that offers fast and secure money transfer and online payment services.

Skrill has over 20 million customers and operates in almost 120 countries. It offers digital wallet transactions in around 40 different currencies.

Skrill offers a wide range of business services. It integrates seamlessly with third-party shopping websites‘ carts and offers physical or virtual cards for payments. The platform also supports in-app payments and has a dedicated payment page.

Apart from the cost advantages, one of Skrill’s main selling factors is its privacy and security features. Its anti-fraud team safeguards its customers’ personal information and protects every transaction. Skrill encrypts payment transactions with SSL.

As compared to Payoneer, Skrill enables customers to pay in more global currencies for most payment types. Their transaction fees are also lower, even for international money transfers. They even support digital currency payments such as Bitcoin.

 

4. ZEN

 

zen landing page

Screenshot of Zen landing page

 

Zen is a Fintech company that provides financial services in close to 32 European countries.

It has offices in Lithuania, Poland, and the Netherlands. It is like Payoneer but offers much more in terms of services.

Entrepreneurs and freelancers can use the contactless card to purchase items from stores and online. ZEN customers can add this MasterCard to the Google Pay, Garmin Pay, and Apple Pay wallets to purchase goods and services quickly.

Some unique benefits for ZEN account holders include:

They also have access to a multi-currency account. The ZEN solution guarantees instant payments flow for entrepreneurs. This ensures fund transfer is complete within a few hours of making a transaction.

ZEN support is also available round the clock and the mobile app has a simple user interface to make payments easier and seamless for customers. You can transfer funds in up to 30 currencies through ZEN.

 

5. Google Pay

 

GooglePay logo

 

The renowned tech company Google developed Google Pay (G Pay) in 2011. It is one of the most reliable digital wallet platforms today.

It is a free mobile app where customers don’t need to pay extra transaction fees to make purchases via G Pay.

Unlike Payoneer, customers can win exciting rewards on Google Pay. This includes shopping vouchers and cashback which customers get when they make payments through the app.

Google Pay has high levels of security to ensure your money is safe. Users can easily launch the app on their mobile devices. They also don’t charge merchants any fees when they accept payments using this app.

The “Buy with Google” on merchant websites creates a big difference, as the sign easily attracts consumers. Because it is an e-wallet, Google Pay does not offer a physical card.

Rafal Reyzer

Hey there, welcome to my blog! I'm a full-time blogger, educator, digital marketer, freelancer, editor and content manager. I started RafalReyzer.com to provide you with great tools and strategies you can use to achieve freedom from 9-5 through online creativity. My site is a one-stop-shop for writers, bloggers, publishers, content enthusiasts and freelancers who want to be independent, earn more money and create beautiful things. Feel free to check my archive containing over 400 articles and reach out if you need anything. Ah yes, and stay awesome!