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Payoneer vs Stripe: What are the differences?
Payoneer and Stripe are two popular payment processing platforms for businesses and individuals. Let's explore the key differences between them.
Integration and Setup: Payoneer provides a straightforward integration process, allowing users to easily set up and start receiving payments from clients and marketplaces. On the other hand, Stripe offers a more developer-centric integration, providing extensive documentation and tools for seamless integration into websites and applications.
Global Reach: Payoneer focuses on international payments, enabling users to receive payments in multiple currencies from clients all around the world. Stripe, on the other hand, primarily focuses on the United States and a limited number of additional countries. This makes Payoneer a more suitable choice for businesses with a global clientele.
Payment Options: Payoneer offers various payment methods, including local bank transfers, prepaid Mastercard, and virtual accounts. Stripe primarily focuses on credit and debit card payments, providing a streamlined experience for online businesses that primarily rely on card transactions.
Transaction Fees: Payoneer charges a flat fee for each transaction, which can vary depending on the currency and payment method used. Stripe, on the other hand, offers a more flexible fee structure, with different pricing plans and transaction fees that vary based on the volume and types of transactions.
Additional Services: In addition to payment processing, Payoneer offers services like currency conversion, tax filing assistance, and escrow services. Stripe, on the other hand, provides additional features like subscription management, fraud protection, and invoicing capabilities. These additional services can be beneficial for businesses looking for a more comprehensive all-in-one solution.
Customer Support: Payoneer provides customer support through email, live chat, and phone, with multilingual support available in multiple time zones. Stripe offers support primarily through email and chat, with limited phone support. Payoneer's robust customer support system may be more suitable for businesses that require immediate assistance or have complex requirements.
In summary, Payoneer offers easy integration and global reach with multiple payment options and additional services, while Stripe provides a more developer-centric integration with a focus on card payments and additional features like subscription management.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
With COVID-19 looming over us, businesses are, more than ever, looking for ways to set up online payments.
And having recently gone through implementing both Stripe and GoCardless to get monthly subscriptions set up and automated on my company website, I felt there was no better time to write this blog post!
If you're currently looking at working with a Payment Gateway provider API, or you're currently working with one but are not a fan, are looking to automate things a bit more, or are just generally thinking about changing, then you should have a read of my latest blog post where I compare Stripe and GoCardless.
I compare APIs in depth, specifically the subscription checkout flow that both offer (they're very similar, with some BIG differences).
There are plenty of code examples on how to set it up in a Node.js environment and right at the end, I rate each API based on the following factors:
- API ease of use
- API documentation
- Payment pages
- Costs / fees
- Security
- Developer appeal
- Customer experience
- Free Trial
So feel free to check it out, and I hope you like it. Please leave any feedback as it is very helpful. Thanks!
Stripe was made with developers in mind first so the extensibility of it is great! This makes it very easy for us to integrate and automate as much as we need with its APIs and SDK. It allows a lot of customization of exactly what we need to build our applications. They also manage all of our customers from a tax and accounting perspective which makes it easy from a business standpoint.
Pros of Payoneer
- Can use Credit Cards for payment3
- Approximately in every country2
- Very easy to use website2
- More options than Stripe2
- Support for India1
- Support for Pakistan1
Pros of Stripe
- Easy setup302
- Developer friendly292
- Well-designed api248
- Great documentation191
- Clear pricing169
- Secure75
- Reliable74
- Full integration with webhooks63
- Amazing api43
- Great customer support38
- Easy11
- Credit cards never hit your server - no pci worries6
- Recurring billing5
- No merchant account/gateway required4
- BitCoin3
- Easy to integrate3
- Support for SCA (Strong Customer Authentication)2
- Fast UI2
- Great app2
- Beautiful1
- Connect1
- Checkout.js1
- Great UI1
- So easy to use1
- Payments without own backend (using Stripe Products)1
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Cons of Payoneer
- UI is a bit clunky1
- If you use Credit Card, there’s a 3% fee1
Cons of Stripe
- Connect4
- CANNOT withdraw USD to a Canadian Bank Account2
- Does NOT have a currency conversion option like Paypal2
- They keep 25% of the income for 60 days2
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What is Payoneer?
What is Stripe?
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