In recent years, online payment solutions have increased their popularity immensely. When it comes to online payment, the notion of processing should be effortless and simple.
Choosing the best payment processor can be a chore for any online merchant. However, the two most prominent players in the field of the online payment market happen to be Payoneer and Hyperwallet. Both these companies offer a myriad of benefits and features. Sometimes it can be challenging to determine the right platform between Payoneer vs. Hyperwallet.
In this article, you can take a glimpse of the in-depth comparison of Payoneer and Hyperwallet that can help you make an informed decision regarding online payment solutions.
It is an online payment solution that allows every business to receive payments from their clients globally. The company was founded in the year 2005, and to date, its growth is remarkable. Since 2005, the company has become one of the popular options for businesses of every size.
Businesses or merchants using Payoneer can receive payments in over 150 currencies and 200 countries worldwide. It means that it performs exceptionally well on a global platform as well. Users can also withdraw their funds to a bank account or even debit cards. Payoneer also offers a wide variety of features, including tax form management, invoicing, and currency conversion.
How Does Payoneer work
The online payment solution of Payoneer does not let the user charge directly from the customer. Instead, the business or the merchant can request the payment through the platform. In some cases, customers can also initiate the payment.
This particular online payment platform offers the user the ability to withdraw funds directly with the help of a debit or credit card. One can also receive and send funds internationally or domestically, which includes cross-border payment or even a local bank transfer.
Moreover, the payment platform connects every company with customers for online and e-commerce payments. Businesses can also send invoices or direct payment requests to the customer. Once this process is done, the customer can make the payment via a Bank account or credit card.
Payoneer Pros & Cons
Let us take a glance at the close and cons of using Payoneer:
- Facilitate International payment
- Offers multi-currency and unique bank accounts
- Simplify integration and set up the process
- Requires the usage of lesser data than any other alternatives
- Free transfer worldwide
- Reasonable exchange rates
- Comes with E-Commerce and accounting integration capabilities
- Superb customer support
- Mobile iOS application requires improvement
- Unestablished payment gateway
- Fees can be high if the user does not have a Payoneer account
Who Benefits from Payoneer
Not everyone may benefit from using this particular online payment solution. Look at the list of companies and merchants who would highly benefit from using Payoneer.
- Merchants who are targeting their business or services in Asia, Eastern Europe, and Africa.
- Freelancers who are from the US or EU and want to get paid online.
- Owners of high-risk websites may benefit from this online payment solution as their payment method.
When it comes to Hyperwallet, it is a global payout platform that helps a variety of businesses send their payment to companies and individuals worldwide. The company was founded in the year 2000. However, in 2018, it was acquired by Paypal.
In addition to that, Hyperwallet provides users with the ability to send payments in over 200 countries. It also has the ability to meet the payment in 150 currency while giving the business a global outrage. The platform is known to offer to avoid a range of features, including reporting and analytics, payout API, and payment workflows.
How Does Hyperwallet work
Hyperwallet works by enabling the business to use the robust API of PayPal to send payments online. It can send up to 5000 payments at once. The system is known to process all the major credit and debit cards that help in providing third-party payouts.
Taking both the direct deposit option and wire transfer into consideration, the payees must enter various information, including bank details, account numbers, and even account types. Once the request has been made, the fund gets transferred to the bank account of the payee within two business days with any direct local deposits. It can also take up to 5 business days to make the wire transfers.
Pros and cons of Hyperwallet
Here is a quick look at the pros and cons of indulging in Hyperwallet.
- Offers payout flexibility that helps to control various streamlined operations in order to scale your business
- Includes large enterprise integrations
- Provides custom-configured marketplace
- Maintains security while sending rewards, commissions, or claims to every unbanked and banked payee
- Offers good experience
- Adaptable system to every business type and size
- Ease of use
- Set up for American tax
- White challenging for international user
- Provides minimum communication regarding updates and bugs
- Slow customer support
- Lengthy setup process
Who Benefits from Hyperwallet
Here are some of the companies for merchants who would benefit if they take the help of online payment solutions like Hyperwallet.
- No risk business or enterprises
- Credit unions
- Multi-level marketing companies
- Companies look forward to providing their employees with a quick and smooth payout.
Payoneer vs. Hyperwallet
Here is an in-depth comparison between the two online payment solutions, Hyperwallet and Payoneer.
Online payment solutions like Hyperwallet and Payoneer charge various fees. This fee especially depends on the services used by the people. When it comes to Payoneer, one does not have to pay any kind of fee in order to sign up. But the users would be charged a fee for various other activities, including currency conversion, withdrawal of funds, and even receiving payment. This fee may vary depending on the payment methods and the user’s currency.
Compared to that, Hyperwallet is also known to charge various fees if the user delves into these activities, including accessing funds, currency conversion, and even processing payments. The company will not disclose its fee on the website. But the user can learn about it while contacting the Hyperwallet to obtain a customized code based on the specific need of the user.
2. User experience
In the area of user experience, both Hyperwallet and Payoneer offer very user-friendly platforms. The users would find it extremely easy to navigate. However, Payoneer provides the user with a particular dashboard. It is where the user can access their recent transactions, accounts balance, and other essential information. The platform is also available in multiple languages. The best part is that this payment solution offers 24X7 online customer support.
On the other hand, Hyperwallet also is known to provide its users with a dashboard. It is the place where the user can view their recent transactions and even their account balance. Similar to Payoneer, Hyperwallet is available in multiple languages. At the same time, they use it and also access customer support even through phone or email.
When it comes to any online payment solutions, the maintenance of security becomes one of the critical concerns. But speaking about Hyperwallet and Payoneer, these online payment solutions have implemented various measures that help to protect their users. For instance, Payoneer takes the help of advanced security protocols, which include a 2-step verification. Such an initiative ensures that the user’s account must get protected. The company is also known to provide users with prevention services and fraud detection.
Speaking of Hyperwallet, it also takes security extremely seriously. This online payment solution utilizes advanced encryption protocols that help to protect the user’s data. At the same time, the platform offers prevention services and other fraud detection strategies. It also complies with a variety of other regulatory standards.
To your surprise, both Payoneer and hyper wallet offer some best integration with various platforms. These include the e-commerce website, freelance platform, and various other marketplaces. However, one must know that Payoneer has solid partnerships with most leading companies, including Airbnb, Amazon, and even Upwork. But when it comes to Hyperwallet, companies like Walmart, eBay, and even Amazon have a tie-up with this platform.
There is very little differentiation between Payoneer and Hyperwallet. Both these platforms offer similar services, including digital payment, worldwide money option, mass payout, and a variety of other E-Commerce capabilities. However, Payoneer can be an attractive alternative for many merchants and resellers as it is a single entity. But when it comes to the hyper wallet, it is an extension of PayPal. At the same time, it is quite convenient, especially when sending mass payments globally. Before you can invest in any of the two, make sure you do a proper analysis of your needs and requirements.