In today's business landscape, managing payments is essential for success. As more businesses are moving online, payment platforms have become a necessity. Payoneer and IntaSend are two of the most popular payment platforms available, but which one is best for your business?
This article provides an in-depth comparison of Payoneer and IntaSend. We'll examine the pros and cons of each platform and compare key factors such as fees, transfer speed, security, and customer support. We'll also present case studies and recommendations for freelancers, businesses, and individuals.
Whether you're a business owner looking to simplify your payment processes or a freelancer seeking the ideal payment platform, this article will help you make an informed decision. So, keep reading to find out which platform is right for you.
Payoneer: Pros and Cons
Payoneer is a payment platform that allows businesses, freelancers, and individuals to receive and transfer payments globally. It offers a range of benefits to its users, such as low transaction fees, fast and secure payment transfers, multiple currency options, and integration with popular marketplaces. However, there are also some drawbacks to using Payoneer that you should be aware of before deciding to use the platform.
Pros
Low transaction fees
One of the most significant advantages of using Payoneer is its low transaction fees. Compared to other payment platforms, Payoneer's fees are relatively low. The fees vary depending on the type of transaction, but in general, they are lower than other payment platforms. For example, the fee for a global payment transfer is 1-3% of the transaction amount.
Payoneer charges nothing when payments are sent from one Payoneer account to another. However, when a client is paying either with credit cards or ACH transfers, Payoneer charges fees of 3% and 1% respectively. Marketplaces like Upwork, Airbnb, Fiverr, and many more set their own fees for Payoneer payments, so you can always check with them to see exactly how much is charged.
Fast and secure payments
Payoneer offers fast and secure payment transfers, ensuring that your money gets to where it needs to go quickly and safely. Transactions are processed within 3 business days, and Payoneer uses 256-bit SSL encryption to protect your transactions. Additionally, Payoneer's payment network is compliant with various global regulations, such as PCI DSS and GDPR, ensuring that your data is safe and secure.
Multiple currency options
Payoneer supports over 150 currencies, making it an ideal choice for businesses and individuals operating globally. The platform also provides a multi-currency account, which allows users to receive payments in multiple currencies and withdraw funds to their local bank account. With a multi-currency account, you can avoid currency conversion fees and keep more of your money. Moreover, Payoneer makes it easy for users to manage their global finances from a single account. The user-friendly dashboard provides a clear overview of your funds and transactions, so you can keep track of your business activities without any hassle.
Integration with popular marketplaces
Payoneer is integrated with popular marketplaces such as Airbnb, Upwork, and Fiverr, making it easy for freelancers and businesses to receive payments from these platforms. The platform also offers invoicing and payment solutions, allowing businesses to send professional invoices and receive payments directly through their Payoneer account.
Payoneer's invoicing and payment solutions are a game changer for freelancers and businesses looking for a streamlined way to manage finances. These tools offer the ability to send invoices in multiple currencies, making it easy for clients to pay in their local currency.
With the integration with popular marketplaces and these additional tools, Payoneer provides a comprehensive financial solution for freelancers and businesses alike.
Cons
Lengthy sign-up process
Payoneer's sign-up process can be time-consuming and requires a lot of personal information. It may take several days to get approved, which can be frustrating for businesses that need to start using the platform quickly. The sign-up process includes providing personal information such as your full name, date of birth, address, and government-issued ID. However, once you're approved, using Payoneer is relatively easy.
You can easily receive and send payments in a variety of currencies, and the platform also offers helpful resources to guide you through the process. Despite the initial time investment during the sign-up process, Payoneer's features and functionalities may be well worth it for businesses that deal with international clients or vendors.
Limited customer support
Payoneer's customer support is limited, and it can be challenging to get in touch with a representative when you need help. However, Payoneer has an extensive knowledge base and community forum where users can find answers to common questions. Additionally, Payoneer offers live chat and email support, but the response time may vary depending on your location and time zone.
It is worth noting that the limited customer support of Payoneer may be a deal-breaker for some users who require immediate assistance. However, the platform's efforts to improve the situation with new support offerings indicate a dedication to addressing customer concerns.
In the meantime, users can take advantage of the available resources and rest assured that Payoneer is working on providing more accessible and timely support in the future.
IntaSend: Pros and Cons
Unlike Payoneer, IntaSend was built in Africa for African businesses and freelancers, so everything an African business could ever need in terms of payments is available on IntaSend. Trusted by thousands of Kenyan businesses, IntaSend has worked its way to the summit of payment solutions in Kenya. IntaSend has helped businesses and freelancers create a lasting payment solution for their needs. Even better for online businesses, IntaSend has a range of payment methods that can be used to receive payments, ranging from credit cards to mobile money, one of the biggest deals in the country. Without wasting any time, let’s explore some of the pros and cons of IntaSend;
Pros
Payment links and invoicing
In today's increasingly digital and interconnected world, online businesses and freelancers are frequently faced with the challenge of securely and efficiently handling their financial transactions. Fortunately, solutions such as IntaSend offer a seamless way to handle payments, invoices, and other financial tasks.
With IntaSend's innovative payment links and invoicing features, online businesses and freelancers can simplify their financial management, freeing up time that can be devoted to growing their business or pursuing other interests. With these powerful tools at their fingertips, online professionals can enjoy a greater degree of financial security and flexibility, helping them to succeed and thrive in a competitive online environment.
IntaSend's mission is to streamline online transactions, making them easier and quicker for businesses and freelancers. One of the ways they achieve this goal is through their payment link system, which allows you to send a link to your clients that takes them to a secure payment page. This eliminates the need for clients to log in to a system or create an account just to make a payment.
Zero maintenance free
When it comes to managing your finances, every penny counts, and that's why it's essential to find a reliable payment platform that aligns with your budgetary constraints. IntaSend offers customers an accessible and affordable payment experience.
Opening an IntaSend account is entirely free, and you only pay for the services you use, making it a cost-effective and sensible option. With no hidden charges or fees, you can trust IntaSend to be transparent about their pricing and ensure that you're not caught off guard by any unexpected costs.
Compared to other payment systems that have complicated pricing structures, IntaSend is refreshingly easy to use and understand.
24/7 customer support
IntaSend not only offers innovative financial solutions but also prioritizes customer service. That's why it has 24/7 customer support available through various channels, including live chat, phone, and email. Whether it's a small query or a major issue, IntaSend's friendly customer service team is always ready to provide assistance. Besides, the company offers helpful online resources such as tutorial videos and articles that empower customers to solve common problems efficiently. When it comes to customer support, IntaSend goes above and beyond to ensure that its users have the assistance they need.
Secure payments
In today's world, security is a top priority, especially when it comes to financial transactions like making online payments. Keeping this in mind, IntaSend has implemented the latest security measures in the fintech industry to ensure the protection of all its clients' data and payments.
The company's strict adherence to PCI-DSS compliance is a testament to its commitment to data privacy and security. With these measures in place, users can feel confident that their financial information and transactions remain secure while using IntaSend.
In addition to PCI-DSS compliance, the company employs sophisticated encryption methods to safeguard data during transmission and storage. Moreover, IntaSend's regular security audits and updates ensure that the system stays up-to-date with the latest threats and potential vulnerabilities. With such a robust security infrastructure, IntaSend sets a high standard for other fintech companies to follow.
Con
Only African users can enjoy its services
With the proliferation of mobile phones and the increasing demand for digital payments in Africa, IntaSend has emerged as a digital payment solution dedicated exclusively to serving the African market. While there are other international payment platforms operating on the continent, IntaSend is uniquely designed to cater to the needs of the fast-growing African user base. IntaSend has made a name for itself in Kenya, where it has become one of the leading digital payment solutions used by Kenyans of all income levels. Its user-friendly interface, affordable transaction fees, and reliable service have made it a popular choice for sending and receiving money across borders. With all its good features, it may not be the best for businesses outside Africa.
IntaSend vs. Payoneer: Comparison
Transaction fees comparisons
IntaSend charges only 1% on mobile payments, something Payoneer doesn’t offer. At this rate, it is one of the best transaction charges offered by any payment processor around the world. On the other hand, as mentioned earlier, Payoneer charges 3% on credit card payments and 1% on ACH payments. To learn more about how IntaSend prices its services, check here.
Winner: IntaSend
Payment speed
Payment speed is an important factor to consider when choosing a payment processor because it determines how fast you can get your money in your account. IntaSend’s mobile money payments, particularly MPesa, are processed immediately, resulting in instant reflection. However, card payments can take 2-3 days to be processed, which is just the number of days it also takes Payoneer to process its card payments.
Winner: IntaSend
Currency exchange rates
Since this is for the Kenyan market, we believe IntaSend is the clear winner here. Payoneer offers great exchange rates, but not as great as what IntaSend offers. IntaSend even has a local currency converter that allows you to convert several other currencies to KES without any stress. This currency converter shows live currency exchange rates so you can always be sure that you’re getting the best deals. Learn more about IntaSend’s currency exchange rates here.
Winner: IntaSend
Payoneer vs. IntaSend: Which Should You Choose?
Comparisons between two or more payment processors are something that will always take the center stage in any discussion. It is good for the industry, and with many options to choose from, customers are always the winner at the end of the day. No question, Payoneer is one of the biggest payment processors across the globe and an even more popular choice among freelancers in other parts of the world except Africa. There are several restrictions in terms of usage for African users, and that’s why folks in Kenya will always prefer to use IntaSend; a payment processor that has a local presence in the country.
From payment links to multiple payment options to security, IntaSend is always the best choice for Kenyan businesses and freelancers. Its services have been tailored to meet the needs of the local market, and what more could you ask for? If you don’t already have an IntaSend account, you must have one to start enjoying its financial services.
Head Photo by Nathan Dumlao on Unsplash
