9 Best Payoneer Alternatives for Freelancers in 2023
With the gig economy proving to be a force to reckon with in the current work environment it is with no doubt that we require infrastructure to ensure its success. Notably, most people, both professionals, and novices have turned towards freelancing to grow their careers and extend their earning limits. It is unfortunate that despite the sometimes tedious work they have to do, getting paid on time can prove to be quite a test of their perseverance and patience. However, the solution to this lies in the choice of freelance payment methods they adopt. In a market flooded with freelance payment methods market stands Payoneer, a platform gaining massive international popularity day by day.
What Is Payoneer?
Based in the US, Payoneer is an online payment service used by freelancers internationally. With its services availed in up to 200 nations around the world, the platform offers payment processing in over 150 different currencies. Proving to be a reliable online payment service, Payoneer is used by some of the global market leaders in their sectors including Amazon, Google, and Airbnb among others. Many prefer the site having it not charge you extra conversion fees for your pay. With Payoneer offering faster payment options (payment within two to six hours), it remains to be one of the most sought-after online payment services.
Why You Should Look For Payoneer Alternatives?
While Payoneer offers quite some value for freelancers, there are tons of reasons that might have you seek an alternative. The reasons range from personal to operational options that the platform offers. The most prevalent reason is the platform’s hefty card renewal fee that might feel quite off for most of the small-scale (read most) freelancers. Payoneer also charges you 3% if you fail to go through the platform and 1% of your clients pay you with an eCheck or credit card. For those living beyond America, Europe, China, and Japan, the no-conversion fee advantage is not available hence taking some of your hard-earned cash. If that is too much then you can handle then here are the nine best Payoneer alternatives for freelancers.
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PayPal
PayPal has established itself as the best name in the online payment service for both sending and receiving payments internationally. You need not struggle with using the platform since nearly every freelancer has a PayPal account thanks to its ease in use and reliability. With PayPal, you can receive money simply through your email address or rather the merchant payment solution (comes at some comparatively high cost). Accepting up to twenty-five currencies, PayPal offers quite not only payment solutions but also invoicing solutions to customers. You also might love PayPal’s easy-to-integrate products for e-commerce. However, while creating a PayPal account might be free, customers will be charged some currency conversion fee which can be high at times.
Key features
- Has a financial fraud detection software
- Comes with a reporting software
- Offers to bill and invoicing
- Fully customized online checkouts
- Offers P2P and B2B financial services
Pricing
- Sign up- Free
- Transaction Fee (USA)- 2.9% + $0.30/transaction
- Transaction Fee (Int.)- 3.4- 4.4% + fixed fee/transaction
Pro Tip: Enjoy 2% cashback and no annual fee when you shop with the PayPal Cashback Mastercard.
Stripe
If you are looking for the perfect PayPal alternative, then Stripe might have your search stop. Spreading its wings in over forty nations, Stripe supports more than 135 currencies. Unlike Payoneer and most other online payment services, the platform enables you to collect recurrent payments making it ideal for freelancers using a recurring model. Here, you can take advantage of tons of integration options with freelancers taking advantage of invoice creation, e-signing, and draft contracts for the collection of payments. With organizations such as Shopify, Zoom, Amazon, and Booking.com using it for payment collection you can be sure as a freelancer to never miss on your pay with Stripe. And just like PayPal, Stripe allows for the collection and sending of cash internationally and domestically. Additionally, the platform allows you to use it as a payment gateway or rather payment processor for your online store. However, with Stripe only available in forty nations, your dealings might be limited as a freelancer. The platform can also be difficult to set up especially for beginners.
Key features
- Easy to use APIs
- Allows creation and selling of subscription plans
- Customizable check out pages to match your brand style
Pricing
- Sign up- Free
- Transaction Fee- 2.9% +$0.30/transaction
Fun Fact: Every employee at Stripe can read every other employees’ email.
Instamojo
Coming with no setup fee or maintenance fee, Instamojo is a reputable online payment service for Indians. While it may be rivaled by other big names in the industry, Instamojo has stood the test of time and quality making it one of the best for freelancers. Notably, the platform offers an all-in-one platform for selling products and services online providing a payment gateway. With Instamojo, you can build your online business but better for freelancers is being able to receive payments through its payment gateway and links. The platform allows you to embed a “Pay” button on your website with just a single line of code making it quite customizable. Thanks to its easy setup and flexible pricing structure that the platform is quite easy to use for freelancers. However, with its services limited to Indians and supporting Indian currency alone, it might be limiting for global usage.
Key features
- eCommerce mobile app
- Credit book
- Instamojo App store
- Convenience fee
- Team accounts
Pricing
- Sign up- Free
- Transaction Fee- Free for cash received via Bank Transfers, and NEFT
- Transaction Fee- 2% + INR 3 for payments received via Indian Credit or Debit cards
- Transaction Fee- 3% + INR 3 for payments received via international cards
Razorpay
With India being one of the biggest contributors to the freelancing market, Razorpay offers its residents an alternative online payment service. Not only does Razorpay offer the cheapest Indian online money payment service but also one of the most reputable, thanks to its greatly useful features. When it comes to freelancers, Razorpay offers a feature where they can set up automatic payment reminders for clients. The platform also facilitates payment receiving from clients even when they pay through other online payment services including PayPal. With Razorpay supporting over a hundred currencies, one can collect payment through more than a hundred payment modes. You might also like the fact that the platform offers invoices with GST compliance. However, the platform lacks adequate global exposure, which might not be much of a problem thanks to its cross-platform payment feature.
Key features
- Multiple global currency support
- Payment gateway
- Cross-platform payment feature
- Invoicing
- Subscription billing model
Pricing
- Sign up- Free
- Transaction Fee- 1% for payments received via Bank Transfers, NEFT, and IMPS
- Transaction Fee- 2% for payments received via Indian Credit or Debit cards
- Transaction Fee- 3% for payments received via international cards
Skrill
Standing as a great competitor to most of the online payment services on this list, Skrill offers free services for receiving money as their major selling point. Available in more than two hundred nations, the platform allows up to forty currencies. While the platform might have started back in 2001 as a perfect solution for gamblers to load stakes to their accounts, Skrill is now a complete digital wallet usable by freelancers too. With the cryptocurrency exchange quite a boom and a reputable business in such a time, Skrill allows users to buy and sell their coins through the account. The easy-to-use online payment service also offers integration with third-party shopping carts supporting in-app payments too. However, despite charging zero fees when receiving cash, the platform has a steep currency conversion fee.
Key features
- Credit card transactions
- One place data
- Email transactions
- Secure fast transfer thanks to FinCEN and FCA authorization
Pricing
- Sign up- Free
- Transaction Fee- $5.50/transaction
Neteller
Offering quite a similar catalog of products to Payoneer, Neteller remains to be one of the most versatile online payment services. The platform offers not only online payment services but also international transfer services. Therefore, with a virtual Neteller account, you can send r receive money over your email address. Even better is the fact that you can send someone money without a Neteller account. Funded by over forty payment methods, Neteller offers quick withdrawals usually a day or two. Available in more than two hundred nations globally, the platform is usable with over twenty-two currencies. Despite being a great platform, its fee system is quite complex.
Key features
- Offers a prepaid MasterCard
- Guaranteed security
- Rewards for its members
- Instant money transfers
- Online payments
Pricing
- Sign Up- Free
- Transaction Fee- 2.5%/transaction
Plooto
Plooto is among the few online payment management systems that charge users on basis of a monthly subscription. Therefore, if you are a high-volume transacting freelancer, then Plooto might have offered you quite some value with your money transfer needs. You might love its ability to send invoices faster without worrying about security thanks to the bank-grade security they have integrated. All you might require is an email address and funds will get transferred securely to and from your bank account as per your requests. However, part-time and small-scale freelancers might not be favored by its monthly subscription which might feel like it’s too much to ask for their services.
Key features
- International payments
- Audit trails and record-keeping
- Quickbooks integration
- Electronic payments
- Automated workflows
Pricing
- Sign Up- Free
- Transaction fee- $25/month
Wise
Formerly known as TransferWise, Wise is a great choice of online payment service for international money sending and receiving needs. Thanks to its Multi-Currency Account that offers you the flexibility to have clients pay you through their local currency. With Wise, you can hold currencies paid and convert them into over fifty currencies. Thanks to its simple transfer functionality and extremely transparent fee charges that Wise has become a great companion for freelancers. The platform charges you not for cash received from anyone. All you will need is your bank details for receiving cash direct to your bank.
Key features
- Currency conversion calculator
- Mobile apps for iOS and Android
- 50+ currency support
Pricing
- Sign up- Free
- Transaction Fee- 0.5–1% /transaction (Free for receiving)
Remitly
Not every time that you will be dealing with big companies for your freelancing jobs. Remitly makes the perfect choice for users seeking P2P international money transfers. You might also like the fact that Remitly provides multiple ways through which you can collect your cash including bank transfers, mobile wallet transfers, home delivery, and pick-up points. Notably, Remitly offers a guaranteed delivery which if money doesn’t get to the other party, your money is refunded. You can easily track the transactions for both the sender and recipient hence quite transparent. However, you can only transfer money from about 16 countries to slightly over fifty other nations worldwide hence quite limited. A major setback for using Remitly is their low sending limit capped at $2999 to $20000 all depending on how much information you provide to confirm your identity. While their economy option might be cheap, it might take a longer delivery time usually three to five business days. Additionally, their charges are hidden in the exchange rates they offer customers.
Key features
- Offers a minimum and maximum transfer amount of $1 and $20000 respectively
- 100% satisfaction guarantee policy
- Variety of delivery options
Pricing
- Sign up- Free
- Transaction Fee- $3.99-$20 for small transactions
Pro Tip: Keep amounts smaller for competitive total fees
Check the complete write-up on our blog. Originally published at DigitalGondola.com.
