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By Arya Bharti
Published on 3 May 2024 8 min read
Finalizing a business banking platform is a tough decision; right?
You need tailored banking offerings to suit your current banking needs and exhaustive features for autonomous operations without any hassles. You might also seek some built-in capabilities to do budgeting and track your finances.
You don’t want to pay high transaction processing charges and might want quick access to capital if required.
This is why we are putting two giants against each other – Stripe and Payoneer, both of which offer amazing features and services.
So, let’s jump in and get started, for your search for a reliable business banking solution might end here!
Stripe’s Banking Features
Stripe is an online and in-person payment processing and financial services platform for businesses of all scales and types. With Stripe, you can receive payments via debit or credit cards, buy now, pay later, ACH, and mobile wallets. Its services are categorized into three major segments – global payments, banking as a service, and revenue and finance automation.
Right from eCommerce store integrations to hosted checkout pages and payment solutions to powerful APIs, Stripe is a powerful payment processor for business owners. It specializes in online sales has strategic partnerships with multiple companies in more than 40 countries, and cherries on top – it’s free to use!
Now, let’s take a deep dive into the banking features of Stripe.
Account Management
If you are a developer you can leverage Stripe’s KYC module and streamline the user signup processes without building a separate KYC program. This reduces the effort involved in user onboarding and expedites account creation. Stripe has partnerships with reputed banks like Goldman Sachs, and Evolve Bank & Trust which enables it to offer FDIC-insured accounts to its users.
Based on your needs, you can open various types of accounts via Stripe Treasury. While the standard checking accounts are perfect for daily transactions and regular banking needs, if you wish to earn interest on deposits, you can open Money Market accounts.
Impressive Third-Party Integrations
You can integrate Stripe with numerous third parties across diverse industries and business use cases, to unlock a truly seamless banking and finance management. Stripe can also be integrated with popular e-commerce platforms like Magento, Shopware, WordPress, WooCommerce, Drupal, etc., via simple and easy-to-set-up prebuilt plugins.
Multiple Transfer Methods
Stripe allows its users to initiate multiple types of domestic payments via the Stripe Treasury accounts, such as domestic wire transfers, ACH transfers (debits and credits), and check deposits. You can have granular control over outbound payments as well.
Stripe allows users to configure permissions for sending and receiving funds for specific financial accounts.
Cash Flow Management
You can manage and track your financial activities, overall balance as well as the individual balances of the connected accounts via highly intuitive and feature-rich dashboards and tools.
You can set inbound and outbound workflows to manage funds coming from multiple sources, such as payouts and deposits, and the funds you spend.
Miscellaneous Features
Coupling Stripe Issuing with Stripe Treasury allows you to create virtual cards that you can link to the financial accounts of your users as well. Thus, they can make secure online payments without divulging their individual account details.
The payment settlement times are smaller than the traditional banking systems, which allows faster access to capital and improved cash flow.
Stripe offers a highly scalable payment infrastructure and evolves alongside your business transactions without incurring heavy costs.
Stripe prioritizes compliance and security and offers advanced features like built-in KYC and AML (Anti-Money Laundering) to ensure increased adherence to financial regulations.
Payoneer’s Banking Features
Payoneer is a perfect banking solution for marketplaces, small businesses, freelancers, and businesses that seek an all-in-one solution for international payments. It is a user-friendly platform that allows you to receive payments in your bank account, get cash via ATM withdrawals, and get virtual cards for online payments.
Payoneer integrates with popular marketplaces making it perfect for freelancers and businesses working across different channels and geographies. Business users can open local receiving accounts in currencies of their choice, and send & receive payments globally.
Payoneer offers a physical debit card for complete autonomy over finances and added flexibility. Some additional features include payments for ad services, contractors, VAT, suppliers, etc.
Now, let’s take a deep dive into the banking features.
Marketplace Payments
Solopreneurs and small business owners who operate across global online marketplaces can enjoy hassle-free payments with Payoneer. Payoneer integrates with online marketplaces like eBay, Airbnb, Amazon, etc. to streamline the payment process and offer a convenient reception of funds directly into the Payoneer account.
Sending Payments
Payoneer allows you to send funds instantly to the other Payoneer accounts without any extra payment. You can send money to the bank accounts in a batch of 200 payments at a time. These payments go through within 24 hours.
Further, you can make payments across 200+ countries and use Amazon Transparency and Amazon advertising to settle business invoices.
Payoneer Prepaid Card
Payoneer users can get a physical or virtual Mastercard® card, which can be linked to balances in 4 different currencies in their Payoneer accounts. These cards can be used at ATMs, online, and in stores.
You can top-up your cards to make purchases in USD, EUR, GBP, or CAD and also choose a base currency while placing the card order. Payoneer allows you to get multiple virtual cards, and the cap on the number varies according to the type of account.
All business purchases done by the card come with cashback which is credited directly to the account every month.
Fund Management
Business owners using Payoneer can open a local currency account in countries like the US, Europe, the UK, etc. They can also transfer funds from their Payoneer account to these business bank accounts whenever required.
Payoneer offers a multi-currency conversion service to make currency conversion easier. It also allows the users to aggregate all the eCommerce stores and monitor the payment activity across all of them via a unified dashboard.
Sending Payments
As mentioned above, Payoneer allows you to make payments to other vendors, contractors, etc., via ACH bank debit, credit card, and bank transfers. You can also set subscription-like payments for people and projects to streamline the monthly payments.
Further, you can pay UK and EU VAT from your account without any extra fees that help you save on costly transfer and currency conversion fees.
Working Capital
If you are a seller on Amazon or Walmart and use Payoneer, you can get a merchant cash advance of up to $750,000 via the Capital Advance program. The program is available at three levels varying in terms of amounts, settlement periods, and offers.
We recommend checking the official resources for more detailed and recent information.
Receiving Payments
Payoneer allows its users to make payments via credit card, ACH direct deposit, and Payoneer accounts. You can request payments globally, bill your clients, and offer them multiple easy ways to make online payments.
If you are a business, you can receive payments from the leading marketplaces in multiple currencies. Some examples include Airbnb, iStock, Fiverr, Upwork, etc. You can also withdraw money from any ATM globally, as Payoneer has fixed withdrawal fees, which allow you to use your ATM cards anywhere at the same prices.
Mobile App
Payoneer offers an easy-to-use mobile app that offers centralized management of your finances and banking operations. You can withdraw money from your local bank account across 150+ countries and track and manage the balances and transaction statuses.
The mobile app also allows you to request and make payments and view the card balances as well as change security settings.
Stripe and Payoneer Differences
Here is a detailed comparison between Stripe and Payoneer that will help you stack them against each other for a better understanding of their features and make an informed choice.
| Feature | Stripe | Payoneer |
| Setup | Extensive documentation and tools for website and app integration | Easy setup to receive payments from clients and marketplaces |
| Integration | Developer-centric integration | Straightforward integration |
| Global Accessibility | Mainly focuses on the US and a few other countries | Users can send and receive payments globally in multiple currencies |
| Ideal fit for | Perfect for businesses operating in the US | Freelancers, small business owners and businesses with international clientele |
| Payment Options | Credit and debit card | Multiple payment methods including payment methods, including virtual accounts, prepaid Mastercard, and local bank transfers |
| Transaction Fees | Flexible fee structure with different transaction fees and pricing plans | Flat fee for each transaction, based on currency and payment method used |
| Additional Services | Subscription Management, Invoicing Capabilities, and Fraud Protection | Escrow, Currency Conversion, and Tax Filing Assistance |
| Customer Support | Primarily offered via email and chat; limited phone support. | Multilingual support via email, live chat, and phone |
Making the Final Decision: Stripe or Payoneer?
While both Payoneer and Stripe offer excellent features, you should opt for Payoneer if:
- You are a freelancer or small business owner with recurring international transactions. Payoneer offers local receiving accounts in multiple currencies which enables you to receive cross-border payments at low fees.
- Your business has a global clientele. Businesses across the globe widely use Payoneer and offer convenient options for dealing with clients globally.
- You need an additional payment method along with other existing banking solutions, for example, you can also connect Stripe with Payoneer.
You can opt for Stripe if:
- You are a beginner developer who only needs code-free payment processing tools from Stripe.
- You require a free merchant account with over-the-top data security features and global payment capabilities.
- You are a B2B company and need a highly customized online payment platform.
Pros and Cons of Stripe
Pros
✅ Stripe has an excellent dashboard and also offers reporting features which is perfect for companies with development business.
✅ Awesome developer tools with extensive documentation and integrations.
✅ Integrates with most online marketplace and eCommerce platforms.
✅ Stripe re-tries collecting bill payments 2 to 3 times, from customers/clients if the payment fails at the first attempt, which improves billing and invoicing processes.
Cons
❌ Stripe is a bit expensive, especially for freelancers and small business owners.
❌ Customer support can be better as there is no phone-based support.
❌ Payments don’t get added to the bank quickly, Stripe has an extended payment holding time.
❌ Stripe can issue refunds to customers without notice.
Pros and Cons of Payoneer
Pros
✅ Payoneer offers low-cost payments. You can make payments to other Payoneer accounts without any additional fees and complete bank account transfers with a 1% fee.
✅ Quick account setup with zero account setup fee.
✅ You can make multicurrency international payments. This is beneficial for freelancers and businesses with international clientele.
Cons
❌ Payoneer doesn’t offer in-person payment reception.
❌ The debit card is not free.
❌ Account holds on customer reports can lead to loss of funds.
Transform Your Business Banking Experience With doola
Managing finances and business banking processes can be overwhelming, especially for new founders. Right from opening a business bank account to ensuring proper tax filing and compliance management – there are many considerations apart from running your business. This is where doola steps in.
doola offers a complete “business in a box” service portfolio to help founders from all over the globe to start their businesses in the US. We help in business incorporation, tax filing, regulatory compliance, and international money transfers. doola is a one-stop solution for all your business management needs and comes with highly comprehensive business offerings tailored to different business sizes and types.
To know more about doola’s offerings or to find out how we can transform your business banking, get in touch with our experts today!
FAQs
What are the key banking features offered by Payoneer?
Payoneer offers local receiving accounts in 9 currencies and cost-free funds transfer to other Payoneer accounts. It is available in more than 190 countries and offers marketplace & eCommerce integrations, multilingual support, and an optional debit card for instant fund access.
What are the key banking features offered by Stripe for businesses?
Stripe is a flexible banking option that comes with customizable checkout processes, risk management, and fraud detection tools. It has low-cost ACH payment processing and also offers multicurrency payment processing.
What are the major differences between Stripe and Payoneer in terms of business banking?
Stripe is more suited for payment processing for professional development businesses, retailers, and online businesses that offer integration with other payment methods. On the other hand, Payoneer focuses on cross-border payments, low-cost transactions, and B2B transactions via local receiving accounts.
