Chase Pay or Payoneer: Key Differences

Globalization and digitalization of the economy, as well as the development of fintech tools, dictate the conditions: It is crucial to understand the diversity of payment systems. Depending on your needs, Chase Pay and Payoneer are two different tools that can make or break your transactions. Since both systems offer unique benefits, their key differences may influence your choice.

Below we will look at specific examples to better understand how both systems work: services, features, Pros, and Cons. Although at first glance, comparing these two payment systems may seem irrelevant and the differences may seem unimportant, they actually play an important role in the user experience. Choosing the wrong payment system can seriously complicate your business processes or personal finances, for example, due to domestic wire transfer limit. “The choice between Chase Pay and Payoneer depends on where and how you spend your money.” — Financial Analyst. Thus, it’s essential to weigh each system before making a decision. Can you combine the use of both systems to optimize your finances? After reading this article, you will learn about the advantages of each system and be able to choose the most appropriate one to avoid hassle.

Chase Pay: Features and advantages

Chase Pay, apart from the actual payment system, is a convenient tool for Chase bank customers, integrated with their bank accounts and offering additional bonuses. Imagine making everyday purchases and getting discounts for it — that’s what Chase Pay offers. However, it’s worth remembering that outside of the U.S. the options are limited.

Services & features Chase Bank offers:

1. Integration with bank accounts: This provides the client with convenience in managing finances.
2. Discounts and bonuses for everyday purchases.
3. Mobile app for iOS and Android devices.
4. QR payment codes for payment at stores that accept Chase Pay.
5. Pre-ordering at thousands of restaurants.
6. Loyalty and Rewards: Chase Pay allows you to store loyalty cards and apply available offers or discounts at checkout.
7. Using Chase Ultimate Rewards® points: You can pay with Chase Ultimate Rewards® points through the Chase Pay app or at sites that accept Chase Pay as a payment method.

If you’re a Chase customer looking to simplify your payments, Chase Pay is a great option. But what happens when you need to make payments outside the U.S.?

Payoneer: Features and advantages

For those who conduct international business, Payoneer opens wide opportunities for working with global payments. This system offers universal solutions for both companies and individual entrepreneurs. With Payoneer, you can easily cooperate with foreign partners and clients, making payments in a variety of currencies. The main 8 currency pairs can be converted to over 150 currencies, with transactions in 200 countries. Though Payoneer is a bridge between business and international customers, you should be aware of possible currency conversion and transaction fees, which can vary from 0% within the system to 3.99% between different payment systems (Transumo). You should also be cautious of the limit on domestic wire transfers. However, if you are looking for international payment solutions, Payoneer is a reliable choice.

 For reference: as an alternative, instead of Payoneer, you can use payment services such as:

1. PayPal: Supports recurring credit card payments and online payments, with no account balance.
2. Wise: Supports 9 major currencies; ability to earn on USD balance; low-interest transactions.
3. Skrill: Free account; supports credit card transactions; send and receive payments via email.
4. Neteller: Virtual wallet payments; prepaid Mastercard for in-store payments and cash withdrawals; support for cryptocurrency trading.

Chase Bank supports integration with PayPal, allowing customers to link their accounts for international transactions such as purchases and online payments. When you make the decision to connect your Chase bank account to PayPal, it provides comprehensive transaction records and facilitates the categorization of your purchases, thereby delivering a more comprehensive understanding of your financial situation.

For reference: Payoneer has certain restrictions on domestic wire transfers. For example, transactions are processed within one business day, transaction fees are charged, and regulatory requirements limit transactions to $10,000. If you want to delete your Payoneer account for these or other reasons, Irina Tsymbaliuk at Rates goes into detail about it so you can restore it later.

To conclude: Chase Pay and Payoneer key similarities and differences

So, how do you choose between Chase Pay and Payoneer? Both systems offer unique benefits, but key differences can make a big impact on your choice. “The choice between Chase Pay and Payoneer depends on where and how you spend your money,” state financial experts. Your choice of payment system depends on whether you do international transactions or only work within the U.S., and whether you use one payment system or multiple. For transactions within the U.S., Chase Pay is fine. For international transactions between different systems, it is better to choose Payoneer.

Integration of payment systems: Can Chase Pay and Payoneer be merged? Right now, these systems operate separately, although they do not compete for customers and offer APIs for interaction, but there is no direct connection between them. Owing to digital economy and globalization, advances in technology and new work models such as outsourcing and telecommuting could all spur a merger between Chase Pay and Payoneer. This would give users the ability to take advantage of both systems. Such an integration requires agreement between the companies and the development of technical solutions. To learn more about the future of online payments — it’s all about cryptocurrency, stablecoins and tokens, integration technologies, and even your self-determination — check out J.P. Morgan‘s coverage of key aspects of the POWER+ framework.