There are four well-known companies on the market, namely two established overseas payment companies, World First and Payoneer, and two Chinese cross-border payment innovation companies, SKYEE and Pingpong Finance. .
1. Account opening qualifications
Both WF and P cards can open company accounts or personal accounts. SKYEE and Pingpong Finance only support company account opening for Amazon payment, either mainland companies or Hong Kong companies.
2. Charging standards
The payment company charges are mainly divided into two forms, one is ordinary handling fee, and the other is exchange loss. Because some companies do not disclose their exchange rates, they can make huge profits from them.
WF’s fees are mainly reflected in the form of exchange losses, and there are no other handling fees. However, the editor has not yet found relevant information about which exchange rate they use. The charging standard is calculated based on the income scale, and the exchange loss ranges from 1 to 2.5. The higher the cumulative income, the lower the exchange loss. When your monthly turnover exceeds US$500,000, you can get the base price 1. P card charges are differentiated by currency. A USD 1 entry fee will be charged (can be waived if the amount exceeds 200,000 USD), and the withdrawal fee ranges from 1 to 2 (based on accumulated income). There is no deposit fee for depositing euros and pounds, but there is a withdrawal fee of 1-2. If you want to apply for a physical card, you will also have to pay a card management fee of $29.95 per year. As for the exchange rate, P card refers to the 3:00 exchange purchase price of Bank of China. Generally speaking, for small and medium-sized sellers, the fees charged by established large payment companies are generally on the high side.
SKYEE and Pingpong Finance, two local companies, have relatively simple payment methods and the prices are very considerate. SKYEE only charges 0.8 for Euro payment and cash withdrawal, and Pingpong Financial only charges 1 for US dollar payment. There are no other fees for either. However, according to people familiar with the matter, SKYEE, the payment platform, plans to list US dollars, British pounds and Japanese yen in the future. Pingpong also plans to list Euro and British Pound.
3. Withdrawal timeliness
The withdrawal timeliness of the four companies is between T 1 and 3. The payment processing time of SKYEE is stable within one working day. Pingpong is the fastest to receive payment on the same day.
4. Safety
In terms of safety, the four companies are all supported and supervised by the local governments where they operate, and there is not much comparison.
WF and P Card are established foreign payment companies that have been operating for many years. WF is a British company and is supervised by the US, British and Hong Kong governments. P Card is a US company and is subject to US government and European supervision.
Both domestic companies, SKYEE and Pingpong Finance, were established in Guangzhou and Hangzhou respectively. The local governments are quite supportive of their innovative cross-border payment model.
SKYEE is one of the top ten payment companies in Guangdong Province and is one of the key innovative cross-border payment companies supported by Guangzhou City. Its affiliated companies are subject to government supervision in the United States, Germany and Hong Kong.
Pingpong Financial is a cross-border payment enterprise supported by the Hangzhou Comprehensive Pilot Office, and its affiliates are subject to US government supervision.