Looking for a way to send and receive money to various countries around the globe? Then Payoneer might be one of the methods that you may want to consider.
Let’s start this review with a little background on what this platform is and what it does.
What is Payoneer?
Established in 2005, Payoneer is a financial services company that provides an online payment platform.
Through this cross-border payment platform, you can easily send and receive money from businesses, networks, marketplaces, and professionals in various countries around the world.
Payoneer services are mainly targeted to professionals, freelancers, business owners, and e-commerce marketplaces.
If you need an online payment method for personal use, Payoneer will not work for you.
As a business owner who needs to pay contractors and employees, you can do that easily with Payoneer. You will enjoy direct payment solutions, integrations, and currency conversions.
Payoneer is a large and successful company. Currently, Payoneer serves several businesses and professionals in more than 200 countries and territories. It supports more than 35 languages.
Among the marketplaces that Payoneer currently works with include Upwork, Amazon, Google, Fiverr, and Airbnb.
Wondering whether you should use Payoneer? The review below will enable you to know whether this online payment service provider is ideal for you.
Pros: What you will like about Payoneer
1. Wide Coverage
When looking for a reliable online payment platform, you want one which allows you to send and receive money in several places around the globe.
Payoneer meets this requirement; it covers several countries, languages, and currencies around the globe.
What’s more? This platform has currency conversion capabilities and direct payment methods. This allows you to send or receive money in a convenient way.
2. Fast services
You will also enjoy fast services from Payoneer. You can send and receive money almost instantly.
Meaning that as a business owner your employees don’t need to wait for long before receiving their payments.
However, when transacting with a non-Payoneer account, it may take longer.
3. Wide variety of payment services
Among the aspects you will enjoy most when using Payoneer is that it provides a wide range of services as outlined below.
1. Global Payment service
Through this service, you get a receiving account. This receiving account acts as a local bank account in the sense that you can accept payments in many currencies.
Once you get paid, the money goes into this account. This account also allows you to make payments to other Payoneer customers around the globe for free.
2. Currency Conversion
Your Payoneer account will hold your funds in the currencies that you received them. You can always convert this fund to your preferred or local currency, of course at a fee.
Payoneer uses interbank exchange rates and also charges a commission fee.
These currency conversion services can only be done for money that is already in your receiving account.
3. Billing service
Payoneer’s goal is to empower businesses by making it possible for them to make online funds transactions seamlessly. And this service can help you achieve that.
With the billing service, as a business owner, you can easily request a business payment and send it to your customers.
Your clients can choose to pay the bill or invoice with their card or bank account. And they do not need to have or use a Payoneer account. Once they make a payment, it will be sent to your receiving account.
This billing service works with the global payment service.
Note that you can only use this service to bill clients for products and services associated with your business.
4. Mass payout service
The Payoneer Mass Payout Account enables businesses and marketplaces to transfer funds to several people in different countries and currencies around the globe.
Leading brands such as Airbnb, Upwork, and iStock use this service to pay their hosts, freelancers, and photographers respectively.
So, if you have to need to pay large numbers of employees or beneficiaries, you can consider this mass payout service.
5. Bank funds withdrawals
Access to your money in Payoneer is very easy.
You can transfer your money to your bank account in the local currency. You can also use a prepaid card to withdraw money from an ATM.
Even better, you can get prepaid Mastercard credit cards from Payoneer. You can use these cards with any currency.
However, you will need a different card for each currency. The pricing and fee details for these cards can be found in your account.
Payoneer is easy to use and very convenient.
The convenience of use for this online payment method is enhanced by Payoneer mobile application.
Payoneer provides a mobile app that you can use on both android and iOS devices.
With this app, you can do a lot of activities such as checking your currency and card balances, reviewing and filtering transactions, and accessing information fast.
Payoneer also has great customer support. You can easily reach Payoneer through telephone, live chat, and sending them a message through social media platforms.
5. Credibility: You can trust Payoneer with your money
When searching for an online payment platform, you want to ensure that it is safe; that your money will not get lost during a transaction.
Payoneer is a fully regulated and credible company registered as a US Money Service Business. The company upholds high-security standards in their systems to ensure the safety and security of your money.
The company’s payment platform is secure, fully compliant, and tightly audited, and it has received global recognition from financial regulators.
You can easily keep track of your account. Whenever changes are made, you will be notified via email. If there is an unusual activity, they will also let you know.
So, you can rest assured that Payoneer will keep your information and money is safe.
Other perks that you may enjoy from using Payoneer include; ability to pay VAT in the EU and the UK, partner directory, API functionality, and integrated payments platforms.
Cons: What you may not like about Payoneer
1. Different types of fees that can make Payoneer expensive
You can rely on Payoneer to conduct online payment transactions. However, it comes with some limitations.
Signing up for Payoneer services and receiving payment is free. But, there are other fees that you will incur as you carry out your transactions.
Below is a breakdown of the other fees; (This is during the publishing of this post)
- Receiving money through the Global Payment Service for USD, you’ll be charged 0% to 1% fee.
- Receiving money directly from customers via credit or debit card, you’ll pay 3% fee and 1% fee via an eCheck in USD
- Marketplace fees also apply but they vary from one marketplace to another
- You will be charged 0.5% fee over the interbank rate when exchanging funds from one currency to another.
- You will be charged $1.50 when withdrawing funds to your bank in your local currency.
- You will pay 2% above the interbank rate when making bank withdrawals using a different currency.
- When using the Payoneer Prepaid Mastercard, you will pay 3.5% currency conversion charge.
- When doing transfers, banks may levy certain fees that Payoneer may not have control over. Your beneficiary/ recipient may not receive the full amount. It is always important to contact your bank about such charges.
These fees can make it quite expensive to use Payoneer.
2. Strict terms and conditions
For security reasons, Payoneer has very strict terms and conditions of use. You might not like them but you should consider it as a way of keeping your transactions secure.
Sometimes a review can be done and this can slow the process of making transactions.
Your account might also be closed for a reason that might not be disclosed to you due to confidentiality reasons.
All these regulatory standards are made to avoid data theft, impersonation or fraudulent activities that are common in the online space.
But as long as you stick to Payoneer’s terms and conditions, you will benefit from their online payment services and solutions.
3. Only used for business transactions
Payoneer’s services are limited to business transactions only.
As such, you cannot use it to load money or top up your personal prepaid cards, make donations, or receive funds from family.
You cannot load money into your Payoneer account using your bank account. If you were sending money to a non-Payoneer customer, they would need to create a Payoneer account first, which can be costly.
You will need another online payment method for personal transactions.
How to Get a Payoneer
For you to use Payoneer, you need to sign up for their services. This is a very simple procedure that you can do on their website for free.
You can follow these steps
- Visit the Payoneer website and Click on the “Sign up” button. Select whether you want to create a professional account or for personal use.
- Input your personal details which include your name, email address, birth date, phone number, and address.
- You will then use your email address as your Payoneer’s username and enter a password. Choose a security question and answer.
- A link will be sent to your email. Click on it to confirm.
- You will be required to choose two more security questions for enhancing security on your account.
- Payoneer will then verify your identity and run credit checks.
- Upon approval, you can start using the account to send and receive funds.
And there you have a Payoneer account. Fast and easy.
How Payoneer Works
Payoneer basically works to enable you to send or receive money.
You can receive funds through Payoneer in two ways;
The first way is when clients pay you. You usually send your clients a payment request. Payoneer will then send them an email that includes the payment details and the payment options they can use.
Once they pay, your money will be held in your Payoneer account. How fast the money is deposited depends on the payment method they used.
The second way you can receive money through Payoneer is when you get paid by marketplaces or businesses through bank transfers.
As discussed earlier, Payoneer provides you with receiving accounts that act like local bank accounts. Once payment is made, it will be held in your receiving account and then transferred to your Payoneer account.
If you are a service provider in any marketplace such as Upwork, you can simply choose Payoneer as your payment method.
You can make payments to both beneficiaries who have a Payoneer account and those who don’t have a Payoneer account.
The transaction will be free when you transfer money from one Payoneer account to another. The recipient will get the money within a short time.
If the recipient is not a Payoneer client, certain charges will be incurred. You will need to add their bank account details and send the money to their bank accounts.
Once they receive the money, they can withdraw it through their local bank accounts. Of course, charges apply to activities like converting the money to local currency.
The banks will also charge you some additional fees.
Based on the analysis above, would you consider signing up for Payoneer and using its online payment services?
You definitely should consider it.
This is a great online payment option for small businesses and freelancers who want a convenient, fast, and secure way of sending and receiving funds.
With Payoneer, you will enjoy a lot of benefits. Your money and every other information regarding your transactions are safe.
You can expand your business since Payoneer enables you to work with businesses and marketplaces in several places around the globe. You can receive all payments in one account.
The ease of access to funds through your local bank in your local currency makes Payoneer a payment platform that can be relied on.
What’s more? Payoneer supports its client all the way. There are several ways you can reach customer service fast and have your issues resolved.
- What is Payoneer?
- Pros: What you will like about Payoneer
- Cons: What you may not like about Payoneer
- How to Get a Payoneer
- How Payoneer Works