Review Of Payoneer
Payoneer is a payments service that facilitates bank, eCheck, and ACH transfers. There is no fee associated with certain types of bank transfers, and it is free to open a Payoneer account. What’s more, Payoneer comes with tools for tax administration and invoicing, plus a debit card. Review of Payoneer receives high marks on all major customer review websites.
Payoneer is a merchant services provider that will allow you to send and receive payments without having to worry about maintaining a merchant account. This makes it a rather unique payment platform, akin to something like a PayPal or Venmo rather than a Square or Stripe. It is a popular option for freelancers and international businesses, as well as users of major ecommerce marketplaces like Airbnb and Upwork.
The website contains a lot of marketing fluff, and it can be hard to pin down exactly what you get when you create a Payoneer account. So in this Payoneer review we are going to try and cut through all the extraneous information and get to the heart of just what Payoneer can offer small business owners. We’ll also provide you with some alternatives to Payoneer so you can have a better idea of the payments market.
=> Where can you use Payoneer
Payoneer can be integrated with Freelancing websites such as Upwork, Elance, Fiverr, 99designs, Getty images, People per hour, and many other
- Shop online and pay using your Payoneer account
- Get a virtual US Bank account
- Create an invoice for free using
- Payoneer’s online tool
- Global payment service
- Send money or make payments for free
- Easily integrate Payoneer with your platform with their cutting edge APIs
=> Products & Services
As we’ve said, Payoneer is not a merchant account provider and doesn’t offer the full range of merchant services that you’d typically get from a traditional provider. Because of this, you won’t be able to use a credit card terminal or POS system with your Payoneer account. There’s additionally no support for a payment entry or virtual terminal. Here’s a rundown of the features that are available:
=> Payoneer account: Each Payoneer client receives an account which will be wont to build and receive payments. It’s free to sign up, and you can do it online in just a few minutes. While this isn’t a merchant account, you can make and receive payments via credit card. Payoneer uses an covert backend methodor to process these sorts of transactions.
=> Payoneer prepaid Mastercard debit card: Your account additionally comes with a Mastercard debit card, which you can use to make payments after you’ve transferred sufficient funds to your Payoneer account. While it’s not a mastercard, you’ll still have to pay a $29.95 annual fee for this card. This fee is on the high aspect, especially if you only use your Payoneer account occasionally.
=> Mobile app: The corporate offers a free Payoneer app, which is available for both iOS and Android. The app allows you to check your account balance, view transactions, and withdraw funds. However, it does not include the ability to make payments. For many users, this limited functionality defeats the purpose of having a mobile app, and it has received mostly mixed reviews for this reason.
=> eCheck process: All Payoneer accounts go with eCheck (ACH) processing for each creating and receiving payments. While there’s no further charge for this service, there are per-transaction processing fees.
=> Online reporting: As you’d expect, you’ll be able to log in online to access your Payoneer account. This is where you’ll go to make payments and transfer received funds to your local bank account.
=> Security features: All transactions are encrypted, but Payoneer doesn’t disclose specific encryption methods on its website or offer any details on other security features that it uses. Unfortunately, there are a lot of complaints online from users whose accounts were hacked and used to make unauthorized payments.
Read More => What Is Square Payment | Full Review Of Square
When sending money with Payoneer, you can use the following payment methods to pay for your transfer:
- Credit card
- Debit card
- Local bank transfer
=> Payoneer Exchange Rates and Fees
Payoneer charges its customers fees when getting paid by the different businesses to their Payoneer accounts. Thereafter, withdrawal from local ATMs also come at a fee. Below is a synopsis of the fees, exchange rates and other costs you may incur when using Payoneer.
Payoneer’s fee structure comprises several components depending on the type of transaction you are doing. The fees are categorised as follows:
It is free when you get paid by other Payoneer customers in USD, EUR, GBP, and JPY.
The other way of getting paid is through Payoneer’s receiving accounts. Normally. Payoneer gives you the privilege of owning local bank accounts denominated in EUR, GBP, JPY, AUD, CAD and MXN.
If someone pays you through a receiving account in these currencies, you don’t get charged any fees. However, if they pay you through your receiving account is USD, you’ll be charged 0-1% in fees.
Payoneer has a billing service you can use to request payment directly from your customers. This service comes at a 3% fee if payment is done by credit card and 1% if it is settled by eCheck.
Fees for receiving money from marketplaces and networks such as Upwork, Airbnb, and CJ Affiliate vary from one platform to another. You need to independently confirm what they charge. Upwork charges a loading fee of $2 per withdrawal to Payoneer.
Withdrawing Funds to a Bank Account
Most withdrawals to a local bank account do not attract any fees. For instance, withdrawals from Payoneer to KCB Bank or Equity Bank in Kenya are free.
If you withdraw to a bank account denominated in USD, EUR, or GBP, you’ll pay $1.50, €1.50, or £1.50 respectively. However, for this to apply, the bank account must be located in the same country where these currencies are classified as local currencies.
If you withdraw from an ATM using the Payoneer Mastercard. You will be charged $3 per transaction. If you cancel a transaction, you’ll be charged $1.
The exchange rate Payoneer charges for Payoneer to bank withdrawals is 2% above the mid-market rate. Normally, the provider doesn’t show the mid-market rate and the 2% breakdown on the transfer but the rate they give you includes the 2% margin.
Below is a screenshot of a transaction from Payoneer to KCB bank in Kenya. The mid-market rate as displayed on XE.com during the transfer was 1 USD = 101.613 KES.
Depending on the bank and country from which you access your money, you may be charged landing fees, processing fees or even intermediary fees. Also, Payoneer doesn’t make it clear how much you are charged when you query an account balance through the ATM.
Compared to banks, Payoneer gives much better rates and the time taken to withdraw to a bank is also shorter. It takes one business day maximum for funds to be credited to your account.
=> Advantages of Using Payoneer
- Signing up to a Payoneer account is free of charge.
- Pioneer offers a Mastercard debit card you can use to directly withdraw money from your Payoneer account thru local ATM machines
- Low and competitive fees
- Payoneer is regulated by the Financial Conduct Authority in UK, by the Financial Services Commission in Gibraltar, the Customs and Excise Department in Hong Kong, and by the Money Transmitter License in USA
- Easy to use
- Payoneer has a mobile app in which you can easily access e-wallet, payment transactions and history, and currency comparison. In addition, the mobile app is available in 19 languages and can be installed to any iOS and Android devices
- Payoneer is multi-awarded
- Payoneer has 24/7 customer support via Community Forum, livechat, Email and via phone
=> Customer Service
Payoneer offers phone, live chat, and email support during normal business hours Monday through Friday. Support is available in a variety of different countries, including the United States, United Kingdom, China, Russia, Australia, Spain, Japan, and more.
On the website, Payoneer says, “We will try to resolve your problem within three business days of receiving your complaint whenever possible, whether you contact us by letter, phone, email, chat, fax, or the Contact U.S. kind on our web site.”
There is also a Support Center with a robust amount of documentation on how to use Payoneer. Other customer support features include video tutorials, a community forum, blog, and social media accounts where you can ask Payoneer questions. The Customer Assistance page offers more detail on Payoneer’s customer care policies.
One other unique perk offered to Payoneer customers is an opportunity to be part of the Payoneer Ambassador Program. As a member, you’ll gain access to local events, meetups, and conferences, in addition to more intimate gatherings for the most highly successful business owners. The Ambassador Program is currently available to merchants in 12 different countries.
Can I trust on Payoneer?
Payoneer was founded in 2005 in New York City. The founders, Yuval Tal and Ben Yaniv Chechik, injected $2 million of seed funding. To date, the company has raised over $265 million from a spectrum of investors. Some of the notable financiers include Greylock Partners, Wellington Management, 83North, Crossbar Capital, Technology Crossover Ventures, Viola Ventures, Susquehanna Growth Equity and Carmel Ventures.
The company has grown rapidly employing over 1,200 employees spread across its 17 regional offices in the United States, United Kingdom, Latin America and Asia. Recent valuations put the company at $1 billion.
Final About Payoneer
Payoneer is highly recommended to freelancers, affiliate marketers and to companies that do mass payout. Payoneer makes it easy for anyone doing business online to receive and send payments internationally.
People would usually compare Paypal to Payoneer but they don’t completely work the same. Paypal can be easily funded by linking your bank account to it and use the fund anywhere you want – Payoneer, on the other hand, doesn’t really encourage “self-loading” so it kind of disabled its account holders to link their Payoneer account to their bank accounts.
Payoneer is basically made for business owners and freelancers who wish to pay and get paid as easily globally as they do locally. Every day, the Internet is creating new business opportunities all over the world, and Payoneer’s main objective is to connect entrepreneurs, business owners and freelancers around the world by being the preferred medium of payment.