Payoneer

Payoneer is an American financial services company that provides online money transfer, digital payment services, and working capital to customers.

Payoneer supports about 200 countries with 150 local currencies. The financial payment service allows you to withdraw funds from a debit card and send or receive money domestically or internationally. Payoneer charges are a bit high at $3 per transfer but are free to receive.

Payoneer is a large, reputed, and trustworthy business. Thousands of companies, marketplaces, and individuals use Payoneer services to make and receive payments and send money worldwide.

Customer service: 00 1 646-658-3695

Founder: Yuval Tal

Founded: 2005

CEO: Scott Galit (Oct 2010-)

Revenue: 30 crores USD (2019)

Headquarters: New York, United States

Pros

Wide presence in 200 countries
Custom invoices let you request payment from individual clients
Customer support
Free payments between Payoneer accounts

Cons

There are many types of fees
High card transaction fees
Many hoops to jump with the potential for prohibitive issues.

1. When Payoneer Works?

Payoneer is the best payment service. And it may not work for everyone.

Payoneer works well in the below cases:

Service Provider or Freelancer: Payoneer can be a great option if you need to receive payment for your services through your clients or marketplaces such as Upwork and PeoplePerHour.
Small Businesses: SMBs need to pay for their services and use Payoneer for all international transactions.
Online seller: Anyone who needs to accept payment from an e-commerce marketplace for your goods will work great for you if you are an online seller.
Marketplaces or SMBs: Payoneer is an excellent app for sending mass payouts to payees across the world.
Payoneer is an option for sending or receiving business payments.

They are a great competitor to PayPal; their services are used for commercial use only.

2. When Payoneer Doesn't Work

Personal payments: If you're looking for a money transfer company to send or receive money between family and friends or using your prepaid debit card as your primary method of paying for things, Payoneer isn't for you.

Payoneer only accepts the business transaction.

Large and Extra Large Business Transfers: Payoneer has certain transaction limits. There is a limit of 15,000 USD/15,000 EUR/15,000 GBP in credit card payments and 15,000 USD with eCheck, in case of payment requests or payments initiated by other Payoneer customers. For payments from other Payoneer customers, there is a monthly limit of 100,000 USD. If you intend to make more significant transactions, you may need to explore other providers.

In our case, this included sharing an invoice, a reason for payment verification, questions about payment, and screenshots of account activity, and an account showing their address. It can take some time and more than a little Zen mastery.

We understand that a lot of it is related to meeting the rules, and overall we think there is a good thing.

But you may receive an email saying, "We regret to inform you that your access to Payoneer's global payments service has been closed,." They will get their due money. We do not have here that our ability to use Payoneer was turned off, but there is no recourse or helpful information about why this would be so.

How do you benefit from Payoneer?

Simplify the way you get paid: Over millions of customers worldwide use Payoneer for one reason.
Reduce your payment fees: Increase your earning rate by reducing your payment fees up to 71%.
Scale your business: It expands your reach by thousands of marketplaces that pay their users via Payoneer.
It accepts payments in USD, EUR, GBP, JPY, AUD, CAD & MXN - as if you had your local bank account!
Access your funds with ease: It withdraws funds to your bank account and at ATMs worldwide.
Get the help you need: Enjoy multilingual customer care 24 hours a day, seven days a week! At the Payoneer app.

How are we getting paid with Payoneer?

It provides your customers with local USD, EUR, GBP, JPY, AUD, CAD, and MXN accounts and receives payments as fast as a local bank account!
Bill your customers by Payoneer and provide multiple simple and secure ways to pay online.
Connect your Payoneer account with Upwork, Airbnb, Fiverr, 99Designs, iStock, ClickBank, and many!

You can be paid via Payoneer.

You can withdraw payments from your Payoneer account to your local bank account in local currency.
Pay another Payoneer customer - anywhere in the world for free of cost!
Withdraw your funds at ATMs worldwide or make purchases online and in-store.