Payoneer Review: Making the Most of Your Money
If you are working with a remote team or hiring staff around the world, one of the things you need to work on is to have a perfect process to pay them. It is essential to have a reliable payment platform to save your time and money (and save yourself from the hassle too!). And when it comes to payment service providers, Payoneer can be your trusted partner. It is the world’s leading payment platform that has gained popularity due to its low rate transaction fees. As a small business, it helps with cross border payment to overseas suppliers. It makes it easier for small businesses and professionals to receive Payoneer payments faster and improve their global reach as well as allows them to transfer money to any bank in the world and make online payments.
I personally have only used it a few times as most of the money I make is in local currency and I don’t need to transfer money internationally. But the good thing about Payoneer is that, aside from a virtual account, you can have a debit card that you can use just like your regular bank account. Also, in some countries, you can legally keep your money in your Payoneer account and do not need to do a local bank transfer. It means that you do not have to pay taxes for this income while still being able to use it locally.
Want to know more about this? Read on because I will be sharing in this article some of the valuable information about Payoneer.
What is Payoneer?
Payoneer Inc. is a global financial services brand for online money transfers and digital payments that offers innovative borderless payments for businesses (from small to large-sized enterprises), online merchants, independent professionals, freelancers, and corporate organizations. They provide customers with working capital, tax solutions, and risk management services. Their company was founded in 2005 and is headquartered in New York City with 24 offices globally including in the United Kingdom, Brazil, India, China, Mexico, Germany, and Japan as well as other emerging markets. Since then, they have expanded their operation to more than 200 countries. They are even backed by the market-leading investors worldwide which include Wellington Management, Viola Ventures, Nyca, Greylock Partners, and China Broadband Capital (CBC).
Read also: How to Transfer Money Using Wise? 5 Steps to Getting Started
Because of their fast, flexible, secure, and low-cost transaction, it allows people to send and receive money easily throughout the world in compliance with the local regulations. Their services have been used by more than 5 million customers. Some of them are Upwork, Fiverr, Onlinejobs.ph, Amazon, Lazada, Shopee, Google, Canva, Airbnb, Taboola, Getty Images, and Shutterstock. They are also a worldwide member service provider of Mastercard.
Being the world’s leading global commerce payment solutions, keeping your account safe and secure as a Payoneer customer is their top priority. They employ a multi-layered approach which includes:
- 2-Step Verification– to ensure that no malicious activity would be able to break into your account.
- CAPTCHA Requests- to ensure that the real users are the ones logging into your account and not some automated users such as bots.
- RSA Adaptive Authentication– an advanced authentication and fraud detection platform to ensure that your account is safe from potential fraud.
- Account Takeover Prevention – another security feature to keep your Payoneer user account safe and secure from bots and hackers.
- Risk Model and Behavior Profiling– a program that analyzes suspicious user transactions.
They also built an industry-leading infrastructure and work with some of the world’s largest and most stable banks to add security. Their partner banks include Barclays, Royal Bank of Scotland, Bank of America, Deutsche Bank, Citibank, and DBS Bank Ltd.
Why Choose Payoneer?
With all the options available to get paid and receive payment, I can say that Payoneer is one of the best option so far. They are a payment processing company that helps businesses to easily pay and get paid. Unlike other companies, they won’t require you to have a bank account or credit card. You can use it to pay your suppliers, your business partners, and your employees. You can also use it to enable digital commerce and accept payments from your customers. You don’t also have to worry about the hassle and hidden costs of handling bank account numbers, transfer fee, currency exchange rates, and additional banking charges. They offer online money transfers for business payment, prepaid debit cards, bill payments, online shopping, and local ATM access. Getting started with them is easy and simple, making it the best alternative to banks.
Some of its best features include:
- Free to sign up
- No fees for receiving payments
- Low 1% fee for sending payments
- Free account to deposit funds
- Option to transfer money
- Safe and secure transfer funds from your sender to your bank account
Fees
Fees are a real concern when you start accepting payments online. With Payoneer , they charge an annual fee of $29.95 if your existing Payoneer account is open for 12 months without making a transaction in your Payoneer account or on your Payoneer card. They also have service fees for certain types of transactions as well as for transferring money between your account and your local bank account. However, they won’t charge you for the service fee when you are transferring to someone who also has a Payoneer account.
How do the fees apply? Keep reading to know-how.
Get Paid
Getting paid is easy when you use Payoneer. You just need to have a Payoneer account to receive your payments from the US, EU, UK, Japan, and many other countries.
Withdraw to Bank
Upon receiving your payment, you can easily withdraw your funds using your local bank account with just a few clicks. The service charge varies depending on your country’s currency.
Pay
Paying your remote team and partners is as easy as getting paid.
Other Fees
Some of the other fees also apply.
Customer Service
When it comes to customer service, Payoneer is known for providing an excellent job in assisting its users. They offer 24/7 multilingual support via email, live chat, and phone calls. They also have a detailed FAQ section, Community Forum, Blog, Web & Mobile Customer Management Tools, and “How to” videos that are full of all the information you need if you are new to the service.
Their live chat, however, is currently unavailable. But you can still send them a message. You just have to fill out the form and describe your issue/s in the box. Then, you can add attachments if you want. Click on the box next to “I am not a Robot” and lastly click on Submit.
Your question has been submitted. Check your email because they would send their reply to your registered email address.
If you have a complaint, you can also contact them.
How Does It Work?
Payoneer makes it easier to transfer funds into and out of your account and accept payments online from anywhere in the world. When you sign up for the service, you will be given a virtual Payoneer Mastercard that you can use for your various transactions. The card is connected to your account. You can also use it to withdraw money from your online Payoneer account at any ATM or bank that accepts Mastercard. You can also download the app to access your funds anytime.
Receive Payments
When receiving payments internationally, you can accept money from eCommerce, marketplaces and networks, clients, and receiving accounts. Here’s how:
eCommerce
Payoneer works as a payment gateway for receiving payments from customers on your eCommerce website. Payoneer has a WooCommerce plugin which once installed and activated, customers can select it as a payment method.
Marketplaces and Networks
For Marketplaces and networks, you just have to choose Payoneer as your payment provider. Your sender would transfer the money directly to your Payoneer account. Then, you can withdraw the fund from your local bank account.
Clients
If you are receiving payments from your clients, log in to your Payoneer account and send them your client’s payment requests. They will receive notifications of your request along with the available payment methods. Once the payment is done, you will also get a notification so that you would know once the fund has successfully deposited in your Payoneer account.
Receiving Accounts
You can also receive payments via a SWIFT (Wire) transfer receiving account. To enable this, you have to get your unique receiving account details from your Payoneer account. Once you have these, send them to your clients or use them on marketplaces. You will be notified when the payment lands successfully in your Payoneer balance.
Manage Your Funds
You have three options to manage your funds namely: 1) Withdraw to your bank account, 2) Withdraw at ATMs and make purchases, and 3) Manage currencies.
Withdraw to Your Bank Account
When you register, add your bank account details to your Payoneer account. Then, you can withdraw your international earnings from your local banks anytime.
Withdraw at ATMs and Make Purchases
Once you link your Payoneer account with your local bank account, you can withdraw the money at ATMs.
Manage Currencies.
Another way to manage your funds is via Manage currencies. This is a good feature especially when you need to pay for your purchases in different currencies. First, navigate to Manage Currencies in your Payoneer account. Then, you need to enter the amount you want to transfer or receive. Review your details. When everything is okay, finish your transaction.
Make Payments
How do you pay your suppliers and contractors, other Payoneer customers, and your Value Added Tax (VAT) using Payoneer?
Pay Your Suppliers and Contractors
Log in to your Payoneer account. Choose what kind of transaction you want to make: Single Recipient or Batch Payment. For the single recipient, just enter the amount you need to pay. When you need to make a batch payment, you need to upload your batch payment file. Review the details, once done click the button to send your batch payments.
Pay Other Payoneer Customers
To pay your Payoneer customers, simply choose the recipient and enter the amount you need to pay. Review the details. Then, finish your transaction by sending your payment for free.
Pay your Value Added Tax (VAT)
If you are selling globally, paying VAT is simple and easy with Payoneer. Simply choose the country you would like to pay VAT to. Then, enter the payment details such as your VAT number and the amount you need to pay. Send the payment. You will receive a confirmation once your payment has been sent as proof of your successful transaction.
How to Sign Up to Payoneer?
Signing up to Payoneer is easy and simple. There are no signup fees so you can get started for free. You just need to create a free account and get an account number. You can then apply to receive a physical card that you can use to receive payment from your foreign clients and customers.
Here is the step-by-step guide to help you sign up for this platform.
1. Go to the Payoneer website.
2. Complete the details. Click on the arrow down and choose the appropriate answer.
3. Let’s say, for example, I choose the Online Seller or Dropshipper. This will appear. Next, click on Register.
4. Then, you need to choose the type of business you have. Afterward, you need to fill out the form. Once done, click on Next.
5. Fill out as well the Contact Details. A verification code will be sent to the mobile number you provided. Then, click on Next.
6. Fill out also the Security Details. Copy the code and then click on Next.
7. Then, fill out the details to add the bank account/s for withdrawal. You can add both your personal and business account. Then click on Submit.
8. You now have signed up with Payoneer. You just need to wait for their approval as they need to review your application. They would send you a confirmation email to verify your email address. When you verify it, sign in to your account. You can now use your Payoneer account to receive payment from your international clients and/or send money to your overseas partners, staff, and suppliers.
Final Thought
Payoneer Global Inc provides businesses with real-time access to international payment and offers various products to their clients. They are one of the few companies that provide a complete suite of business-focused payment services and products that include virtual and physical Payoneer debit card, global transfers, business debit Mastercard, and Payoneer Prepaid Mastercard. With this platform, sending and receiving money is easier. Your account also is kept safe and secure so it can give you peace of mind. They also have a mobile app so it becomes a click away to track your transaction, view your balances, request and make payments, as well as withdraw funds anytime.
If you have a small-medium-sized business, I highly recommend that you use Payoneer because of their low transaction fee. If you are a freelancer with international clients, you can enjoy your payments with Payoneer because their foreign exchange rate is higher than other online payment services like Transferwise and Paypal. Transferwise is still more convenient as you can use a credit card to transfer money but they do charge you a fee. However, I have lost confidence in PayPal after my recent dispute not just as a business but as a customer as well. They are very firm on their fees which is why it is better for you to diversify your risk and move away from using PayPal at all.
With Payoneer, you can definitely get a higher value when it is converted to your country’s currency. You can also earn extra money amounting to 25 USD when you join their Referral Program. Lastly, creating an account is free and as long as you are making a transaction in your Payoneer account or on your Payoneer card, they won’t charge you their annual fee.
As an alternative, you can also consider Wise Business, for receiving and making international payments.
