Thomas Mathew had just left his full-time job as a content writer to become a freelance consultant to businesses belonging to various industries across the globe. All was hunky dory at first but payments started getting delayed, he panicked because the freelance money was he had.
That is when he came across Payoneer, a funds transferring solution, especially for freelances working with foreign clients. He skimmed through a 2020 Payoneer review online and immediately started using it within 2 days. His joy knew no bounds because this product allowed him to receive money on time, through a systematic, encrypted mode.
In fact he was so impressed with Payoneer’s ease of use that he even converted some of his freelancing friends and clients to get on the product for future monetary transactions.
We live in an age of global trade. From SMBs and startups to large corporations and MNCs – all kinds of businesses seem to engage in global commerce as of today. Then there are professionals as well who work with companies abroad on a freelance basis or as a consultant.
Naturally – secure transfer of payments is what SMBs and individuals seek in the new world of opportunity so that they can not only carry on with their jobs smoothly but also never have transactional worries keeping them awake at night.
Fortunately, many tools in the mid market empowering people from across the globe to get paid and pay up effortlessly. While the list is too long, there is one product that has mainly caught my attention in the recent times. And that’s what I am going to talk about here.
Transactions made simpler – a Payoneer review
Before I hop on to share the essential features of this service, let me give you a quick background about the company. Payoneer is a financial services company based out of New York that deserves 5 stars rating and © 2005-2020 Payoneer Inc., All Rights Reserved. It was founded in 2005 to help people with online payment method within the United States and across the world. You can simply enter your personal details like name, email address, date of birth, address and phone number.
Globally, it caters to people in over 200 countries and helps with transactions in over 150 currencies. In the last 13 years, it has been a recipient of many awards and recognitions such as Deloitte’s 2017 Technology Fast 500™, 2017 Red Herring North America: Top 100 Winner, Inc. Magazine’s Best Workplaces 2017, 2015 PYMNTS Innovator Awards Silver Medal in B2B Innovation Category, and more.
That’s huge, right? There’s more.
Some of the most notable players in the market that currently use Payoneer are eCommerce giant Amazon, internet services provider Google and online hospitality service Airbnb. If your business does online payment in local currency and globally or if you are an international freelancer or service providers, then you might want to try your hand at Payoneer payment services and make International money transfers easy for you. Read more of the Payoneer review.
But, wait up .You are not wrong if you are wondering about PayPal, an online payment service provider, which offers the same payment solutions as Payoneer. The two products are similar but the one feature that differentiates Payoneer from PayPal is that it focuses more on international /cross border payments and also claims sending and receiving money in a shorter span of time which is suitable for SMBs as well.
Don’t get me wrong – I think PayPal is a great tool and offers a fantastic service. After all, it is one of the first companies to make the global money transfer super easy for business doers. However as times are changing, there is a need for a more straightforward product that pays attention to only providing solutions to professionals and businesses and enabling them to send and receive money international money.
Payoneer can make it happen for you and your business. The “Make a Payment” function allows you to send payments to other Payoneer account holders at 0 cost.
One thing though that needs to be called out explicitly is that this product is neither a merchant account provider nor a payment service provider (PSP). It facilitates transfer between two parties. Works for you, right? It is for this purpose Payoneer can’t be considered as a less expensive alternative to a full-service merchant account.
Simply put, you can accept and send payments via Payoneer credit card within 2 days, but the fees for such transactions is higher than what is charged by merchant accounts. Lack of virtual terminal thus makes Payoneer accounts unsuitable for high-value transactions.
But I would still give the product 5 stars, in this Payoneer review, for always being the best for freelancers, businesses and B2B companies that frequently work with international customers.
1) Account set up
Any user who wants to avail the services of Payoneer has to create an account to make and receive payment. That’s a given, right?! It’s a free sign up service and is pretty easy to set up and receive a payment. Though Payoneer is not a merchant account, the user can still make and receive payments via Payoneer credit card without much hassle within 2 days. We can give 5 stars to this Payoneer feature.
2) Payoneer prepaid MasterCard debit card
If you have set up your Payoneer account, the company will send you Payoneer card that is a MasterCard or debit card so that you can make payments after transferring money to your Payoneer account. You will still have to pay an annual fee of $29.95 for maintaining the account.
This is a huge number especially if you are bound to use this Payoneer account occasionally and not regularly. Therefore, plan your transactions in such a way that your mind is always active and you don’t have too many gaps in payments.
You don’t want to spend $30 to use Payoneer accounts rarely. Make sure you distribute the payments across weeks so that you are never caught in the list of inactive users. This feature has managed to satisfy users and earn 5 stars. Liking the Payoneer review?
3) Payoneer mobile application
When the whole world is going mobile, how can Payoneer be left behind? Once you become a user, feel free to download the app that’s available for both iOS and Android. The app allows you to check your bank account balance, view transactions and withdraw funds while on-the-go.
However, please note you can’t make payments using this app – this is a downer and in fact defeats the entire purpose why people would use such mobile apps. Payoneer has received mixed customer reviews from one to 5 stars for this particular reason.
However, it is worth a try. Its mobile app can at least give you an overview of the most recent payments, and that’s an essential update for anyone who is waiting to get paid for a job they did.
4) eCheck processing
An eCheck is the paperless format of a paper check and it combines the security integration and processing efficiency of online transactions with the legal and businesses processes associated with electronic checks. eChecks on Payoneer accounts are processed on the Automated Clearing House (ACH) network for both making and receiving money.
eChecks also don’t have any deposit or transactional fees which makes Payoneer a cost-friendly tool and save money. What do you think? I think Payoneer is doing everything it can to stand out in an economy that is going paperless and deserve 5 stars. Read more of this Payoneer review to see the other benefits it houses.
5) Top-notch security
Security is a big concern when it involves businesses and different types of transactions in the world. Money is an object of emotion for both individuals and companies and Payoneer ultimately gets it. That’s why it has implemented a safe system in which people can pay or get paid effortlessly and earned 5 stars from users.
All transactions are encrypted and Payoneer doesn’t disclose details of any other security features that they implement. While you won’t find much information on the type of encryption used by Payoneer, it is still reliable and sturdy.
6) Account management
Payoneer caters to users from multiple time zones and earned 5 stars from customers. Therefore, it won’t be wise to have an account management team that works only for one specific time zone. To make things easier for its users, Payoneer has a dedicated customer support team for every user, individual and business.
It also offers a 24/7 multi-lingual customer support or Live chat support to those who need it and wants to be able to resolve their queries in every way by reaching customer care team. This means someone from the Payoneer customer service team will always be at your service, ready to help you out with whatever question you have, at a time most convenient to you and in a language you are most comfortable communicating in with their live chat customer service Payoneer team offers.
It sounds like a good deal to me. What are your thoughts on this Payoneer review?
7) Payoneer blog
Love reading? You have to check the blog that the Payoneer blog has put together for the users. From industry updates and tips on finance to guide to using a specific offering of the product to tech news – the Payoneer blog is an eclectic mix of subjects and themes that cater to all kinds of readers.
You might want to head to the blog in case you get stuck using a specific service of Payoneer. The blogs will not let you down. That’s my guarantee and you will bound to give 5 stars to this feature.
8) Contract length and early termination fee
The Payoneer team bills on a month-to-month basis and doesn’t require you to sign long year-long contracts which is a breather for people who think such lengthy deals are a nuisance. You will still want to follow the account closure steps though, it review all terms and conditions thoroughly before opening your account. Payoneer customer support team doesn’t make you sign lengthy agreements that are in line with most of the service providers. You can contact their 24/7 customer care team to ask your doubts and Payoneer has earned 5 stars in customer support.
You’ll still have to pay an annual fee of close to $30. By the way, this amount is not refunded to you even if you close the Payoneer accounts. So that’s an investment you will have to incur. This annual fee also includes the maintenance fee of the debit card you will receive on signing up.
How Payoneer Works
1) Global payment service
This service offered by Payoneer helps its users to grow their business and work with international companies without worrying too much about payment service and other financial transactions. What Payoneer does is it receives amounts in multiple currencies such as USD, EUR, AUD, JPY, INR, CAD and more through their global payment service.
This particular feature allows the user to receive local bank transfers from businesses in countries like USA, Australia, India, Japan, Canada, and the list goes on, directly to the Payoneer account. Therefore, it doesn’t matter if you are working for either of these countries, Payoneer has got you covered and will keep your transactional worries at bay.
Genius, isn’t it?
2) Payments from companies of all sizes
This is a boon if you are a freelancer working with varying businesses from all over the world. You can receive funds from any of Payoneer’s integrated mass payout partners. The list includes the world’s leading freelance, e-commerce, vacation rental, and stock photography marketplaces, as well as affiliate networks, directly to your bank account in Rupees (INR).
Before you start to wonder about the companies using Payoneer account, I am going to share a comprehensive list with you. Amazon, Getty Images, Freelancer.com, Envato, Airbnb, Upwork, iStock, Taboola, Fiverr, Wish, 99 designs and more.
If these world-famous brands don’t give you the confidence to use Payoneer, then I don’t know what will. Take a leap of faith and give Payoneer a fair shot. This Payoneer review will help you in doing so. You will find it extremely convenient and easy to use to accept payments. Get paid or funds in your Payoneer account smoothly, and within a compliant framework.
You benefit by keeping more of your earnings with lower fees, receiving money on time (within 2-5 business days), transferring your hard earned money directly in your bank account in your country’s currency. Sounds cool, isn’t it?
3) Low-cost billing service
Quite interestingly, Payoneer’s Billing Service won Gold in the “PYMNTS 2017 Innovator awards”, in the “Best Small Business Innovation” category last year. Whether you are a business owner, a professional or a freelancer, a quick and easy money transfer services is always welcomed especially if demographic boundaries don’t restrict your line of work.
The Payoneer Billing Service makes it easy for the user to send online payment requests to the businesses it is working for.
This invitation will enable them to do money transfer safely and securely using their bank account, debit card or credit card. In simple words, it is a great, effective way to request payment from global clients. Say yes to earn more money, and Payoneer will guide you in the right direction! Let’s give 5 stars to this feature.
4) A single solution to manage global payouts
Payoneer has another impressive offering called Innovative Mass Payout service that enables Indian businesses and marketplaces to easily transfer payments globally to their freelance employers without much delay. Seriously, who likes to wait for getting paid? No one. Payoneer strikes the right chord with people who work hard to make their money and to receive it on time and earned 5 stars in this too.
The security system implemented by Payoneer is top-notch, operational and combines traditional, online and proprietary tools with the product’s global compliance and risk mitigation teams. The product core system is created in such a way that it prevents money laundering from every direction.
Payoneer’s core obligation is to protect the user’s funds and ensure the transactions happen in a risk-free environment. The product is currently being used by more than 200 countries and in over 150 currencies. There must be something compelling about it, isn’t it? Yes, it is! I think it is excellent.
All transactions are encrypted and Payoneer account doesn’t disclose details of any other security features that they implement as they have strict terms and conditions. While you won’t find much information on the type of encryption used by Payoneer, it is still reliable and sturdy.
Main Payoneer customers
Due to COVID 19 situation, number of freelancers are increasing rapidly. Payoneer provides freelancers, businesses that hire freelancers and freelance marketplaces with the right payments platform to send and accept payments. Payoneer provides fast, flexible and low-cost payment services. You will find freelance portals such as PeoplePerHour, Upwork, and Freelance.com using the tool.
Whether you are a freelancer or a service provider with an extensive network of consultants, Payoneer will equip with a host of payment services that eliminate the headache of getting paid and allows you to focus on what’s important – growing your business and employing more people.
One of the Payoneer customers is from Tunisia and he thinks Payoneer has helped him run a business online without having to worry about payments. He is a freelancer at Upwork and is an Amazon Seller. He says the fact he can sell online through the product is a boon for those people who live in countries with limited opportunities.
Another Payoneer user, freelance graphic designer Oussama Kotaich is never worried about how he would get paid and that he can focus on his job and do money transfer in a fast, efficient manner. Wow! Payoneer is making freelancing easy for a lot of people.
What are your thoughts? Can we give 5 stars ?
With Payoneer, marketplaces from around the world have the liberty of using a single dashboard for doing all money-related activities due to govt. orders amid COVID19 – irrespective of the location, mode of payment or currency of the seller. Cross-currency conversion transactions are now accessible as the product is equipped with anything both businesses and Payoneer customers need to pay and get paid.
Seriously – Payoneer takes care of a significant hassle in sending and receiving payments, offer a dedicated team for customer support and there’s nothing better than that. Amazon.com, Jumia, NewEgg, and Shopee are some of the eCommerce brands to use Payoneer and thrive. Is there anywhere in the world you have spotted the product? Let me know what you think of this Payoneer review.
DailyMotion, Taboola, CAKE, Ad4Game, Supersonic, and others consist of the long list of brands that have benefitted from Payoneer.
With Payoneer, a massive network of affiliate networks including ClickBank, Supersonic, Somoto, MediaShakers and more enjoy the convenience of using a single dashboard for initiating, tracking and reconciling money – irrespective of the location, mode of payment or currency of the beneficiary.
Affiliates and publishers around the world encounter multiple difficulties when they want to make payments or receive them. Cross-currency transactions are now smooth as the product is equipped with anything both the parties need to pay and get paid.
Integrating with Payoneer’s APIs can allow your company to automate operations between your company’s platform and Payoneer’s platform. Payoneer’s APIs are robust and flexible, allowing clients to implement basic functionality initially and leverage more advanced capabilities over time.
Payoneer’s services APIs allow clients to offer additional financial services to their customers from their online platforms. Integration can allow your customers to register as users on Payoneer’s platform and receive payments from anywhere in the world seamlessly. Payoneer APIs and integration process flows can facilitate efficient global payments for your customers.
Integration options support: Obtaining consent from users to access their accounts; Setting up international collection accounts, Making Payments; Charging accounts; Receiving early payment offers; and performing actions on behalf of users. There is provided to support and simplify the integration process.
Payoneer’s APIs deliver simplicity, coupled with a set of features for automating payment processes. The APIs allow clients the flexibility to scale with Payoneer as their business grows, and their processing needs inevitably becomes more complicated.
When it comes to integration, Payoneer deserves 5 stars .Payoneer takes pride in collaborating with many robust business applications. Its brand partners are classified into five categories, namely – logistics, VAT, software, advertising and localization, and translation. I can’t give you the total number of Payoneer’s integrated business platforms but I can list down a few of them.
QuickBooks, Xero, Certify, SellerEngine, VatGlobal, RepricerExpress, Clio, Wave, Time Doctor and Concur are some of the platforms that currently integrate with Payoneer. More applications are expected to join the list soon and integration service deserves 5 stars. Therefore, watch out for this space.
Payoneer has a reasonably fair fee structure – catering to all kinds of businesses and professionals. There are permutations and combinations as well that you can apply to see what pricing plan works the best for you. There are three ways in which you can receive payments:
1) Through receiving accounts
Using Payoneer’s Global Payment Service, the user will be given local receiving accounts in USD, EUR, GBP, and JPY. It is a lot like having a local bank account in America, the UK, Japan and Europe. Payments from one Payoneer account to the other are free. It is a definite advantage if you and your client have a Payoneer account as well.
Other benefits include – payments using eCheck also incur 0% fee in United States dollars and if payments are made via credit card, the user will have to bear 3% payment processing fee. This basic fee structure assumes that there is no currency conversion involved in the transaction.
For each time you withdraw money to your local bank account from your Payoneer account, there is a charge of $1.5 per transaction. To do local currency conversion of withdrawn amount, you will have to cough up $2 . However, it doesn’t look like a significant amount in the grander scheme of things.
Make sure to check the latest updates made by Payoneer due to COVID 19 lockdown.
2) Directly from the customers
Using Payoneer’s Billing Service, you can conduct a payment from My Account and get paid directly. This is a convenient method. However, it comes with a price. You will have to incur 3% of the processing cost on all currencies if you use a credit card. However, if you cut an eCheck in USD, then you can do so for free via credit card. Which one are you going to choose?
eChecks on Payoneer account are processed on the Automated Clearing House (ACH) network for both making and receiving payments. eChecks also don’t have any deposit or transactional fees which makes Payoneer a cost-friendly tool. I think you should go for this wherever you can.
3) Through marketplaces and networks
This is the third way to receive funds. Companies like Upwork, Wish, Fiverr and Airbnb belong to the community of 3500 other businesses that pay through Payoneer. However, one of the things that you do need to keep is that your bank may charge additional fee if you do transactions through Payoneer.
What kind of additional fee, you ask? Intermediary fee, bank processing fees or landing fees may get subtracted from the amount received from your bank or through any other payment provider that is not directly associated with Payoneer.
Benefits of using Payoneer
1) The product boasts of a massive user base of over 3 million. It may have its downfalls but if so many people are using, then it is worth trying. I had to include this in my Payoneer review.
2) The Payoneer account provides unique services which creates an overseas bank account solution for SMEs. Easy payments made possible!
3) Freelancers don’t need to worry about getting their payments. Payoneer will make sure they will get on time, in a secure fashion.
4) The users of Payoneer can withdraw funds in cash directly. Which tool gives this functionality? I can’t think of any!
5) Payoneer is a friendly platform that can be downloaded on mobile as well. Its smartphone application can give you an overview of the most recent payments, and that’s an important update for anyone who is waiting to get paid for a job they did.
Disadvantages of using Payoneer
Like everything else, there is another side of the coin. Here are two factors which might be useful for you to make an informed decision and make users give negative reviews:
1) Annual fee is compulsory
Even though they don’t charge you a monthly fee or lock you with a year-long contract, you will have to pay $29.95 annual fee on the Payoneer MasterCard debit card that comes with the Payoneer account. It is also non-refundable which means if you shut your Payoneer account, the money goes down the drain. Don’t let that happen. $30 is money after all!
2) Additional costs you should be vary of
You should know about the many hidden costs that can burn a considerable hole in your pocket. For example: Payoneer charges ‘account inactive’ fees which means you get charged for not using your account actively. Therefore, use Payoneer only if you know for sure you are going to be active on it. Otherwise, spending $29.95 every year will seem like a waste of money to you. Stay away from such situation.
An overview of Payoneer and its features:
|What do We like?||Lower transaction fees.|
Available in more than 200 countries.
Directly withdraw funds with their debit cards.
Great for Indian users.
|What we don’t like?||Minimum monthly payment of $20,000 .|
Cheaper rates for higher pricing .
|Value for Money||Yes, it is more profitable if you have a high amount of monthly exchange.|
|Customer Support||Live chat and Phone support available but not very responsive.|
|Who should use it?||It is best suited for freelancers and big teams.|
|Payoneer Alternatives||Skrill, Transferwise and Venmo|
The product has one single purpose – to help businesses and professionals exchange payments in a safe, secure and hassle free manner. Don’t get put off with the additional costs. It’s good that you know what costs more and by how much. I have tried to be extremely transparent in my Payoneer review. Also, Payoneer has made several changes in its policy and charges due to COVID 19 situation. Make sure to have a look before you make a transaction.
What do you think of the product? Have you ever used it for yourself or your business? Do drop in your comments. I’d love to read them.