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Ankit Prakash in Review, Technology

2018 Latest Payoneer Review and Alternatives Comparison

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 Payoneer review online and immediately started using it. His joy knew no bounds because this product allowed him to get paid 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.

payoneer-review

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 businesses 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 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. It was founded in 2005 to help people with online payments within the USA and across the world.

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 are currently using Payoneer are eCommerce giant Amazon, internet services provider Google and online hospitality service Airbnb. If your business does online transactions locally and globally or if you are an international freelancer, then you might want to try your hand at Payoneer and make 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 payments system, which offers the same services as Payoneer. The two products are similar but the one feature that differentiates Payoneer from PayPal is that it focuses more on international transactions and also claims to make payments in a shorter span of time.

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 exchange of money 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 payments internationally.

Payoneer can make it happen for you and your business.

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 make and accept credit card payments, but the fees for such transactions is higher than what is charged by merchant accounts. Lack of virtual terminal thus makes Payoneer unsuitable for high-value transactions.

But I would still give the product, in this Payoneer review, for always being the best for freelancers, businesses and B2B companies that frequently work with international customers.

Basic features

1) Account set up

Any user who wants to avail the services of Payoneer has to create an account to make and receive transactions. That’s a given, right?! It’s a free sign up service and is pretty easy to set up and get going. Though Payoneer is not a merchant account, the user can still make and receive payments via credit card without much hassle.

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2) Payoneer prepaid MasterCard debit card

If you have set up your Payoneer account, the company will send you your MasterCard debit card so that you can make payments after transferring sufficient funds 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 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 on using Payoneer rarely. Make sure you distribute the payments across weeks so that you are never caught in the list of inactive users. Liking the Payoneer review?

3) Payoneer mobile app

When the whole world is going mobile, how can Payoneer be left behind? Once you become a user, feel free to download the mobile app that’s available for both iOS and Android. The app allows you to check your 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 reviews 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 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. What do you think? I think Payoneer is doing everything it can to stand out in an economy that is going paperless. 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 from different 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.

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. 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 team for every user, individual and business.

It also offers a 24/7 multi-lingual customer care support to those who need it and wants to be able to resolve their queries in every way. This means someone from the Payoneer 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.

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.

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. Payoneer doesn’t make you sign lengthy agreements that are in line with most of the service providers.

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 account. 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 payments 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 the companies using Payoneer, 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. Get paid or pay up smoothly, and within a compliant framework.

You benefit by keeping more of your earnings with lower fees, receiving your payments on time (within 2-4 working 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 method to get paid 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 a payment request to the businesses it is working for. This invitation will enable them to transact money safely and securely using their bank account, debit card or direct card. In simple words, it is a great, effective way to get paid by global clients. Say yes to earn more money, and Payoneer will guide you in the right direction!

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 to get paid? No one. Payoneer strikes the right chord with people who work hard to make their money and to receive it on time.

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 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.

Main customers

1) Freelancers

Payoneer provides freelancers, businesses that hire freelancers and freelance marketplaces with the right platform to exchange funds. Payoneer is fast, flexible and low-cost. You will find freelance portals such as PeoplePerHour, Upwork, and Freelance.com using the tool.

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Whether you are a freelancer or a business that has 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 their 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 receive money in a fast, efficient manner. Wow! Payoneer is making freelancing easy for a lot of people.

What are your thoughts

2) eCommerce

With Payoneer, marketplaces from around the world have liberty of using a single dashboard for doing all money-related activities – irrespective of the location, mode of payment or currency of the seller. Cross-currency transactions are now accessible as the product is equipped with anything both businesses and customers need to pay and get paid.

Seriously – Payoneer takes care of a significant hassle 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 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.

Popular affiliations

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 across the globe 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.

Integrations

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. Therefore, watch out for this space.

Pricing

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 US dollars and if payments are made using a credit card, the user will have to bear 3% processing fee. This basic fee structure assumes that there is no currency conversion involved in the transaction.

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For each time you withdraw funds to your local bank account from your Payoneer account, there is a charge of $1.5. To convert withdrawn amount to local currency, you will have to cough up $2. However, it doesn’t look like a significant amount in the grander scheme of things.

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. Which one are you going to choose?

eChecks on Payoneer 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 service provided by Payoneer is unique 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 mobile app 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:

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 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 this tool 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. Avoid that situation.

Closing thoughts

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.

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.

 

 

Comments

5 Comments

Ayush Singh

Great! Thanks for the information mate 🙂

James Healthfield

works great if your not a christian or a jew…wonder why

Santosh

Nice article bro.

Mandisa

Why do i have to give my personal banking information in order to set up an account with Payoneer?

Ankit Prakash

Hey Mandisa, this is required with all the payment service providers.


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