Payoneer, a globally recognised financial service provider, facilitates cross-border transactions for businesses, online sellers, and freelancers. Its broad range of services, intuitive user experience, and transparent pricing structure makes it a compelling choice. This article will delve into the specifics of Payoneer, providing you with an all-encompassing review.
Headline numbers
- Over 4 million customers worldwide
- Operating in more than 200 countries
- Available in over 150 currencies
- Processing billions of dollars in transactions annually
- Partnered with prominent marketplaces like Amazon, Airbnb, and Upwork
Payoneer Fees and charges
| Fee Type | Cross-Border Payments | Integrated Payments API | Ecommerce Marketplace Payments | Mass Payout Services | Billing Service | Working Capital | Currency Conversion |
|---|---|---|---|---|---|---|---|
| Contract Length | No contract | Depends on the agreement | No contract | Depends on the agreement | No contract | Based on sales performance | No contract |
| Consumer Card Fees | Up to 3.5% | N/A | Up to 3.5% | N/A | Up to 3.5% | N/A | N/A |
| Business Card Fees | Up to 3% | N/A | Up to 3% | N/A | Up to 3% | N/A | N/A |
| Min. Monthly Charge | None | N/A | None | N/A | None | N/A | N/A |
| Refund Fees | None | N/A | None | N/A | None | N/A | N/A |
| Chargebacks | Up to $20 per case | N/A | Up to $20 per case | N/A | Up to $20 per case | N/A | N/A |
| PCI Compliance | Compliant | Compliant | Compliant | Compliant | Compliant | Compliant | Compliant |
| Early Termination | No fee | Depends on the agreement | No fee | Depends on the agreement | No fee | No fee | No fee |
Always consult with Payoneer directly or refer to their official fee schedule to determine the exact costs associated with their services.
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Company information
| Detail | Data |
|---|---|
| Founded | 2005, New York City, USA |
| Website URL | www.payoneer.com |
| Phone Number | UK: +44-203-519-1198 |
| FSCS Protected | No |
| FCA Regulated | Yes, through its subsidiary Payoneer UK Ltd |
Pros and cons of Payoneer
Pros
- Extensive global reach
- Multiple currency support
- Competitive exchange rates
- High transfer limits
- Wide range of services for businesses
Cons
- Fees can be high for certain transactions
- No FSCS protection
- Customer service can sometimes be slow
- Limited services for personal use
Payoneer products and services
Cross-Border Payments
Payoneer’s cross-border payments allow businesses to send and receive payments globally with ease. The service supports more than 150 currencies, offering competitive rates. It also enables the creation of virtual bank accounts in different countries. Pricing can vary depending on the currencies involved, but it’s typically free to receive payments from other Payoneer customers.
Integrated Payments API
Payoneer’s Payments API enables businesses to integrate Payoneer payment solutions directly into their website or app, simplifying the payment process. Costs associated with this service depend on the business’s specific needs and usage. See payment gateways.
Ecommerce Marketplace Payments
For eCommerce sellers, Payoneer provides a streamlined service to receive payments from online marketplaces like Amazon and eBay. This service can be a real boon for businesses, facilitating international trade. Costs can vary, but it’s generally free to receive payments in USD, EUR, GBP, JPY, AUD, CAD and CNY from eCommerce marketplaces.
Mass Payout Services
This service is designed for businesses that need to make frequent payouts to numerous beneficiaries, such as payroll for a global team. It allows businesses to make multiple payments in a single action, saving time and effort. Costs for this service vary depending on the transaction volume and payment method.
Billing Service
With the Billing Service, businesses can request a payment from a client or partner directly through Payoneer. This service also provides the ability to manage invoices within the Payoneer platform. There is no cost to send payment requests, but standard Payoneer fees apply when receiving payments.
Working Capital
This is a lending service for eCommerce sellers using Payoneer’s platform. It provides short-term capital based on the seller’s eCommerce sales history, helping businesses to bridge cash flow gaps. The cost of this service varies and is based on the amount of capital provided and the repayment term. See merchant cash advance.
Risk Management and Compliance
Payoneer provides built-in risk management and compliance features to ensure that all transactions comply with international regulations. While these features are part of the overall Payoneer service and not charged separately, they add value by reducing the potential risks involved in cross-border transactions.
Currency Conversion
Payoneer users can hold balances in different currencies and convert between them at competitive rates. This is useful for businesses dealing in multiple currencies, helping to mitigate currency risk. The cost of currency conversion is up to 2% above the market rate.
Payoneer reviews
| Review source | Ratings |
|---|---|
| TrustPilot | 4.2/5 |
| Google Reviews | 4.1/5 |
| Reviews.io | 3.9/5 |
| Average Rating | 4.07/5 |
Alternatives to Payoneer
- PayPal: A globally recognised brand offering similar services but with higher fees.
- Wise: Known for its transparent pricing and lower fees.
- Revolut Business: Offers business banking solutions alongside cross-border payments.
- Stripe: Ideal for online businesses needing payment gateway services.
Additional considerations
While Payoneer offers robust services for businesses, it’s essential to note that its suitability depends on the specific needs of your business.
Factors such as your trade volume, the countries you transact with, and the currencies you deal with can all influence the effectiveness of Payoneer for your business.
Payoneer company history
Founded in 2005 in New York, Payoneer aimed to provide an easy solution for cross-border transactions. Over the years, it has expanded its services and geographical reach to become a significant player in the global digital payments industry. In 2021, Payoneer went public through a SPAC merger, highlighting its growth and ambition.
FAQ
Yes, Payoneer is regulated by multiple financial authorities worldwide, including the FCA in the UK.
Payoneer offers high transfer limits, but specific limits depend on the nature of the transaction and user verification status.
Yes, Payoneer offers 24/7 customer support, but some users report slow response times.
Payoneer’s primary focus is on business transactions, but it does offer limited services for personal use.
It’s typically free to receive payments in major currencies from other Payoneer customers and ecommerce marketplaces, but fees may apply for other transactions.
Typically, funds reach your Payoneer account within 2-5 business days, depending on the nature of the transaction and the originating institution.
Yes, Payoneer allows you to hold balances in different currencies, facilitating easy currency conversion and international transactions.
Payoneer supports transactions in over 150 currencies, making it ideal for businesses with global operations.
Yes, Payoneer provides detailed transaction reports, which can be useful for bookkeeping and tax purposes.
Yes, you can use your Payoneer balance to pay suppliers in their local currency, often at lower costs than traditional banks.
The costs associated with Payoneer’s Payments API depend on your business’s specific needs and usage. It’s best to contact Payoneer’s sales team for a quote.
Yes, Payoneer provides a mobile app for both iOS and Android, allowing you to manage your transactions on the go.
Payoneer’s Working Capital is a lending service for eCommerce sellers. It provides a cash advance based on your eCommerce sales history. The repayment is then made from your future sales.
Yes, Payoneer allows withdrawals to local bank accounts. Fees for this service vary depending on the currency and country.
Yes, Payoneer may charge an inactivity fee if you do not perform any transactions for an extended period.
Yes, Payoneer allows you to receive credit card payments, but additional fees may apply.
Payoneer uses multiple security protocols, including encryption and fraud prevention measures, to ensure the safety of your financial data.
Payoneer doesn’t charge for sending payment requests via its Billing Service. However, standard fees apply when you receive payments.
Payoneer offers 24/7 customer service, but some users have reported slow response times.
Once a transaction has been processed, it cannot be cancelled. If you need to reverse a transaction, it’s best to contact Payoneer’s customer service immediately.