Updated on 19 November 2023

Payoneer Review

Item: Payoneer
Rating: 4.9
Author: The Logician

Payoneer is a financial service company that allows businesses to operate seamlessly on a global scale. Find out more about it in this Payoneer review.

Updated on 19 November 2023

4.9

Integration With Wish, Fiverr, Airbnb, Upwork, and More
Transactions Between Payoneer Users Are Free
Financial Services Suitable for a Wide Range of Businesses

Starting From

$0/free

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Recommended: Ideal for Global Companies

Payoneer is an American company that offers financial services for businesses and professionals. With Payoneer, you can make international payments, receive funds, access capital, manage your funds, and more. Payoneer is an excellent payment method suitable for all kinds of businesses, from eCommerce to companies operating in the music industry.

Cost	Fees Start at 0.5%, Annual Card Fee Is $29.95 for the First Card
Minimum Balance Required	$0
Support	Support Is Available via Live Chat, Email, Phone, Community Forum, Support Center
Security	Suspicious Activity Reports, Risk Committee, PCI DSS Level 1 Certified, SOC 2 Type II and SOC 1 Type II, Two-Factor Authentication, CAPTCHA, RSA Adaptive Authentication, Email Notifications
Cashback	N/A

The Perfect Choice for Businesses in Different Industries

Do you have a hard time streamlining your payments? Maybe you need an easier way to send or receive funds. Or you may even want to fund your business growth. Don’t worry. You’re in the right place! With a modern payment tool like Payoneer, everything is possible.

Payoneer offers financial services for businesses and professionals. With Payoneer, you can make international payments, receive funds, access capital, manage your funds, and more. Payoneer is an excellent payment method suitable for all kinds of businesses, from eCommerce to companies operating in the music industry.

That’s why I came up with my Payoneer review, in which you’ll learn more about the company and get familiar with the crucial aspects you must consider – features, pricing, support, reputation, security, third-party integrations, and ease of use. On top of that, you’ll find a list of Payoneer’s pros and cons and learn who this payment method is best for!

Payoneer At A Glance

Payoneer has been present in the tech and business world since 2005. Therefore, it is among the oldest payment methods on the market. The company started out with a simple mission – to democratize access to global commerce for all kinds of businesses, such as freelancers, email marketers, SEO specialists, accountants, etc., regardless of their location.

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With Payoneer, you get the chance to level up in no time and trade securely, conveniently, and at a low cost globally. Therefore, there won’t be more obstacles to connecting with businesses and clients from all over the world.

Today, Payoneer has millions of satisfied customers worldwide and provides transparent payment services in over 22 languages, allowing everyone to feel comfortable and successfully finish their payment process.

Important

Payoneer engineers and unlocks a universe of opportunities for all businesses looking for a simple solution.

As I already mentioned, Payoneer is the perfect solution for different types and sizes of organizations. Due to this, you can implement it even if you are a startup or a more advanced enterprise. Some of the largest companies that utilize this financial service are Google, Fiverr, Visa, eBay, Airbnb, and Walmart.

So, are you ready to learn more about Payoneer? Let’s do it!

Payoneer Features, Pricing, & More

Choosing the best payment method for your online store can be pretty tough. However, in order to make the best choice possible, you need to follow a few crucial criteria. More precisely, you should check out its features, security, ease of use, pricing, third-party integrations, customer support, scalability, and reputation.

Note

Payoneer is constantly working on improving the platform, so you can expect a lot more in the future than just what I’ll provide below.

Don’t worry! I decided to test all of these elements and come up with a detailed guide so you can be 100% sure whether Payoneer is your go-to payment method. Let’s have a better look!

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Features

One of the main things I put to the test was Payoneer’s features. I must say, I was pleasantly surprised. The payment method has some really fantastic features, such as a prepaid debit card, invoices, tax administration, request payments, and receiving payments in multiple currencies.

Warning

You may not find all of these features essential. However, these are the more general ones. If you want, you can check out the other Payoneer features on their official website.

Now, let’s go more in-depth and briefly explore Payoneer’s features!

Request Payments: One amazing Payoneer feature that helps it stand out from the crowd is its request payments. In other words, you don’t engage in direct payments. You just request them from your clients, and then they pay with their preferred currency. More so, your consumers can pay with their credit card, Payoneer account, or local bank transfer.

Note

You can also track payments and send reminders to your clients.

Receiving Payments in Multiple Currencies: Payoneer is available in 200+ countries, but it accepts only 9 currencies. Therefore, your customers can pay in US Dollars (required routing and account number), British Pounds (required sort code, account number, and IBAN), Euro (required SWIFT/BIC and IBAN), Australian Dollars (required BSB code and account number), Canadian Dollars (required institution number, transit number, and account number), Singapore Dollars (required bank code, bank name and account number), Japanese Yen (required bank code, branch code and account number), Hong Kong Dollars (required routing number and account number), and United Arab Emirates Dirhams (required bank name and IBAN).

Tip

By having a local account in these 9 currencies, customers can pay you in their local currencies. This helps you save money on international wire fees.

Payoneer Debit Card: Payoneer allows you to get a debit card, which you will be able to use after paying $29.95 the first time. Its main benefits are that you can make fee-free purchases in USD, EUR, GBP, and CAD in supported countries, it has a daily spending limit of 200,000 USD, with no monthly cap, and it works in all vendors that accept Mastercard payments. You can even choose whether you want a physical or a virtual card.

Warning

The physical and the virtual Payoneer debit cards have different perks.

Invoicing: Another amazing feature of Payoneer is its integration with the Free Invoice Builder software. Due to this, you can create professional-looking invoices for your client. What’s more, you can customize them to specific customers, and you can save your contact or company and payment details for future invoices.
Tax Administration: Payoneer allows you to complete associated tax forms, individual or business ones, that include W-9s, W-8BENs and W-8ECIs. As a result, Payoneer will provide you with tax reports, which you can store in the automated record-keeping system.

Ease of Use

Payoneer is one of the most user-friendly payment methods. This is because it is very easy to use and has straightforward navigation. Of course, a huge role in this plays its neat dashboard with an intuitive user interface.

That’s why Payoneer is suitable even for beginners who don’t have a lot of tech expertise. You will be able to access all of its features without any issues.

Security

When it comes to security, I can assure you that Payoneer pays a lot of attention to this. In order to prove that its users’ security is their top priority, Payoneer is PCI compliant to protect credit card data.

It also complies with anti-money laundering regulations and employs a fraud detection system. On top of this, Payoneer complies with AML/CTF so that it can reduce issues for international payments.

Customer Support

If you encounter any issues or simply have a question, Payoneer is here to help you! The platform has a broad range of customer support services, making it perfect for beginners and more advanced business owners.

More precisely, its customer support is available via live chat, email, phone, a community forum, and a support center. They even have an extensive knowledge base where you can find an article that will answer your question or solve your problem.

Note

All of their agents are friendly and knowledgeable, and they are willing to help you at any time.

Scalability

Payoneer doesn’t have different subscriptions, like when you are choosing an email marketing tool, for example, but it still helps you grow.

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This is because Payoneer offers you to get a capital advance, which will help you grow your business in no time. In other words, you’ll have enough capital for all of your business needs and resources that will assist you in fulfilling your goals.

Third-Party Integrations

Similarly to other payment methods, Payoneer allows you to integrate it into other apps. Due to this, your payment procedures will be done effortlessly. You won’t spend a lot of time from one app to another just to complete your payment.

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Pricing

While Payoneer allows you to start for free and utilize it in your online store, it has some extra charges. Mainly, these charges are transfer fees. So, I decided to list all of its expenses in order to provide you with the best possible experience. First, let’s have a look at the fees if you get paid:

From Payoneer customers: no fees
Directly by clients: 3% credit card fee and 1% ACH bank debit fee
Directly by networks and marketplaces: The fees depend on the networks and marketplaces
From receiving accounts: No fee if paying with EUR, GBP, and others. 0-1% with USD

Additionally, you will face some fees when paying others, such as:

Payoneer customers: No fees
Non-Payoneer customers: Up to 2% fee
A fixed price fee: Fixed 1.50% applies (USD, EUR, and GBP) when sending funds to a bank account that uses the same currency as you, operates in a country with the same currency, or works from the same country as your Payoneer account.

Important

Payoneer is very transparent, which means you won’t run into any hidden fees.

Reputation

The last thing I usually take into consideration is the reputation of the company. Luckily, Payoneer has a pretty amazing reputation that it has been building since 2005. With millions of satisfied users, you can be sure that you will get everything your business needs.

Tip

Always read expert and user Payoneer reviews from people in your niche for the best insights.

Payoneer Pros & Cons

Best for

Low-cost transfer fees
Free setup process
Unique Payoneer debit card
Simple international payments
Boosts your business growth
Quick money sending and receiving
Compatible with other platforms
Fantastic reputation

Not good for

Doesn’t support POS system
Limited payment gateways
May sometimes freeze or terminate your account if it suspects fraud

Payoneer Standout Features

Payoneer comes with many perks and benefits for e-commerce businesses. However, besides the features I explained above, the platform employs some pretty unique ones that will additionally boost your workflow. So, let’s have a better look:

Spending limit of $200,000
Anywhere-accepted debit card
Capital Advance
Partners Directory

Who is Payoneer Best For?

Even though Payoneer is suitable for different types and sizes of businesses, the platform may not be the perfect choice for all organizations. That’s why I decided to help you understand who Payoneer is best for:

Note

The following list is based on the tests I’ve conducted and my long presence in the business world.

Individuals who want to transfer funds without any fees
Businesses that want to save money on sending and receiving payments
E-commerce sites that want to integrate their payment method with their web hosting service

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Small to medium-sized freelance businesses
Organizations that want to keep a record of their tax payments

Conclusion

The e-commerce world consists of many more activities than just developing a professional website. In fact, processing all of your payments is way harder than you may think. Luckily, Payoneer is here to help you get your job done!

Payoneer is a payment platform that allows organizations to send and receive payments from all over the world. In other words, you can use it to request payments from your customers. The platform has amazing features, pricing, security, reputation, ease of use, and customer support. Overall, it has everything one business needs!

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Frequently Asked Questions

Payoneer was first launched in 2005. Then, their goal was to democratize access to global commerce so that the distance doesn’t present an obstacle.

Payoneer is a financial services company that helps you engage in fast and low-cost online money transfer, digital payment services, and utilization of multiple currencies for businesses of all types and sizes.

Some of the best Payoneer features are its debit card, tax administration, advance capital, paying with multiple currencies, and requesting payment from your consumers.

No, Payoneer doesn’t have high fees. In fact, its fees start at 1% of the total sum, and they usually go somewhere to 3%, depending on the payment activity.

Yes, you can integrate Payoneer into another app. This allows you a seamless payment procedure without the need to change platforms, currencies, and payment methods constantly.

Yes, Payoneer is suitable for freelancers. It has a lot of features, and it’s cost-efficient, secure, and user-friendly. One of the main aspects that makes it ideal for freelancers is its capital advance feature, which allows you to start and grow your business before you establish a good reputation.

The best Payoneer alternatives are Wise, Stripe, PayPal, Skrill, and Neteller. All of these platforms have their unique features, are highly secure, and cater to the needs of your business.

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The Logician

Trademark of a Living Legend

Payoneer Review

4.9

$0/free

Recommended: Ideal for Global Companies

Frequently Asked Questions

When Was Payoneer First Launched?

What is Payoneer?

What are Some of the Best Payoneer Features?

Does Payoneer Have High Fees?

Can You Integrate Payoneer into Another App?

Is Payoneer Suitable for Freelancers?

What are the Best Payoneer Alternatives?

The Logician

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