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Payoneer is a solution for business owners who want to make and receive transfers without a merchant account. While it doesn’t offer a POS system like payment solutions such as Stripe, it’s an excellent option for small businesses and freelancers.
Payoneer acts as an intermediary of sorts, allowing businesses to send payment requests to customers who can then pay with various methods.
This Payoneer review will break down Payoneer’s features, pros and cons, and explore Payoneer alternatives.
|Table of Contents
To see the ins and outs of Payoneer at a glance, here’s a brief overview of the payment service provider:
|Set up fee
Payoneer offers a number of features to make the process of sending and receiving payments more straightforward. It simplifies transactions, and streamlines processes on both the business and customers’ ends.
With Payoneer, you can send funds instantly and free of charge if deposited into their Payoneer account.
If you wish to send the money to bank accounts, you can do so in batches of as many as 200 payments at once. Payments to bank accounts usually go through within 24 hours.
You can make payments in 200+ countries and territories, and settle business service invoices from Amazon Transparency and Amazon advertising quickly.
Payoneer makes it easy to request payment from clients, who can then pay with their chosen currency.
Clients have the option to pay in one of three ways:
- Credit card
- Local bank transfer
- Payoneer account
You can also track your payments with Payoneer and send out reminders.
Currently, Payoneer users can receive payments in 9 different currencies, using the following account information for each:
- US Dollar - Routing number and account number
- British Pound - Sort code, account number, and IBAN
- Euro - SWIFT/BIC and IBAN
- Australian Dollar - BSB code and account number
- Canadian Dollar - Institution number, transit number, and account number
- Singapore Dollar - Bank code, bank name and account number
- Japanese Yen - Bank code, branch code and account number
- Hong Kong Dollar - Routing number and account number
- United Arab Emirates Dirham - Bank name, IBAN
With local accounts in these 9 currencies, customers can pay you in their local currencies. You can also save money on international wire fees.
|💡 Get local account details for other countries with Wise Business. Get paid like a local, and convert funds at the mid-market rate.
With a Payoneer account you can use the Payoneer Commercial Mastercard® to pay for your international business expenses.
Here’s a brief Payoneer mastercard review of the key features:
- Fee-free Purchases - Use the debit card to make fee-free purchases in USD, EUR, GBP, and CAD and in supported countries.
- High Spending Limit - The daily spending limit for the debit card can be as high as 200,000 USD, with no monthly cap.
- Pay Anywhere - The card is accepted at all vendors around the world that accept Mastercard® payments.
You can also choose whether you want a virtual or physical card, and the two offer slightly different perks:
|Virtual card perks
|Physical card perks
With the mobile app, Payoneer users can do the following:
- Withdraw funds - Cash out to your local bank account in over 150 countries
- Manage payments - Track balances and the status of transactions
- Make payments - Request and make payments
- View cards - See the balance on your cards and change security settings
Low-cost payments - Make fee-free payments to other Payoneer accounts, and bank account transfers with a 1% fee
Free to set up - Set up your account today without any payment
Make international payments - Pay international clients in their preferred currencies
No payment gateway or POS system - The lack of POS and payment gateway limits how you can receive payments
Not suitable for large businesses - Payoneer is best suited to small businesses and freelancers with its lack of advanced payment features
Payoneer is used and trusted by more than 5 million users.
The payment provider protects users’ funds with the following security measures:
- 2-step verification - 2-step verification makes it difficult for bad actors to access your account
- Firewalls and anti-hacking features - Transactions made through Payoneer are safeguarded with firewalls
- Email notifications about card usage - Keep up to date with how your card is being used with email notifications
Here’s a snapshot of the fees you’ll pay with Payoneer:³
Does Payoneer charge a monthly fee?
No, however, if you keep your account open for 12 months without making any transactions you’ll pay a 29.95 USD fee.
There are seven alternatives which may work better for your business:
- World First
|🔍 To read about each option, you can check: 7 great Payoneer alternatives for international transfers
Wise Business is an excellent option for sending and receiving money internationally. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.
You can use the Wise Business account to simplify international payouts, allowing you to pay suppliers abroad with ease.
You can make payments at the mid-market rate, and pay your suppliers in their preferred currencies to save them the expense of exchange fees.
You can also receive payments like a local with major account details.
There are no monthly subscription fees, and no minimum balance requirements with Wise Business. Just a one-off fee for account details in the US. You also get access to a host of business tools, such as the QuickBooks billing integration.
- Low fees and no hidden costs when you work with Payoneer
- Read Customer Service Reviews of www.payoneer.com
- Low fees and no hidden costs when you work with Payoneer
All sources checked November 29, 2022.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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