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 What is Payoneer? Here is the Answer

Payoneer supports over 200 countries with 150 local currencies. The financial payment service gives you the ability to directly withdraw funds with a debit card and send and receive funds domestically and internationally. Payoneer fees are slightly high at $3 per transfer but are free to receive.

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8 Freelancing Websites that Pay through Payoneer:

1. Fiverr
2. UpWork
3. Freelancer .com
4. PeoplePerHour
5. Amazon Affiliate Program
6. AirBnB
7. Envato
8. 99Designs

PROS & CONS ( PAYONEER)

Pros:

Payoneer supports over 200 countries with 150 local currencies. The financial payment service gives you the ability to directly withdraw funds with a debit card and send and receive funds domestically and internationally.

Payoneer fees are slightly high at $3 per transfer but are free to receive. If you live in the United States, you can also make payments using an e-check. The Payoneer Billing Service allows you to pay other Payoneer customers with ease, and they also offer a mobile app.

The prepaid Mastercard (not Visa) brand issues facilitate transferring funds. It can be used as a debit card for any type of transaction, including e-commerce. Payments are sent to Payoneer Mastercard, rather than going into your online account (and then transferring to a local bank account).

This means less of a hassle if you need to acquire funds quickly. The card can be used at any ATM in the world but has a maximum daily limit of $2,500. According to the fee structure, they will also charge you an average of 1% of the transaction in foreign exchange fees.

Payoneer has a help desk with a customer support system and a collection of resources to build your knowledge base. The company has offices in multiple countries and is available via email, phone, and live chat.

Cons:

When comparing PayPal vs Payoneer, rates and exchange fees are higher for Payoneer. Payoneer has a minimum monthly payment requirement of $20,000. Additionally, they only allow transfers to other Payoneer accounts. There is no third-party involvement. This can present a big problem if you have a customer that doesn’t want to work with the brand. You could lose the job. Private clients can only withdraw money on the platform. They can never transfer money.

Depending on the country, the platform adds a currency conversion charge of 2% to 2.75%. You are subject to Mastercard’s exchange rates if you use it in a non-listed currency. Payoneer, unlike most other money transfer services, charges an annual fee to use the Mastercard.

Most payees register on the Payoneer network when it comes to branding and is thus subject to its marketing. This includes all email communications, which come from the Payoneer and not the payer (like they should).

PayPal is not a supported payment method. This can prove a difficult obstacle when it comes to running an e-commerce site.

The reviews online complain the signup process is lengthy for Payoneer (lots of paperwork) and some people wait over a month to get their card. Not very convenient if you need to do business right away.

Complaints range from unreturned funds to blocked accounts and an absent support team. In 2018, Payoneer launched a campaign to improve its online reputation, but the brand still receives a fair share of negative feedback.

In Conclusion:

Ultimately, your business needs should dictate the type of service you choose. Factors that go into it include price, convenience, and ease of use. Careful research and a thorough understanding of your business structure ensure the solution you purchase will drive growth and lead to future success.