Payoneer – Services, pricing, comparisons and reviews

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.

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.

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