Payoneer – Services, pricing, comparisons and reviews

Last updated on 29 August 2023

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.

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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 TypeCross-Border PaymentsIntegrated Payments APIEcommerce Marketplace PaymentsMass Payout ServicesBilling ServiceWorking CapitalCurrency Conversion
Contract LengthNo contractDepends on the agreementNo contractDepends on the agreementNo contractBased on sales performanceNo contract
Consumer Card FeesUp to 3.5%N/AUp to 3.5%N/AUp to 3.5%N/AN/A
Business Card FeesUp to 3%N/AUp to 3%N/AUp to 3%N/AN/A
Min. Monthly ChargeNoneN/ANoneN/ANoneN/AN/A
Refund FeesNoneN/ANoneN/ANoneN/AN/A
ChargebacksUp to $20 per caseN/AUp to $20 per caseN/AUp to $20 per caseN/AN/A
PCI ComplianceCompliantCompliantCompliantCompliantCompliantCompliantCompliant
Early TerminationNo feeDepends on the agreementNo feeDepends on the agreementNo feeNo feeNo fee
Payoneer fees and charges

Always consult with Payoneer directly or refer to their official fee schedule to determine the exact costs associated with their services.

Company information

DetailData
Founded2005, New York City, USA
Website URLwww.payoneer.com
Phone NumberUK: +44-203-519-1198
FSCS ProtectedNo
FCA RegulatedYes, 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.

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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 sourceRatings
TrustPilot4.2/5
Google Reviews4.1/5
Reviews.io3.9/5
Average Rating4.07/5
Payoneer reviews

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

Is Payoneer safe to use?

Yes, Payoneer is regulated by multiple financial authorities worldwide, including the FCA in the UK.

Are there minimum or maximum transfer limits?

Payoneer offers high transfer limits, but specific limits depend on the nature of the transaction and user verification status.

Does Payoneer offer customer support?

Yes, Payoneer offers 24/7 customer support, but some users report slow response times.

Can I use Payoneer for personal use?

Payoneer’s primary focus is on business transactions, but it does offer limited services for personal use.

Does Payoneer charge for receiving money?

It’s typically free to receive payments in major currencies from other Payoneer customers and ecommerce marketplaces, but fees may apply for other transactions.

How long does it take for funds to reach my Payoneer account?

Typically, funds reach your Payoneer account within 2-5 business days, depending on the nature of the transaction and the originating institution.

Can I have multiple currency balances in my Payoneer account?

Yes, Payoneer allows you to hold balances in different currencies, facilitating easy currency conversion and international transactions.

What currencies does Payoneer support?

Payoneer supports transactions in over 150 currencies, making it ideal for businesses with global operations.

Does Payoneer provide reports for my transaction history?

Yes, Payoneer provides detailed transaction reports, which can be useful for bookkeeping and tax purposes.

Can I use Payoneer to pay my suppliers?

Yes, you can use your Payoneer balance to pay suppliers in their local currency, often at lower costs than traditional banks.

Are there any additional fees for using Payoneer’s integrated payments API?

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.

Is there a mobile app for Payoneer?

Yes, Payoneer provides a mobile app for both iOS and Android, allowing you to manage your transactions on the go.

How does Payoneer’s Working Capital service work?

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.

Can I withdraw money from my Payoneer account to my local bank account?

Yes, Payoneer allows withdrawals to local bank accounts. Fees for this service vary depending on the currency and country.

Does Payoneer charge a fee for account inactivity?

Yes, Payoneer may charge an inactivity fee if you do not perform any transactions for an extended period.

Can I receive credit card payments with Payoneer?

Yes, Payoneer allows you to receive credit card payments, but additional fees may apply.

How does Payoneer protect my financial data?

Payoneer uses multiple security protocols, including encryption and fraud prevention measures, to ensure the safety of your financial data.

Is Payoneer’s Billing Service free?

Payoneer doesn’t charge for sending payment requests via its Billing Service. However, standard fees apply when you receive payments.

What is Payoneer’s customer service availability?

Payoneer offers 24/7 customer service, but some users have reported slow response times.

Can I cancel a transaction after it’s been processed?

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.

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Reviewed by , Managing Director

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