Payoneer Review – A Digital Payment Platform
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Fast Facts
Global Reach:
Supports over 150 countries and multiple currencies.
Currency Conversion:
0.5% fee
Working Capital:
Cash advances up to $750,000.
Consolidated Dashboard:
Manage payments from various platforms in one place.
Ideal for Freelancers:
Integrates with Upwork, Fiverr, and more.
Fees for Credit Card Payments:
3%
The global economy has made it easier for people in different countries to communicate with each other and exchange goods and services. Payoneer helps small businesses send and receive money across multiple currencies. Funds from one region automatically get converted into your native currency at low rates.
Payoneer has a suite of business features, such as direct payment requests and access to working capital. Businesses can borrow up to $750,000 through Payoneer’s merchant cash advance program. This Payoneer review dives deep into how it works.
Jump To
What is Payoneer?
Payoneer is a digital payment platform that helps businesses and individuals send and receive payments. The platform makes it seamless for people using different currencies to do business with each other. Businesses can manage their funds in one place and use Payoneer’s resources to improve the customer’s checkout experience. It enables global payments at low conversion rates.
The financial services company employs over 2,000 people and serves millions of customers. The NYC-based company was founded in 2005 and went public in 2021 under the PAYO ticker. Many corporations, such as Amazon, eBay, Google, Airbnb, Upwork, etc., use Payoneer to send mass payments to their workers.
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How does Payoneer work?
Payoneer is a B2B payment processing platform businesses can use to transfer money. Business owners can integrate with several platforms so their payments go to one central dashboard. Freelancers can connect to Upwork, Fiverr, PeoplePerHour, Crossover, and other freelance marketplaces. Marketplaces send funds directly to your Payoneer account, allowing you to consolidate payments from multiple sources. You can also send payment requests by entering your client’s information and payment details.
The service provider makes payments straightforward, even if you and your client use different currencies. Payoneer charges a fee of up to 1% for U.S. clients and removes this fee if you receive payments from a client not based in the U.S. Payoneer lets you initiate local bank transfers in EUR, USD, and GBP, which helps you avoid wire transfer fees. Payoneer makes digital commerce more attainable and affordable for millions of business owners.
How much does Payoneer cost?
Payoneer has low fees that vary for each transaction. These are the expenses to keep in mind before getting started with Payoneer:
- Credit card payments: 3% fee
- ACH bank debit: 1% fee. A small fee may apply for receiving accounts if the payment is below a minimum amount.
- Withdrawing funds from one currency into a bank account with a different currency: Up to 2% fee
- Withdrawing funds from one currency into a local bank account with the same currency: Fixed fee of 1.50 USD/GBP/EUR depending on the currency
- Withdrawals in non-local currency: Up to 2% fee
- ATM withdrawals: 3.15 USD / 2.50 EUR / 1.95 GBP
- ATM Balance Inquiry: 1.00 USD / 0.87 EUR / 0.65 GBP
If another Payoneer customer uses their Payoneer balance to send payments, Payoneer will not charge a fee. Payoneer does not charge money to create a Payoneer card or for shipping. Express shipping costs $40, but if you can wait a few business days, you won’t have to pay any money to receive your card. If you lose your card and need a replacement, the pricing for a replacement card depends on your currency, as outlined below:
- 12.95 USD
- 9.95 EUR
- 9.95 GBP
Although it’s free to receive a Payoneer MasterCard, you can expect a $29.95 annual payment. Transactions with currency conversion have a 3.5% fee, but transactions without conversions are free. Payoneer charges a cross-border fee of up to 1.8% if the merchant is in a different country from the card-issuing country.
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- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
Payoneer features
Request a payment
You can request payments from other businesses. This feature lets you create an invoice and enter the amount and due date. Payoneer notifies the client, and the funds go into your Payoneer account when you receive the payment.
Receiving accounts
Set up Payoneer local receiving accounts to obtain funds in multiple currencies. Payoneer makes it easy to convert currencies, but you can keep multiple types of currencies in your account. These accounts let Payoneer users avoid international wire transfer costs. Payoneer supports over 190 countries.
Currency conversions
Business owners can convert currency in their Payoneer accounts to their native currencies. This process has a low 0.5% fee. Currency conversions take place within minutes.
Working capital
Borrow up to $750,000 through a merchant cash advance without a credit check. Payoneer looks at your incoming payments and your performance on the platform to assess how much you can borrow.
Store manager
Manage your payments from various e-commerce stores and platforms from a consolidated dashboard. You won’t have to log into each marketplace to get the full picture of how your company is performing.
Who is Payoneer best for?
Global businesses
Businesses can quickly send and receive payments in any currency. Payoneer offers a more convenient way to convert currencies while keeping fees low. It is a more affordable solution than most of the available choices.
Freelancers looking for a consolidated platform
Do you use Fiverr, Upwork, and other marketplaces to receive payments for your work? Instead of logging into multiple dashboards, you can see everything from your Payoneer dashboard. You can have funds go into your Payoneer account.
Vacation rental hosts
Payoneer connects with Airbnb, VRBO, and other favorite vacation rental apps. You can receive funds in a centralized hub instead of checking each of your accounts to monitor how your rentals are performing.
Who shouldn’t use Payoneer?
Local businesses
Payoneer is suited for business owners who receive payments from customers in different countries and currencies. If all your sales come from your local area or country, you may not need Payoneer for your business.
Businesses that accept credit card payments
Payoneer doesn’t offer many ways for business owners to accept payments, and credit card transactions incur a 3% fee. You can save money using another payment solution, but the savings for most credit card processors are minimal.
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- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
Pros and cons
Pros
- Get working capital even if you have bad credit. You can qualify for a merchant cash advance of up to $750,000.
- Receive payments in multiple currencies that you can keep in your Payoneer account or convert to your native currency.
- Have all of your payments consolidated in one platform so you don’t have to log into multiple accounts.
Cons
- The annual credit card fee is expensive. You can find other cards that do not have annual fees.
- Transaction fees can get expensive and add up depending on the types of transactions that take place in your account. You can save more money with Payoneer than many of its alternatives, but the fees still add up.
- Payoneer has been known to freeze and terminate if it believes suspicious activity is occurring. Some business owners reported their accounts got frozen or terminated without suspicious activity taking place, but these instances are relatively rare.
Payoneer vs. competitors
Payoneer has been serving millions of business owners for over 15 years. They have encountered some competition along the way. Here’s how Payoneer compares with similar payment solutions.
Company | Maximum Working Capital Loan | Currency Exchange Fee | Credit card fee |
|---|---|---|---|
Payoneer | $750,000 | 0.5% - 2% | 3% |
PayPal | $150,000 | Retail exchange rate + 4% | 2.99% + fixed fee |
Stripe | Over $150,000 (maximum not specified) | 1% | 2.4% + $0.10 |
PayPal
PayPal is a fintech company that enables payment solutions for its customers. Businesses can send and receive payments through this platform. PayPal offers several tools that help businesses create and manage invoices. You can also set up recurring payments, create QR codes, and buy crypto through PayPal.
Stripe
Stripe is a fintech company that helps businesses and consumers send and receive payments. The company was founded in 2010 and employs over 8,000 people. Millions of companies use Stripe, and their sizes range from small startups to Fortune 500 companies. Stripe has tools that help businesses grow their revenue and reduce costs.
FAQs
Is Payoneer a legitimate company?
Yes, Payoneer.com is a legitimate company that lets you send and receive payments. You can save money on fees if you receive payments in multiple currencies. You can connect your bank account and transfer funds to that account at your discretion.
Is Payoneer better than PayPal?
Both companies have their strengths and weaknesses and are reliable solutions, but if you work with businesses that use multiple currencies, you may save money with Payoneer. PayPal has more business tools available for companies seeking growth opportunities.
Does Payoneer charge a monthly fee?
Payoneer does not charge a monthly fee if you keep your account active. However, Payoneer can charge a $29.95 fee if your account remains inactive for 12 months.
Make $500+ Your First Month With KashKick!
- Transparent information on each offer for earnings and tasks.
- Money is deposited quickly and securely
- Featured offers maximize earnings
- First-class referral program
The bottom line
Businesses can reach customers worldwide and tap into more opportunities, which means more currency conversions and dashboards to monitor information. Payoneer offers a streamlined solution that puts all your payments in a central hub and offers more affordable currency exchanges. The company makes sending and receiving payments easy, and you can even get a working capital loan of up to $750,000 without a credit check. Payoneer is optimal for business owners who receive payments from multiple platforms in multiple currencies.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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