Making international payments and transactions have become exponentially easier with the advent of online payment providers. Payoneer is one such platform which has been helping enterprises with their financial matters in numerous ways. Of the numerous financial services they provide, they are majorly recognized for enabling businesses with cross-border transactions. The scale in which global businesses operate makes it essential for them to have a reliable platform to manage, monitor and carry out their transactions. This is where Payoneer comes in.
So here’s a complete review of Payoneer and all that they offer to help you understand whether it’s worth using.
How does Payoneer work?
To use their services, you first need to sign-up with them. You can do this as a Business or as an individual. They serve both enterprises and customers. This process of signing up usually takes about 2 days, during which they perform identity verifications and credit checks. Once that process is complete and you are approved, you get a Payoneer account and you’re good to go. Best part is that creating a Payoneer account is free of charge.
The other aspect to the platform is making payments. This can be carried out domestically and internationally, for both individuals and businesses alike. In this feature, Payoneer enables users to transfer money from one Payoneer account to another. However, transferring money from a Payoneer account directly to a bank account is also possible if you add the details of the bank account.
The third scenario is that of the receiver. You can receive payments as a business and as a freelancer. Be it online marketplaces, ecommerce stores or any other clients, you can get your money from a regular bank transfer which is directly transferred to your Payoneer account. Furthermore, you can not only send payment requests to your clients or vendors, you can even choose your Payoneer account to receive direct payments.
Reach and Availability
Payoneer has certainly been successful in penetrating various markets as they operate in 200 countries. Moreover, exchanging currency and cross-border payments is so convenient with them due to the availability of 150 currencies to choose from. A huge advantage for freelancers and individuals with a product/service to offer is the fact that major players such as Getty Images, Fiverr and Upwork all use the brand’s services. The fact that companies like Walmart and Airbnb use Payoneer highlights their reach.
How much do Payoneer’s services cost?
There are many online payment services which follow a monthly fee model. But if you’re wondering if Payoneer charges a monthly fee, the answer is no. There are many layers to their charges, which depend on the country you operate from and the nature of service that you’re using.
Cost of transferring money:
This is an area where Payoneer stands apart. Be it debit card, credit card or an ACH transfer, the fee is fixed at $3 per transaction for local bank transfer. If you opt for a USD Swift transfer, you would be paying 1% of the total transaction plus $4, in USD & EUR. With a monthly payment requirement of $20,000, businesses tend to get a much cheaper rate when they have larger sums to transfer.
Interestingly, another factor which attracts businesses to use Payoneer is the overtly competitive rate of 1% on local bank transfers and 3% for credit cards. This is an area businesses can save a lot when they have to pay freelancers or their agencies and partners. It’s a testament to brands like Getty Images and Upwork using the platform.
Payoneer Currency exchange rates:
In addition to the interbank rate, Payoneer charges 0.5% as a currency exchange fee. Considering how there are players out there who charge up to 4%, Payoneer’s rates are definitely encouraging and worth considering. If you’re using their MasterCard, the charges for currency conversion can go up to 3.5%.
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For businesses to receive payments from customers through a credit or debit card, there’s a fee of 3% of the transaction involved, irrespective of the currency. If a transaction is carried out through their Global Payment Service, you would only have to pay 1% of the transaction. But more interestingly, you could just as well end up paying nothing as receiving money from certain currencies is free of cost.
The Global Payment Service was introduced by Payoneer to aid businesses with cross-border transactions. It successfully manages to do just that, as businesses get accounts for currencies from the US, Canada, Australia, UK, Mexico and Japan.
Is Payoneer safe and legit?
The company has been around since 2005. The fact that brands like Amazon and Google among others use Payoneer should reassure you that they are legit. If anything, they are one of the most reputed players in the market. They have a customer base of 4 million, which is another testament to their legitimacy. Additionally, the brand registered themselves with the Gibraltar Financial Services Commision in order to practice the lawful remission of money inside the European Single Market.
When it comes to safety, you won’t have to worry about your money either because it will be safe. Payoneer is a PCI Compliant organisation. This means that there are certain levels of Data Security Standard they are obligated to maintain as per the Payment Card Industry. So they are undoubtedly safe and legit to use.
See also: PayPal vs Payoneer Comparison
Is Payoneer Trustworthy?
Absolutely. And there is no disparity in their service and their Customer Support team has a reputation of being reliable. To add to that, Shiv Devinarayanan, CEO of Dazeworks shares an account of his experience. The founder of the Salesforce consulting company shares, “Their Personalized Account Manager helps us proactively to make sure we are successful and guides us with their expertise on international payments.”
There have been many such incidents shared by various businesses to testify their trust in Payoneer. In fact, between larger or smaller organisations. In fact, the organization has a rating of 4.6 stars out of 5 on Trustpilot, with 80% of those being excellent reviews. Their customer support team is also known to be empathetic and understanding, while being competent to come up with solutions.
Be it obtaining a digital FIRC or being able to track and monitor finances, Payoneer focuses its efforts on convenience and transparency. This is also reflected in the organized dashboard which businesses can use payments received, payments pending and payments raised. So it certainly proves that they focus on their financial services on a holistic level, for both customers and enterprises.
In conclusion, their reach, reputation, fees and charges, customer support and overall services combined makes them one of the best online payment solutions to choose.
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