Making and receiving international payments can be a hassle sometimes, and there are many options varying in security, timing, cost and simplicity. Today, though, we’ll be talking about Payoneer, which allows businesses to make mass payments internationally. The service also facilitates international funds transfers for small business owners, even those who live out of the country. In this Payoneer review, you will learn how Payoneer works, and how it stacks up against other online payment solutions.
Starting a Payoneer account requires the payment of a $29.95 yearly fee, which can make it an obstacle for businesses who are used to providers who don’t charge recurring or upfront fees. When you sign up, you’ll get a debit card mailed, which can be activated online. You’ll use it just as you would a credit card, except that you must load funds for it to work.
There are two methods to accept payments: through a Payoneer US payment service account, or through ACH/SEPA in Europe. Receiving funds from another account holder is the cheapest option, but there are limits on transfers. Both parties need funded accounts, and low limits make it a viable alternative for smaller businesses.
You can get your money through a bank transfer or a debit MasterCard. Access is seamless, as long as you’re buying in US dollars, and ATM withdrawals cost $3.15 each. Bank account verification times vary, and transfer times differ as well depending on how you receive the payment.
One of the main Payoneer complaints is that you can’t load your account on your own. This makes Payoneer ideal for businesses who make most of their transactions online. There is a “load” service, but you’ll need to ask support to enable the feature. It allows you to accept payments via ACH and credit card, but Payoneer fees are substantial and transfers can take up to three days. Bank transfer services cost 1% and can take up to a week, and they’re only available to US customers.
Payoneer paypal is a great choice for online marketers and freelancers, but we’re not so sure it’s right for businesses who regularly receive and make international payments. We can see circumstances where it would be a viable option, but for the most part, it suits businesses of a specific type.