Payoneer Review   How to earn online $25 while you get a global debit card
Channel: HealthyPlusWealthy Lifestyle
Date: 2019-03-25

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Payoneer

Pros:
Month-to-month billing with no early termination fee
 Free payments between Payoneer accounts
 Best for freelancers and international businesses
Cons:
No payment gateway or virtual terminal
 $29.95 annual fee
 High credit card transaction fees
Overview:
Payoneer is a financial services company headquartered in New York City, New York. The company was founded in 2005 and specializes in facilitating online payment transfers both within the United States and internationally. Payoneer has over four million users in over 200 countries worldwide and can process cross-border transactions in more than 150 currencies.
The company's services are used by many major players in the eCommerce world, including Amazon, Google, Airbnb, and UpWork. If your business needs to send or receive online payments - either domestically or internationally - Payoneer's payment services may come in very handy. While companies like PayPal offer similar capabilities, Payoneer has a stronger focus on international transactions and claims to offer lower overall costs than its competitors.
Let's be clear from the start about one service that Payoneer does not provide: the company is neither a merchant account provider nor a payment service provider (PSP) like Square or Stripe. Payoneer's core service facilitates the transfer of funds from one party to another, and it doesn't provide much else in the way of traditional merchant services. While it may be tempting to consider Payoneer as a less-expensive alternative to a full-service merchant account, it won't work for this purpose in most cases. Yes, you can make and accept payments via credit card, but the fees for this type of transaction are higher than what most merchant accounts charge. Also, the lack of a payment gateway or virtual terminal makes it a poor choice for a high-volume eCommerce business. Payoneer works best for freelancers and businesses that frequently work with international customers. It's also useful if your business makes or receives a lot of B2B payments.
Even if your business is the type that can benefit from Payoneer's payment service, there are some significant downsides. While the company doesn't charge a monthly fee or lock you into a long-term contract, you'll still have to pay a $29.95 annual fee on the Payoneer MasterCard debit card that comes with your account. There are also numerous hidden fees, including monthly account inactivity fees if you don't use your account, that can add up quickly. Additionally, we've seen a lot of complaints about poor customer service and lax data security that make us question the overall value and reliability of Payoneer's service.
Despite these qualms, Payoneer is a popular payment service, and it can certainly be an asset to your business under the right circumstances. We're awarding the company a 4 out of 5 stars rating for now, as the benefits provided generally outweigh the negative aspects of their service. Read on to learn the details of Payoneer's service and what it can do for your business.