Working with International clients and companies can be challenging for many reasons. One of them is to find out a reliable payment gateway. This article explains whether Payoneer is a reliable payment gateway for solopreneurs and small businesses or not.
By the way, you can get a $50 sign up bonus if you are planning to switch from any other payment gateway to Payoneer. (BONUS SIGN UP LINK)*
*You will be awarded once you will reach $1,000 in any transaction
PayPal sucks. And most of us are well aware of it. With insanely high transaction fees and low exchange rates, you lose almost $10 on every $1,000 transaction on PayPal.
These were the reasons why in 2016, I moved to Payoneer. It means what you will learn here is coming from my experience.
But is that a perfect global payment software? Is that any cons? How about many bad reviews about Payoneer? Let's find out.
What is Payoneer
Payoneer is a Payment Service and billing service. That means if you are working with International clients and you earn in a foreign currency, Payoneer can help you get money into your bank account.
It offers several benefits to customers and retailers worldwide.
According to Similarweb analytics, Payoneer is ranked #81 among top financial services companies and management. Its global traffic rank is 5,769 that concludes there are over 7 million users who regularly visit Payoneer, according to Amazon Alexa.
Other payment service provides like Payoneer are Transferwise, Stripe and PayPal that also offer similar payment solutions but they have slightly higher payment processing fee and local currency rates.
You can accept money in your local currency with Payoneer even if you are earning in a foreign currency. For example, if your local currency is JPY, but you are making it in USD, it's possible with Payoneer.
If you are a merchant and you deal with multiple associates spread across the world, Payoneer makes it easy to mass payout and bank transfer to individuals.
How Payoneer Works
Payoneer is an easy-to-use payment method for accepting and sending money. Once signed up successfully, Payoneer provides you with a routing bank account number to share with the client and ask for money in their local currency. Payoneer automatically converts currencies at a reasonable rate (better than all other companies), and the fund automatically gets transferred into your local bank account.
Who uses Payoneer
There are over 100,000 customers who are actively using Payoneer. That includes small retail companies, freelancers at Fiverr and Upwork etc. and affiliate marketers working with different networks.
Here is the data that shows China and the USA have the most significant number of users, followed by Pakistan and Bangladesh.
Payoneer provides services to 200+ countries, supports 80+ currencies and various local withdrawal methods, and we also offer competitive conversion rates (source)
Payoneer Partners Review
Payoneer has recently partnered with Masterclass to provide a prepaid MasterCard service. You can use it at any bank ATM in your country and millions of online stores. Note that due to the Reserve bank of India regulations, this feature is not available in India.
It is an official partner with big payment networks like Avangate and companies like Airbnb. Most freelancer marketplaces like Fiverr, freelancer.com and Toptal also provide you to take payments through your Payoneer account.
Now you understand that Payoneer is a real company and not a scam, let me help you decide whether Payoneer is a right Payment Service for you or not.
Payoneer is a PayPal Alternative - My Real-life experience.
Before using Payoneer, I was solely on PayPal. I still use it but not the way I used to do five years ago. While PayPal is a widely known software from X.com and their customer support is remarkable, it has a high exchange fee.
Here is simple math to understand:
Let's stay. You are charging people in USD, but your local currency is INR.
PayPal charges 2.5% currency conversion rates. While Payoneer doesn't charge on currency conversion.
Further, PayPal offers a significantly low market price for the currency. (let's say when 1 USD is equal to 77 INR, You might be getting 75 INR for each). Payoneer offers a higher currency rate and does justice for your hard work.
When Payoneer Sucks - Honestly
I use Payoneer, and I would recommend you (THIS LINK GIVES $50 SIGN UP BONUS TO A NEW ACCOUNT); however, it is not a perfect tool. Here are a few critical points.
These are why many people are unhappy with Payoneer, and they have written several low reviews on Trustpilot and Quora.
- Payoneer doesn't allow virtual assistants and technical support accounts. After a significant surge in scams related to these verticals, Payoneer has banned many stores that offer technical support.
- Their support is not that good. Payoneer sometimes takes up to 48 hours to get just one reply. It has improved in the past, and I never had to contact them, but it is another reason why many freelancers do not love Payoneer.
- They have a strict policy for illegal activities. Often, if you are involved in any suspicious service, you will find your account locked.
- It does not provide customer care features like live chat support and fast response.
It works flawlessly with Affiliate marketplaces, Amazon, Freelance markets and with manual clients. However, if you want to avoid these cons, you can join Transferwise for free here.
Is Payoneer Safe?
Payoneer uses certified SSL security on their website. Data security is reliable at Payoneer, as I have researched. Here is the available screenshot to cross-verify this claim.
They have verified social media accounts on Facebook and Instagram. They offer better conversions on mid-night market rates. You can track your funds via Payoneer mobile app that is available on Android and iOS. And I am personally using Payoneer since 2016. Hence you can say, Payoneer is a safe cross-border payment service for businesses and individuals.
How to register for Payoneer (and get $50 sign up bounty)
- Payoneer sign-up process is simple. Go to THIS LINK and click on the SIGN-UP button. (it's an orange color button)
- Select whether you are an individual or a company and fill all the details like username, email address, password and mailing address. (Make sure to cross-check your details to avoid extra delay)
- If you are an online seller, you might want to go for a company option. Affiliates and freelancers can go for individual choices.
- Complete the sign-up process with a "security question" and wait for account approval. It takes up to 5 days to get your account approved.
Once done, you can start getting payments from third-party providers and use features like Wire transfer and low exchange fees.
Payoneer is a payment service and payment processor. I showed you if Payoneer is any good in this review. However, it is up to you whether you should pick Payoneer for your business or not.
Covid-19 has affected all online businesses. More people are looking for online bank transfer, prepaid debit cards and international payment platforms. Payoneer can be a good payment solution as it offers all of it at one place.
While Payoneer offers great international currency exchange rates (better than other global payment companies), it has a few disadvantages.
With this payment option, Payoneer provides services to 200+ countries, supports 80+ currencies and various local withdrawal methods, and we also offer competitive conversion rates according to their official blog.
The only way to find out if Payoneer is right for you is by joining the network. (Don't forget your $50 bonus by using the link above)
Let me know in the comments what do you think.