Payoneer helps businesses grow by facilitating seamless, cross-border payments in more than 200 countries. The company also enables businesses and corporations to send funds to their beneficiaries worldwide. Payoneer employs over 1,000 people and has 14 offices around the globe.
Payoneer Credit Card Processing & Payment Services
Payoneer has a range of payment solutions for accepting and receiving payments. Payoneer accepts a range of payments types in over 150 currencies:
- Multiple payment options: –
- Wire transfer
- Credit card
- Payoneer account
- Payoneer eWallet
- Prepaid MasterCard debit card
Payoneer Pricing & Fees
- Opening a Payoneer account – free
- Receive payments from another Payoneer customer – Free
- Receive payments via receiving accounts – Free
- Receive payments directly from your customers: –
Credit card (all currencies) – 3%
eCheck (USD) – 1%
- Make payments with Payoneer – Free
- Withdraw funds from your Payoneer account: –
To a bank account in a different currency – Up to 2% above mid-market rate
To a bank account in the same currency – USD $1.50, EUR €1.50, GBP £1.50
Source: Payoneer Pricing
To see how that compares have a look at: 2019 UK Merchant Account and Credit Card Processing Fee Comparison.
- Fraud screening
- PCI Level 1 compliant
- 150 currencies
- Over 35 languages supported
- 24/7 customer service
- Receiving accounts vis Global Payment Service
- Receive local bank transfers from the UK, US, EU, Japan, China, Canada and Australia
- Simple, cost effective solution for you and your customers
- Easily send mass payouts
- Payoneer Escrow
Payoneer was founded in 2005 by Yuval Tal who, together with other investors, put in $2 million in seed funding. Before Payoneer, Mr. Tal founded E4X which was one of the first startups in the online payments business. E4X, later called BorderFree, was sold to Pitney Bowes in 2015 for USD380 million.
Payoneer always planned to be one of the world leaders in cross border digital payments and today enables millions of businesses and professionals to grow their businesses through Payoneer’s innovative cross-border payments platform.
The company has over 4 million customers, spread across over 200 countries and territories around the globe. Their clients cover a wide range of businesses and operations, from freelancer websites to medical trial candidates. Payoneer’s customer base includes big names like Amazon, Airbnb, Google and Upwork, who use the company to send mass payouts around the world. eCommerce sites such as Wish, Lazada, Shopee and Tophatter also benefit from Payoneer. Content creation space specialists such as Shutterstock, Pond5 and DailyMotion also use Payoneer.
Yuval Tal was CEO of the Payoneer until 2010, when he became president and handed over the CEO reins to Scott Galit. Mr Galit recently commented on Payoneer’s recent expansion into the British market. “With Brexit, we’re starting to see that it’s actually the right time to engage with businesses in the UK and explain that there’s a new world of opportunity available. It’s very exciting to have a team in London, one of the most important financial and trading hubs in the world.”
Payoneer Pros & Cons
The following pros and cons are based on information available on Payoneer’s website and reviews from Trustpilot.
- Helpful with scams
- Refunded money taken due to hacking
- Good support on Facebook
- Free registration
- Low fees
- Complaints about withholding cash
- Poor or non-existent customer service
- Poor currency conversion rates
- Poor system performance
- Constant complaints about mountains of documentation when customers query Payoneer’s actions (closing account, blocking funds etc)
- Trustpilot: 4.6 out of 5 based on 10,685 reviews
Payoneer Merchant Machine score is 4.6 out of 5.