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The Ultimate Payoneer Review

The Ultimate Payoneer Review

Hey eCheck.org fans. This is the ultimate Payoneer review where I have tried to cover as many facets of the company as possible, and where I have tried to address all the issues. Personally, I like Payoneer as much as I like sunburn, but I will try to be as even handed as possible.

I think I have a few good reasons why I don’t like Payoneer, but part of me understands that a big part of the reason I don’t like Payoneer is because it wasn’t built for me. It was built for businesses that are having trouble paying other businesses and self-employed people.

What Is Payoneer And Why Should You Care? – Payoneer Review

Payoneer is a payment-processing company that allows you to pay businesses and self employed people. You may use it to send money to a self-employed person’s bank account or a business’s bank account. Or, you may have your recipient send you a Payoneer payment request, and you pay the request so that the money is deposited into the recipient’s Payoneer account.

Why should you care? If you are having trouble sending money to a certain business or you need a way to pay a self-employed person, then Payoneer is a fine option for you. If you need to make your payment process faster, easier, and more streamlined, then Payoneer is for you. It may even allow you to send money more cheaply too.

Like a finding a crossbow in a plate museum, it gives you the ability to do something you may not have done otherwise. Payoneer allows others to make a request that you pay, which in essence takes some of the work out of it at your end because you simply wait for your recipient to send the request because you do anything.

Payoneer Review – This Payment Company Has Its Benefits

The ability to send money to other self employed people and other businesses may not seem like a big deal, but it is handy if you have to:

[+] Make frequent payments
[+] Pay numerous people at different times
[+] Send money to a number of different people in one day
[+] Frequently pay the same people
[+] Pay new people on a frequent or regular basis

Payoneer is handy for people who find other payment methods a little too time consuming. It puts much of the payment work into the hands of the recipient. Let the recipient make the request and create the invoice—you simply wait for the request to come through and you click the link to pay it.

Imagine how difficult it would be if you had to set up a new contact within your business bank every time you had a new freelancer or worker to pay. If you frequently hired different people, you would have to spend a lot of time adding them into your business account, verifying the details, and then verifying the payments. Payoneer takes all the work out of it because you just have your new freelancer send you a Payoneer payment request.

You May Try Payoneer If You Have To Pay A Business Or Self-Employed Person – Payoneer Review

If you are running a business and you need to pay five or more employees, then there is a company account option. If you opt for a company account option, then you may pay your staff on a regular basis with Payoneer.

However, if you are just looking for a way to pay self-employed people or businesses you are dealing with, then Payoneer may make it easier for you. Even if the recipient doesn’t have a Payoneer account, you may have Payoneer pull the money out of your bank account and send it to your recipient’s bank account.

I Don’t Like The Fact That Payoneer Is Often Compared To PayPal – Payoneer Review

Payoneer is similar to PayPal in the same way that Snoopy Doggy Dog is similar to a boy’s church choir. Payoneer was built to allow businesses and self-employed people to pay businesses and self employed people. PayPal is for merchants, businesses, self-employed people, and private citizens.

PayPal is an all round tool that can be used for a great many things because it has a great many services and features. Payoneer was built for just one thing, and it has a few features that are only useful to a certain subsection of businesses and self-employed people.

I like PayPal more because Payoneer was not built for me. If I pay other businesses, then I do it through their website checkout, with a debit card, or with PayPal, and the same is true if I pay self-employed people. I don’t make a habit of paying other people, and when I do I don’t find it a big time-consuming hassle, so I don’t need Payoneer.

What bothers me is that people compare Payoneer and PayPal (even we have done it), when in essence they are very different services and companies. It is like comparing a car jack to a box of tools. PayPal was built to be a multi-faceted tool with many services that allow you to undertake many tasks, and Payoneer was built to make a single task easier, faster, and maybe even cheaper.

I Think Their Advertising Stinks Like A Skunk In A Paper Mill – Payoneer Review

For the record, go to a town that has a paper mill, and you will discover that…it…just…stinks. Let me get this one off my chest, I think that Payoneer have done a shitty job advertising their services. If they were just honest about it and told people that it is a business-to-business service for streamlining payments, then I would have far less negative things to say about them.

Take a look at this innocent screenshot from their home page.

Screenshot of Payoneer home page

They do say that their service is for receiving money from businesses, and it even says that if you are a business owner, professional or freelancer that there are many ways to be paid. What they don’t mention is this:

  • This service is nothing like PayPal despite its seemingly obvious similarities
  • You cannot load money into your account
  • It is only for sending money and not for paying money
  • The only way to get money into your account is to have it sent

Allow me to explain each point before I explain why I am such a negative Norris about all of this.

“This service is nothing like PayPal despite its seemingly obvious similarities”

Despite the fact that it has some functions of an online wallet, and despite the fact you may also use a MasterCard with your account, it is not actually an online wallet. Payoneer users are only able to receive money, spend money on a card, or withdraw money.

“You cannot load money into your account”

This is a big surprise to some people, and there are forums full of complaints about it because Payoneer doesn’t make it clear in any of their adverts. The only way you may load your account is if you receive the money from somebody else.

“It is only for sending money and not for paying money”

You can pay eBay with your PayPal account if you wish, but you cannot pay with Payoneer. You can send money to other Payoneer users, but you cannot use the account to pay non users unless you have one of their Payoneer corporate accounts and you have more than five employees. If you wish to pay for something with your Payoneer account, you need to enter your Payoneer MasterCard details into the website the same way you would with a credit card.

“The only way to get money into your account is to have it sent”

You cannot send money to your own account because it is not allowed. In order to put money into your account, you have to have another Payoneer user send it to you.

Why Am I Whining About This?

I am not saying that any of the features listed above are bad things. I am simply complaining that Payoneer doesn’t tell you these things before you sign up. Many people, myself included, signed up with Payoneer because it looked like a nice alternative to PayPal, but it isn’t. If Payoneer were just a little clearer when they advertise, I may have had clearer expectations when I signed up.

Payoneer Captured The Disgruntled And Out-Of-Options Market Segment – Payoneer Review

There are businesses out there that are having trouble sending payments to other businesses, clients, suppliers, and workers. There are many reasons for this, which means there are many reasons why people choose Payoneer.

One of the reasons I have found is that there are countries out there that other payment processors will not touch. If they do touch them, they charge high fees, they make you wait many days…or both. Payoneer is not as good as Skrill in this case because Skrill would let you send money up a donkey’s rump if it had its own flag.

There is a disgruntled and out-of-options market segment that needs a company like Payoneer. I may not like Payoneer because of its withdrawal fees and its shitty customer service, but there are people out there who are paying far less and waiting fewer days for payments because of Payoneer.

Payoneer Offers A Way To Streamline And Simplify The Payment Process – Payoneer Review

As I mentioned earlier, there are self-employed people, small and medium sized businesses that have to dedicate a lot of time to paying a range of different people. This isn’t the case for businesses that have the same employees working the same contract for the same amount of money. There are companies out there that have to pay a range of new people, and they have to pay them different amounts and on different days. Handling the e-paperwork for such a venture takes a lot of time, and time costs money. With Payoneer, the person receiving payment does most of the work. The payer need only check the attached invoice and payment amounts before sending payment.

The Payer Pays The Fewest Fees – Payoneer Review

The payer is the one who benefits the most from Payoneer. Not only does it streamline the payment process because the receiver does most of the work, but it is the receiver who pays the bulk of the fees.

Unless the payer has an upgraded account, it is the receiver who pays most of the fees. The receiver pays a 1% fee for receiving the money, pays 2% to withdraw the money to a bank account, and even pays a further 2% if the receiver wishes to convert the currency of the payment. A receiver has no way of avoiding the fees when using Payoneer because even if the receiver uses his or her Payoneer MasterCard to withdraw funds, he or she is still charged a flat fee of $3.15.

Again, I must mention that I am talking about Payoneer users who have the regular/standard account. Not the people who have upgraded their account because they have five or more full-time staff members. If you run a larger business, then there are going to be extra fees if you are a payer; however, an upgraded account means you can do things such as pay into a receiver’s bank account so that your receiver’s do not need a Payoneer account.

Payoneer Review – The Fee Schedule

Are their fees uglier than a Democrat’s rant about an -ism (racism, sexism, underpants-ism, etc.)? Or uglier than a Republican’s rant about gay marriage, (if gays want the legal rights that allow their partners to take half their stuff, then let em). Payoneer’s fees are not terrible, but they do not favor the receiver. There is one fee that bothers me, but I will rant about it after showing you their fees.

  • Receive payments in the US, and it will cost the receiver 1.00% of total amount each time a payment is received.
  • The annual account maintenance fee for the Payoneer MasterCard is $29.95 per year.
  • Replacing a Payoneer MasterCard costs $12.95 per card.
  • Withdraw from an ATM, from a bank teller, or via cash-back from a store, and it costs $3.15 plus any additional fees added by the ATM or bank teller.
  • If your withdrawal is declined by the ATM, then Payoneer charge you $1.00 per transaction, and you have to pay whatever extra fees the ATM adds on.
  • If you use an ATM to inquire about your balance, then it costs you $1.00 plus any fees the ATM adds on.
  • Withdraw your money into a bank account and it costs 2.00% of your transfer amount.
  • If you wish to convert your money from one currency to another, then Payoneer gives you the mid-market rate, but they also slap on a 2.00% fee.

The Ugly Fee

Don’t you agree that the balance inquiry fee is just greedy? It doesn’t cost the company anything to show you your balance on an ATM. If the user has picked a greedy ATM that charges for balance inquiries, then that is the user’s choice, but Payoneer latch the balance inquiry fee onto every balance inquiry no matter which ATM you use.

I know I am supposed to be writing a balanced Payoneer review and yet I am whining about a $1.00 fee, but there is simply no need to add a fee for checking your balance. It is unfair, but mostly, it is greedy. It’s the type of fee that is added on by brainless administrators that come in and promise to increase profits, and then do it by adding unnecessary and unfair fees. It is the same as a grocery store charging you for visiting their store because they had the lights on when you visited. Oh, and by the way, we will be charging you for reading this paragraph because technically you have rented our knowledge with your mind.

I Still Feel Like I Am Being Too Kind, So Here Are A Few Issues That May Occur

Part of the application process relies on humans. This wouldn’t be a problem in some cases, but the human-element in this case is allowed to make decisions that require more than a yes or a no. It leads to some of the problems people complain about when Payoneer says that their account is under review. It is usually because of some sort of human error or misunderstanding, which often happens if an application is deemed to be incomplete.

Updating Your Account Takes A Little Longer Than It Should

Updating your account seems to be hit or miss. One of the most common problems is that people try to update their account in one way or another and the update is not confirmed at Payoneer’s end. It may show that your bank details have been changed on your account, but money is still sent to your old account. After changing your bank details, you should wait a few days for it to be confirmed at their end before you make any withdrawals.

Verification Is Required Before You Can Pull out Money

A common complaint is that people sign up for Payoneer, they have money transferred, and then they are unable to withdraw their money because they have not provided identification. You are able to receive money into your Payoneer account very soon after you apply, but if you want to draw it out, then you need to go through the Payoneer identity process, which may take a few days.

The Card Re-Order Botheration

Payoneer doesn’t offer the same protection that banks and credit unions offer. For example, if your MasterCard is lost in the post, then it is your problem. The company may issue a customer service ticket where you may show that you reported it, but you are mostly on your own. You will need to re-order another card and have it sent to your address again, which also means you have to pay the replacement card fee. Seems like a bit of a rip off. I once bought a book on how to be a millionaire and half the pages were ripped out—I only made half a million.

You Can Not Trust Good User Comments

Payoneer has a very good affiliate program that pays a fair amount of money. I have even seen fake reviews on user-reviews websites where positive reviews claim that the negative reviews are from competitors. Payoneer has a lot of good points and is a good company for some people (not all), but Payoneer does screw up from time to time; do not take overly positive reviews too seriously because they are probably being paid for their opinion.

The Verification Process Is Long

Be careful if you are looking to draw your money out quickly. Payoneer makes it very easy to sign up and get through all the e-paperwork, but withdrawing your money is tricky. Quite a few people have complained about how difficult it is to withdraw their money. The verification and ID portion of your account takes a long time and presents you with numerous factors that may go wrong. If you are looking into using Payoneer for the first time, then beware that you will not receive your money quickly. Only when you are fully verified and a trusted customer will the company allow you to withdraw your money in a timely manner.

Payoneer Review Conclusion – Should You Use Payoneer?

I don’t want to come down too hard on Payoneer, especially since the biggest part of their terrible reputation revolves solely around their atrocious customer service department. Plus, I know I am a little biased on the subject, so I will conclude by saying this. If you run a business where your accounts and payroll systems take an overly long time, and/or are too expensive, then consider Payoneer. The Payoneer payment system suits the payer far more than the receiver when it comes to efficiency and streamlining. If Payoneer can save your company some money, then go for it. Saving money is always a good place to start, but remember that misers aren’t much fun to live with, but they make great ancestors.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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