There are a number of payment services providers that work globally with customers to make monetary transactions easier. As the world becomes more globalized, the demand for these types of companies increases.
Let’s take a look at the payment services company Payoneer and give them a review.
Products and Services
- Payoneer Account: every Payoneer customer gets a free account within which they can conduct monetary transactions. You can sign up for a free account online within a few minutes. This isn’t a merchant account, but you are still able to make transactions using your credit card.
- Payoneer Prepaid Debit Card: your personal account also comes with a prepaid debit card which you can use for payments once you’ve transferred enough funds. While this isn’t technically a credit card, you are still required to pay an annual fee for having it.
- Mobile App: Payoneer offers a free mobile app with your online account, allowing you to view transactions and check your balance. However, it’s worth noting that you are not able to make payments through the mobile app.
- eCheck Processing: eCheck processing is what makes the monetary transactions possible with Payoneer. However, this will usually require a transaction fee.
- Security Features: while all Payoneer transactions are encrypted, as a customer you’re not privy to their encryption methods. This has resulted in many customers complaining about a lack of transparency and their accounts getting hacked despite this encryption.
Pros and Cons of Payoneer
Let’s summarize the advantages and disadvantages of using Payoneer:
Pros:
- Month-to-month billing system with no early termination fee
- Great for freelancers and companies doing international business
- No fees if transferring money from one Payoneer account to another
Cons:
- No virtual terminal or payment gateway
- Annual fee
- High transaction fees when using your credit card
What Do People Complain Most About?
Payoneer customers seem to complain most about the following issues:
- High fees
- Canceled transactions and frozen funds
- Lax security around personal information, leading to fraud
- Lack of customer service
Payoneer experiences customer complaints just like any other company. However, they also have many glowing customer reviews that are evident on their website. There are a number of people who have used Payoneer without experiencing any of the disadvantages we’ve covered here.
What is Payoneer? An Overview
Payoneer is a financial services company with headquarters situated in New York City.
Payoneer began in 2005 and since then has focused on specializing in facilitating payment transfers online of monetary values throughout the United States and internationally.
Payoneer has grown exponentially since 2005, with over four million users located in 200 different countries. It has the ability to process across border transactions in over 150 different currencies.
Global corporations including Airbnb and UpWork use the services of Payoneer to conduct transactions online. A similar company to this is PayPal – however, Payoneer sets out to have a slightly different focus.
This is found in their international transactions. Payoneer aims to provide customers with lower overall costs than competitors like PayPal.
At this point, it’s worth noting what Payoneer does not provide as a service. It is not a payment service provider, nor is it a merchant account provider either. It purely accounts for the transferring of funds from one party to the other, without providing much else when it comes to traditional merchant features.
This means that Payoneer, while cheaper when it comes to certain fees, will not provide you with what you need when using as an alternative to a full-merchant facilitated company.
The lack of a virtual terminal and payment gateway doesn’t make it an ideal choice if you run a high-volume eCommerce business. The target audience for Payoneer is freelancers and businesses that frequently conduct business transactions with international clients.
Even if your business falls into either or the categories mentioned above, there are still some significant downsides to using Payoneer. While you may not get charged a monthly fee or locked into committing to them for a specified period, you will still have to pay an annual fee to use them.
Additionally, there are also a number of different hidden costs that most people don’t expect when using a service like this, including a monthly debit fee if you don’t use your account a certain number of times.
As well as these disadvantages, we’ve also seen a lot of customer complaints about the lack of customer service that Payoneer provides. There’s also a suspiciously low level of security when it comes to online data. This certainly makes us question the overall reliability and validity of using a service like Payoneer.
However, despite these setbacks, Payoneer is a popular payment service system that many businesses use to conduct national and international payments online. It can be an asset to your company if you fall into the target demographic.
We believe that the benefits of this company generally outweigh the negatives, so while Payoneer isn’t the best option for every business, it can certainly be beneficial for many.
