Based in New York City, USA, Payoneer was founded in 2005 with the idea of making online payments simple and convenient. The company has over four million users globally and can process transactions in over 150 currencies.
Payoneer inhabits a niche within the online payments industry in that it offers neither a merchant account nor payment processing services for eCommerce merchants, preferring instead to concentrate on facilitating direct consumer to consumer payments with a focus on making international payments easier.
Whilst eCommerce transactions may not be Payoneer's strong point it excels in person to person payments and for that reason, it is the perfect foil for Freelancers and international companies who want to make business to business payments.
If you are currently using Paypal to process payments on your website then Payoneer is not going to be a replacement but it will be a great addition to your payment processing tools as the fees are significantly less than other person to person transaction services.
Payoneer Account Details
Payments from a Payoneer account to another Payoneer account are free of charge. This is a massive improvement over Paypal's horrible person to person transaction charges.
Local bank transfer payments are also free of charge
Credit card payments are subject to a flat 3.0% processing fee.
Payoneer Mobile Apps
There are Mobile Apps available for both Android and IOS which enable you to conveniently track payments on the go.
There are several video tutorials on the Payoneer website which will give you an overview of the payment processing system and bring you up to speed quickly. A dedicated support centre has answers to the most commonly asked questions and there is also a dedicated support forum. There are also email, live chat and telephone support options.
Payoneer is a great choice for freelancers and people who consistently make person to person payments. The renewal fee for the prepaid Mastercard is probably one of the few negatives coming in at $29.95 but that's not excessive compared to similar card fees. If you make a lot of payments you'll easily save that fee and more compared to Paypal.