What is Payoneer Payment Gateway: Features, Fees and more

The landscape of cross-border payments and global business has transformed dramatically in recent years. Traditional banking methods are now being challenged by innovative solutions and new entrants, like Payoneer offering a bunch of financial services. This article explores Payoneer Payment Gateway, delving into its features, fees, and user reviews to provide a comprehensive overview of this modern cross-border payment solution.

Founded in New York in 2005, Payoneer is a global payments platform that enables businesses to send and receive international payments in over 70 currencies. It offers multi-currency virtual accounts in the US, EU, UK, Japan, Australia, Mexico, and China, along with flexible payment modes like bank transfers and credit/ debit card payments.

In India, businesses can request and receive global payments through Payoneer Payment Gateway. The platform also offers free digital FIRAs for international payments, streamlining compliance. Ordinarily, payments made via local bank transfer or wire transfer/ SWIFT payments take approximately three business days to reach the payee's account.

With the exponential rise of global commerce, Payoneer has integrated with various online marketplaces like Airbnb, Getty Images, and Fiverr, helping businesses expand their customer base, access the global market and receive payments from these platforms. However, some users have reported issues with these integrations. For instance, this user seems to be dissatisfied with Payoneer’s integration with Toptal. 

Additionally, Payoneer offers enterprise solutions, including mass payouts and API support for automating and managing payments, making it a versatile choice for global transactions.

Is Payoneer Available in India?

As we have already discussed Payoneer Payment Gateway is available in India both for businesses and freelancers to request and receive global payments. Its enterprise offering also provides businesses with global mass payout solutions. However, note that the Payoneer card is not currently available in India.

Is Payoneer safe?

Payoneer is licensed and regulated by multiple government authorities, including the OPGSP framework in India and is generally considered safe for use. 

However, there have been occasional security issues. For instance, earlier this year, many Payoneer users in Argentina reported suspicious activities in their accounts. Additionally, some users have shared experiences of their accounts being hacked or frozen without prior notice. While Payoneer is generally trusted for its security measures, such incidents can raise concerns among current and future users. Having said that Payoneer is committed to strengthening and bolstering its security to detect and eliminate any kind of payment fraud.

How to create a Payoneer Account?

Creating a Payoneer account is free. Here’s how you do it:

Verify Your Email: Before finishing, check your inbox for a verification email from Payoneer and follow the instructions to confirm your email address.

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Payoneer Fees: A Quick Glance

Opening a Payoneer account is free, but sending, receiving, and withdrawing payments involves various fees. Here’s a breakdown:

Receiving Payments:

Withdrawing Payments:

Once you receive payment in your Payoneer account, you can withdraw it to your local bank account. However, be aware that Payoneer fees apply depending on the currency of your account.

Fixed Fees for Same Currency Withdrawals:

If you withdraw the amount in the same currency in which the payment was made, the following fixed fees apply:

USD to USD: $1.50

EUR to EUR: €1.50

GBP to GBP: £1.50

Different Currency Withdrawals:

A 2% forex markup is applied if you withdraw in a different currency. For example, if the payment was made in USD and you withdraw in INR i.e. your local currency, you’ll receive INR 84.28 instead of INR 86 at the prevailing exchange rate.

Additional fees, such as bank processing, landing, or intermediary fees, may also be deducted if applicable. 

Annual Account Fee:

Payoneer charges $29.95 annually if your account is inactive for 12 months.

Understanding these fees can help you make informed decisions when using Payoneer for your transactions.

For a detailed breakdown of Payoneer Fees, click here

Payoneer Reviews: Customer Care, Usability and Fees

With over 5 million customers, Payoneer is undoubtedly a safe and trusted platform for cross-border payments. Let’s take a look at some Payoneer reviews to gauge the opinion of users on various aspects of Payoneer Payment Gateway. 

Ease of Use 

Many users appreciate Payoneer for its ease of use and smooth transactions. Its user-friendly interface and integrations with platforms like Airbnb, Getty Images, and Fiverr make it a popular choice for businesses and freelancers to handle international payments.

Customer Service

Many users have found Payoneer’s customer support to be unsatisfactory. A common complaint is that support agents often lack a thorough understanding of their own platform. Additionally, users have reported instances where their accounts were put on hold without prior notice.

Fees

While some are impressed by Payoneer’s low fees, others find it steep, particularly for small businesses. 

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Payoneer Payment Gateway alternatives to take note of

While Payoneer is a leading name in cross-border payments, its limited customer support and relatively high fees have prompted many to seek alternatives.

PayPal is a popular alternative and a prominent name in global finance. It offers cross-border payment services, but unlike Payoneer, it doesn’t provide multicurrency virtual accounts, making international payments more costly. Although PayPal’s ease of use and credibility make it a solid Payoneer alternative, many users look for more affordable options to receive global payments.

Skydo emerges as another strong alternative, offering a fast, secure, and cost-effective solution for businesses to receive cross-border payments in India. With its flat fee structure, dedicated customer support and seamless onboarding, Skydo has become a go-to choice for companies and freelancers to manage their global payments. Additionally, platforms like Wise and Stripe are also viable substitutes to Payoneer for receiving international payments 

Choosing the right payment partner for your business is crucial. Issues like the lack of FIRA, forex markups, and currency conversion fees can make international transactions costly and inconvenient.

That’s why make sure to compare and analyse, user experience, pricing, support and compliance provisions and seek professional advice before selecting your international payment provider.