Deep review of Payoneer for practical and everyday business use
March 24, 2022
Deep review of Payoneer for practical and everyday business use
Score 7 out of 10
Vetted Review
Verified User
Software Version
Business Payment Solutions (Solutions for SMBs)
Overall Satisfaction with Payoneer
Have been using Payoneer since it first appeared on the market. It helped me run my business, because as I am a US person not a US citizen, it allowed me to have US bank accounts connected to payment gateways such as Stripe and my ecommerce websites, and also payments for other services rendered offline or online.
This combination had the added convenience of the Payoneer card, which in my case, as a world traveler, was the only way to withdraw funds and use it to make offline and online purchases for my business.
The service also offers a possibility to withdraw to local bank accounts, something I never used but it's there, if the need arises.
Another convenient feature is to allow payments to your vendors, or get paid by US companies, and later companies from Europe, If I remember correctly, however, in my case it was a feature that was crippled, because I was never able to use a Payoneer bank account to do a wire, only to pay using the Payoneer card, like any regular debit card, and payments from some clients were deemed fraudulent which is ridiculous, because they were from people I know for decades! So these are great limitations.
This combination had the added convenience of the Payoneer card, which in my case, as a world traveler, was the only way to withdraw funds and use it to make offline and online purchases for my business.
The service also offers a possibility to withdraw to local bank accounts, something I never used but it's there, if the need arises.
Another convenient feature is to allow payments to your vendors, or get paid by US companies, and later companies from Europe, If I remember correctly, however, in my case it was a feature that was crippled, because I was never able to use a Payoneer bank account to do a wire, only to pay using the Payoneer card, like any regular debit card, and payments from some clients were deemed fraudulent which is ridiculous, because they were from people I know for decades! So these are great limitations.
- Transfer money from your Stripe account to your Payoneer Bank and then Payoneer card
- Withdraw money at an ATM using the card, although way too expensive.
- Payments using the card online
- As bank accounts are virtual they are way too limited for any significant operation as it doesn't allow any ACH wires.
- Pay vendors is way too complicated unless they are Payoneer partners.
- Getting paid by clients is almost impossible unless it comes from Payoneer partners, every attempt I made was deemed a fraud! Those were long time clients that payed me regularly.
- Ability to connect to Stripe
- Ability to have a card to make payments
- Ability to withdraw to any ATM worldwide
- Connected pseudo bank accounts.
- It made me lose significant business operations due to their strict anti fraud system
- As a thumbs up, all Stripe transcations were flawlessly, but not fees
- Is fast in terms of receiving the funds
Before Payoneer, I used Paxum, a Canadian product, that was or is similar but more expensive. Also used Payza(later Ecopayz), and European alternative, they have their ups and downs, they aren't even listed in the Search above, basically they are both payment gateways that allow using several payment methods, and any payment gateway, the problem is they don't have any bank accounts associated with them, therefore they are more limited in that regard.
Both use a card as the main withdrawal method, and both support international currencies, but there as I mentioned there isn't any bank account associated with them, nor there is a way to connect them to Stripe.
Both use a card as the main withdrawal method, and both support international currencies, but there as I mentioned there isn't any bank account associated with them, nor there is a way to connect them to Stripe.
Do you think Payoneer delivers good value for the price?
Not sure
Are you happy with Payoneer's feature set?
No
Did Payoneer live up to sales and marketing promises?
No
Did implementation of Payoneer go as expected?
Yes
Would you buy Payoneer again?
Yes