The bottom line:
Pros & Cons
- No setup or monthly fees.
- Accepts international payments.
- Limited functionality; can’t accept in-person payments.
- Customers report account freezes and terminations, resulting in the loss of funds.
- Must pay a withdrawal fee to move funds from your Payoneer account to your bank account.
- Businesses send payment requests to customers through Payoneer. The customers pay online via a bank account or credit card.
- The funds land in the business’s Payoneer account, then the business moves the funds to its bank account or spends the money via a Payoneer debit card.
- Payments are available instantly in the business’s Payoneer account; however, it can take two to five days after a withdrawal request for funds to appear in the business’s bank account. Immediate ATM withdrawal is available if the business has a Payoneer Mastercard.
- Businesses can use the “Make a Payment” function to send payments to other Payoneer account holders free of charge. If the other party doesn't have a Payoneer account, it can create one to receive payment or Payoneer can initiate a bank transfer. But be prepared to pay a fee.
- Prepaid debit card: All Payoneer account holders have the option of receiving a Mastercard debit card to make payments from their Payoneer accounts. The card also works at ATMs, though it comes with withdrawal fees for USD, EUR and GBP currencies, as well as a $29.95 annual fee.
- Invoices: An integrated online invoice builder allows you to customize and send invoices.
- Security tools: Payoneer is PCI compliant, offers fraud detection to all customers and is AML/CTF compliant to work against issues for international payments.
- Mobile app: Payoneer offers a mobile app for iOS and Android where users can see their account balance, view transactions, make payments and withdraw funds.
- Tax administration: When you create a Payoneer account, you can complete associated tax forms, too. Individual and business tax forms supported by Payoneer include W-9s, W-8s and 1099s. The platform provides users with tax reports through Payoneer's automated record-keeping system.
Payoneer is best for businesses that:
- Sell internationally. Payoneer is available in more than 200 countries and can work with dozens of currencies, including USD, EUR, GBP, CAD, AUD, JPY and CNH.
- Have clients with Payoneer accounts. If another Payoneer customer uses their Payoneer account balance to pay you, there are typically no fees.
- Use e-commerce marketplaces. Payoneer can connect with various shopping carts and online marketplaces, including Amazon and eBay. However, if you also sell in-person, a POS system that can accommodate both sales channels is likely a better option.
Payment processing model
Payment processing fees
None — but there is a $29.95 fee for businesses that receive less than $2,000 in 12 months.
No hardware available.
Payoneer offers customer support by phone, live chat and email messaging. It also has an online knowledge base.
Where Payoneer stands out
Cheaper than some competitors
International payment options
Where Payoneer falls short
Lack of payments features
Reports of account freezes and terminations
Alternatives to Payoneer
- 2.29% plus 9 cents for in-person and QR code transactions.
- 3.49% plus 9 cents for manual-entry card transactions.
- 2.99% plus 49 cents for invoicing (payment made with card).
- 3.49% plus 49 cents for invoicing (payment made with PayPal).
- 2.4%, 2.6% or 2.9% plus 30 cents for online payments for Advanced, Shopify or Basic plan, respectively.
- 2.4%, 2.5% or 2.7% for in-person payments for Advanced, Shopify or Basic plan, respectively.