Who or What is Payoneer?

Who Is Payoneer?

The company “Payoneer”, founded in New York, has existed since 2005. It is a provider of financial services that enables or simplifies payment transactions over the Internet. Furthermore, the supply of working capital is made possible by this provider.

The globally active provider can now show impressive figures thanks to its successful business. At the end of 2019, the number of customers was over 4 million, the benefits of which are made possible by almost 1,200 employees. In the same year, the financial services provider was valued at around one billion euros.

Due to the strongly increasing sales volume of “Payoneer” in Southeast Asian countries since about 2015, the company decided to invest more in that continent.

In the meantime, locations have been set up in the Philippines, Japan, South Korea and China. In order to keep an eye on the European market, a company office was also opened in London.

The great success of this company is based on the input of a total of four people, who incorporate extensive experience and specific knowledge into the provider’s decision-making process and have meanwhile generated over € 200 million in investment funds.

Founder of Payoneer: The founder and President Yuval Tal

CEO of Payoneer: Scott Galit (CEO) previously worked as an investment banker and previously held the CEO position of the IT company “Solspark”.

COO of Payoneer: Keren Levy (COO) gained several years of experience in various areas of the financial sector.

CFO of Payoneer: Michael Levine (CFO) previously worked in commercial banking and also gained experience in investment banking.

What Is Payoneer?

What functions does a Payoneer business account offer?

If you apply for a “Business” account from “Payoneer”, you have various options for digital money transfers.

For example, both receiving incoming payments and making payments is possible. In the following we want to take a closer look at the three essential parts of this account.

Receiving international payments

1. By specializing in international, business-oriented money transfers, you have several options for receiving your money.
2. An essential aspect is, for example, the link with online marketplaces or networks. When using providers like “Airbnb”, “Upwork” or “iStock” you can have outstanding payments transferred.
3. With the “Payoneer” account there is also the possibility of making simple payments for your customers much easier. Thanks to an integrated function, you can simulate a local checking account. The payments received are immediately transferred from the local account to your “Payoneer” account.
4. Overall, there is the option of making payments in seven different currencies. In addition to the euro and the US dollar, this also includes the Japanese yen, the British pound, and dollars from Canada, Australia, and Mexico.
5. If your customers need a little more flexibility in terms of payment options, you can also accommodate this request.
6. Thanks to the possibility of sending money orders, you can offer your customers various options in this regard. Here, too, the subsequent transfer takes place on the “Payoneer” account.

Management of financial resources

In order to be able to manage your funds sensibly or to be able to make investments under the best conditions, one or the other restructuring may be necessary. As soon as you have received payments from your customers, you basically have two approaches to redistribution.

Structuring method	description
Transfer to your local bank account	Payments received from international customers can be transferred to the bank account of your German bank. The transfer can be done in local currency.
Recovery at ATMs	The customer payments received directly on your “Payoneer” account can also be withdrawn directly from the ATM. Alternatively, you can also use these funds directly for purchases in online shops.

If transfers to third parties are necessary, you also have an advantage under certain conditions. If the recipient also has a “Payoneer” account, no fees will be charged for processing.

Making payments

In the course of your international business it can also happen that various payments are necessary from your side. With the possession of a “Payoneer” account you are also at an advantage in this regard.

Aside from payments to partners or suppliers, you can also meet your legal obligations in this way.

As already mentioned, you can transfer the necessary payments to contractual partners via “Payoneer”. There is the possibility either to deposit directly to another “Payoneer” account or to transfer the transfer to a current account. As already mentioned, the first variant is possible without processing fees.

What costs do I have to plan in combination with my Payoneer business account?

n order to enable the execution of your financial transactions, “Payoneer” also charges processing fees in some cases. Both fixed percentages and variables, such as the shipping location, can be important.

In some cases, there are also fixed fees, which are charged regardless of the amount transferred.

Unspecified payments exist, for example, in connection with the aforementioned networks such as “iStock” or “Airbnb”. In order to receive more detailed information on this, it is worth contacting these companies directly.

“Payoneer” also charges processing costs for transfers to your bank account. You will also be billed for up to two percent of the transferred amount.

If the “Payoneer” balance and the corresponding bank account are set up in the same currency in selected cases, the fee is 1.50 euros, US dollars or British pounds.

As already mentioned, you can make payments to other “Payoneer” accounts and with regard to VAT for free. If the recipient account is not registered with “Payoneer”, a processing fee of up to 2% per order will be charged.

If your “Payoneer” credit and the recipient’s current account are used in the same currency, the fee here is also a flat rate of 1.50 euros, pounds or dollars.

Alternatively, there is also the option of making payments by direct debit or credit card. In these cases, the processing fee is 1% or 3% of the respective amount.

How do I have to proceed to open a Payoneer business account?

The account registration is done directly on the website of “Payoneer”. Under the heading “Business Account” you will find the button which will take you to the online form. Different information is required here, which you have to provide using various sub-steps.

Step 1: First you have to select that you want to use the account as a company account. Then enter the company name and the corresponding legal form. For your person, “Payoneer” requires a full name, an email address and your date of birth

Step 2: Contact details: In the next step you have to enter the country, city, zip code and address of your company. A phone number is also required.

Step 3: Security information: Now you have to define a username, a password and a security question and answer for your “Payoneer” account. Furthermore, the nationality, industry and the commercial register number are required.

If you have carried out these steps, you have to confirm your details again. If you have carried out all steps truthfully, the account can be used by “Payoneer” after a subsequent verification.

What are the conditions of the Payoneer business account credit card?

In order to give you additional flexibility in combination with your finances, you can optionally request a credit card provided by “Payoneer”. You can apply for this credit-based payment method directly via your “Payoneer” account and use it for various business purposes.

Although there are currency-specific differences in this regard, there are also similarities regardless of the currency selected. This applies to both the annual usage fee, which is US $ 29.95, and payments on the Internet and in shops. The latter two processes are each possible free of charge.

In other areas there are different requirements with regard to the currencies used. This affects the following processes:

• Currency conversion/crossing borders
• ATM withdrawals
• Rejection of operations at the ATM
• Check the account balance at the ATM

With regard to currency conversions or border crossings, it is not only your selected currency that can influence the processing fee. The destination country and the existing laws can also be a factor.

Overall, the fee can amount to up to 3.5% of the transaction amount. In the other cases there are uniform graduations.

Transaction type	Cost in euros	Cost in pounds	Cost in dollars
Withdrawal from the ATM	2.50 / transaction	1.95 / transaction	3.15 / transaction
Rejection of operations at the ATM	0.80 / transaction	0.65 / transaction	1 / transaction
Check the account balance at the ATM	0.80 / process	0.65 / operation	1 / process

Can I also use Payoneer in combination with Paypal?

If you also have a “PayPal” account, you can connect to a “Payoneer” account.

An external bank account must be included in your “PayPal” account in order to use that current account as a reference means of payment. Here you can also enter your “Payoneer” account.

Instead of a debit or credit card, you have to select a bank account as the linking option. Instead of the banks provided for selection, you have to select the “Other Bank” button.

Then you only have to enter the account number and any other necessary information for your “Payoneer” account and then confirm your selection.

What functions does the Payoneer mobile app offer?

Optionally, in addition to your “Payoneer” account, you can also use the appropriate mobile app.

This service is offered free of charge and can be used on smartphones with “Android” or “iOS” operating systems. This gives you the opportunity to manage your payments while you are on the go.

If you install the app, you can call up all relevant information about your account and your transactions at any time.

This includes currency and card balances and notifications of transactions in real time. If you would like to pass on your account details to customers, this is also possible with this mobile app.

Can I transfer money to my Payoneer business account?

Unfortunately, it is not possible to increase your balance directly through a bank checking account. Basically, the requirements of “Payoneer” with regard to transfers between two companies with the same owner are very strict.

If you use the “ Prepaid Mastercard” from “Payoneer”, there are also restrictions in this regard. It is not possible to top up the card with another credit or debit card.

Basically you should note that all processes that fall under the category of independent top-ups are generally not permitted by “Payoneer”.

How can I get help from Payoneer?

If there are any questions or problems in connection with your “Payoneer” account, you can contact the provider.

You have a total of four options to choose from. You should note that the service is only available in the main languages ​​mentioned above.

Contact possibility	Conditions
Phone	English customer service is available Sunday through Friday. You can be reached from 8 a.m. to 8 p.m. (time zone EST).
e-mail	You can use a form to communicate your concerns around the clock. Your email address, your name, as well as the main topic and your specific question, are required.
Live chat	This service offers the possibility of communication with an employee in real-time. The function must be selected via your own “Payoneer” account.
Community	You can also ask questions about specific topics and problems in the specially provided forum. Here you also get the opportunity to talk to or network with other “Payoneer” customers.

If you have lost an issued “Prepaid Mastercard” or if it was stolen from you, you can call a special hotline. In contrast to the normal support telephone, this service is available daily and around the clock.

How can I delete my Payoneer account?

You cannot close your “Payoneer” account yourself. For this step it is necessary to contact the “Payoneer” team. Which option you choose for this is up to you. You can choose from e-mail, telephone and the live chat offered.

If you want to reopen your account at a later time after the termination, this can be done by email. Your full name, date of birth and address are required for this. Apart from that, only your wish to reopen needs to be included in the letter.

Payoneer Alternatives

1. Prepaidify
2. NetSpend
3. Green Dot
4. Card
5. Bluebird
6. smiONE
7. American Express Serve
8. PayPal PrePaid
9. RushCard
10. AccountNow
11. ACE Elite
12. Mango Card
13. Kaiku
14. Walmart MoneyCard
15. AchieveCard
16. Payment Depot
17. Bill.com
18. Plooto
19. PaySimple
20. Forte