Buy Bitcoin with Payoneer
Payoneer is a financial services company based in New York. The company was founded in 2005 and specializes in simplifying online payments within the United States and internationally. Payoneer has more than four million users in over 200 countries worldwide and can process cross-border payments in more than 150 countries.
The company’s services are used by numerous large companies in the eCommerce world such as Amazon, Google, Airbnb and Upwork. If your company sends or receives online payments – whether at home or abroad – Payoneer’s services could be very helpful. Although companies like PayPal usually have a similar offering, Payoneer focuses more on international transactions and claims to offer lower overall fees than its competitors.
Bitcoin Exchanges that accept Payoneer
However, let’s be clear about a service that Payoneer does not offer: The company is neither a merchant account provider nor a payment service provider (PSP) like Square or Stripe. Payoneer’s core services facilitate the transfer of funds from one party to another. Apart from that, the company does not offer you much in terms of traditional merchant services. Although it may be tempting to use Payoneer as a cheaper alternative to a full merchant account, it will simply not work for this purpose in many cases. Yes, you can make and receive payments by credit card, but the fees for this type of transaction are much higher than what most merchant accounts would charge. Because a payment gateway or virtual terminal is missing, it is a bad choice for high volume eCommerce companies. Payoneer works mainly for freelancers and companies that regularly work with international customers. It is also useful if you make or receive many B2B payments.
Even if your company could benefit from Payoneer’s payment service, there are some strong disadvantages. Although the company does not charge monthly fees and does not keep you trapped in a long-term contract, you will have to pay an annual fee of $29.95 for the MasterCard you receive to your account. In addition, there are numerous hidden fees, such as a monthly fee for account inactivity. If you don’t use your account, it can quickly accumulate large sums. In addition, we have seen numerous complaints about poor customer service and data security, which raise the question of the overall value and reliability of the Payoneer offer.
Despite these problems, Payonerr is a popular payment service that, under the right conditions, could be an advantage for your business. For the time being, we rate the company with 4 out of 5 stars, as the advantages outweigh the disadvantages of the service. Read on to learn more about the Payoneer service and how it can help your business.
- Monthly account overview without fees for early contract termination
- Free payments from Payoneer to Payoneer accounts
- Best suited for freelancers and international companies
- No payment gateway or virtual terminal
- Annual fee of $29.95
- High fees for credit card transactions
It is no surprise that so many Payoneer testimonials are left behind by freelancers and international companies. Merchants who simply need an easy way to make and receive payments for/from other companies – and who don’t need the extra features of a full service merchant account – will find many things to benefit from with Payoneer. The ability to convert currencies with Payoneer and transfer money to local bank accounts around the world is a compelling advantage for many.