Websites using Payone

Okay, let s break down Payoneer, covering its overview, revenue, alternatives, pricing, and customer care.

What is Payoneer?

Payoneer is a global payment platform that facilitates cross-border payments for businesses, freelancers, and professionals. It acts as a bridge, enabling users to send and receive money in different currencies, manage international payouts, and access working capital solutions.

Key Features and Services:

• Global Payments: Receive payments from marketplaces, clients, and partners worldwide.
• Multi-Currency Accounts: Hold funds in various currencies (USD, EUR, GBP, etc.) and convert them when needed.
• Payment Requests: Send payment requests to clients, making it easier for them to pay you.
• Withdrawals: Withdraw funds to your local bank account or Payoneer card.
• Payoneer Mastercard: Use a physical or virtual card to spend funds online or in-store where Mastercard is accepted.
• Mass Payouts: Businesses can use Payoneer to send payments to multiple recipients globally.
• Working Capital: Access short-term loans to grow your business.
• VAT Payment Solutions: Solutions to pay your VAT obligations in various countries.

Revenue:

• Payoneer is a publicly traded company (NASDAQ: PAYO). Therefore, its revenue is reported publicly in its financial statements. To get the most up-to-date figures, check their investor relations page on their website. You can usually find quarterly and annual reports there.
• General Revenue Model: Payoneer generates revenue primarily through transaction fees, currency conversion fees, account maintenance fees (in some cases), and interest on loans provided through its working capital solutions.

Alternatives to Payoneer:

Here s a list of popular alternatives, categorized for clarity:

• General Cross-Border Payment Platforms:

  • Wise (formerly TransferWise): Known for its transparent fees and mid-market exchange rates. Excellent for sending and receiving money and holding balances in multiple currencies.
  • Remitly: Good for personal transfers, but also has options for businesses.
  • WorldRemit: Another popular option for sending money internationally, focusing on remittances.
  • OFX (OzForex): Offers competitive exchange rates and personalized service, suitable for larger transactions.
  • Skrill: A digital wallet service that facilitates online payments and money transfers, similar to PayPal but with a greater focus on international transactions.
  • Revolut: A financial super-app that offers multi-currency accounts, virtual cards, and investment options. Suitable for both personal and business use.
  • Airwallex: Caters to businesses with global payment needs, offering multi-currency accounts, foreign exchange, and payment acceptance capabilities.
  • PingPong Payments: Focuses on cross-border payments for e-commerce sellers, providing competitive rates and services tailored to online businesses.

• Specific to Freelancers/Contractors:

  • Deel: A platform specifically designed for managing international payroll and compliance for remote teams and contractors.
  • Papaya Global: Similar to Deel, offering a comprehensive solution for global payroll and workforce management.

• Marketplace-Specific Solutions:

  • Many online marketplaces (like Amazon, Etsy, Upwork, Fiverr) have their own integrated payment solutions, which might be simpler to use if you primarily operate on those platforms.

Pricing:

Payoneer s pricing can be complex and varies depending on the services used and the specific circumstances. Here s a general overview of the types of fees to expect:

• Receiving Payments:
  • From other Payoneer users: Often free or a very low percentage.
  • From Marketplaces (Amazon, etc.): A percentage of the transaction (e.g., 1%).
  • Via Global Payment Service (receiving payments like a local bank transfer): Can be free in some cases or involve a small percentage.
• Withdrawing Funds:
  • To your local bank account: Typically a percentage of the withdrawal amount.
  • To your Payoneer card: Fees apply to ATM withdrawals and purchases (often a small percentage).
• Currency Conversion: Payoneer charges a fee (a percentage markup) on top of the mid-market exchange rate when converting currencies. This is a key area to compare with alternatives.
• Account Fees: Payoneer may charge inactivity fee if the account is inactive for a certain period.
• Card Fees: Payoneer may charge fees for card activation, maintenance, or replacement.

Important Notes on Pricing:

• Transparency: Carefully review Payoneer s fee schedule on their website. Pay close attention to the currency conversion rates and any hidden fees.
• Negotiation: If you re a high-volume user, you may be able to negotiate lower fees with Payoneer.
• Comparison: Always compare Payoneer s fees with those of its competitors for your specific use case. Use online calculators to estimate the total cost of a transaction.

Customer Care:

Payoneer offers various channels for customer support:

• Help Center/Knowledge Base: A comprehensive online resource with articles and FAQs.
• Email Support: You can submit inquiries via email.
• Phone Support: Payoneer provides phone support in multiple languages. The availability of phone support may vary based on your location and account type.
• Live Chat: Available in some regions and for certain types of inquiries.
• Community Forum: A place to ask questions and get help from other Payoneer users.

Customer Care Considerations:

• Response Times: Response times can vary depending on the channel and the complexity of the issue. Check online reviews for recent feedback on customer service responsiveness.
• Quality of Support: Customer opinions on the quality of Payoneer s support are mixed. Some users report positive experiences, while others have encountered difficulties.
• Self-Service Resources: The Help Center is a good place to start for common issues.

How to Choose the Right Payment Platform:

• Your Business Needs: Consider the types of payments you need to send and receive, the currencies you work with, and your transaction volumes.
• Fees: Carefully compare the fees of different platforms for your specific use case.
• Exchange Rates: Pay close attention to the exchange rates offered, as this can significantly impact your costs.
• Security: Ensure the platform has robust security measures in place to protect your funds.
• Ease of Use: Choose a platform that is easy to use and integrates well with your existing systems.
• Customer Support: Consider the availability and quality of customer support.
• Geographic Coverage: Make sure the platform supports the countries and currencies you need to transact with.

In conclusion: Payoneer is a well-established global payment platform that can be a good option for businesses and freelancers. However, it s important to carefully compare its fees and services with those of its competitors to make sure it s the right fit for your specific needs.