Payoneer offers a range of payment solutions for ecommerce businesses. When you open a Payoneer account, you can receive payment in eight different currencies – and from a range of ecommerce marketplaces – into one account. You can then monitor and manage all of your marketplace payments in one place, allowing you to track incoming and outgoing payments as well as withdraw funds to your local bank account.
If you sign up for Payoneer’s Global Payment Service, you can receive local currency payments from marketplaces in the following countries and regions:
United Kingdom (British pounds)
Europe (Euros)
United States (US dollars)
Australia (Australian dollars)
Japan (Japanese yen)
Canada (Canadian dollars)
Mexico (Mexican pesos)
This means that you’ll receive payments a lot faster as buyers will be paying you directly in their local currency. There will also be a lot less of your profits lost to fees and exchange rate mark-ups when converting your funds back to pound sterling.
To accept payments using the Global Payment Service, you’ll need to do the following:
Log into your Payoneer account and select the currency you want to receive.
Payoneer will provide you with the details for a receiving account in that currency.
Log into your ecommerce marketplace account and update your payment information with these details.
When you receive or request a payment from the marketplace, it will be sent via local bank transfer to your Payoneer account.
If you’re selling on Amazon marketplaces around the world, you’ll also be able to take advantage of Payoneer’s Amazon Store Manager feature. This allows you to connect an unlimited number of online marketplaces to your Payoneer account, combine all your Amazon income information on one platform and track all your Amazon revenue and payments in a single place.
Store Manager is compatible with the following Amazon marketplaces:
Amazon.co.uk
Amazon.com
Amazon.fr
Amazon.de
Amazon.es
Amazon.it
Amazon.com.mx
Amazon.ca
Amazon.co.jp
Why should I use this instead of PayPal?
Many online sellers receive payment via PayPal and opt to use the platform to manage their international payments. However, managing your sales revenue and payments through PayPal does have a few disadvantages:
Payment fees apply. When you sell something and you receive payment via PayPal, a fee applies. This fee is 2.6% + 20p for PayPal Wallet payments from the UK, or 3.6% + a fixed fee for international PayPal Wallet payments.
Currency conversion fees apply. If you’re paid in a foreign currency that you want to convert into pound sterling so you can withdraw the money to your linked bank account, PayPal’s conversion rate is 2.5% above its base exchange rate.
Poor exchange rates. If you want to send an international payment from your PayPal account, the exchange rates offered typically can’t match those offered by dedicated money transfer services.
By comparison, Payoneer’s fees and exchange rates could potentially help you save money when managing your international payments.
What are Payoneer’s fees?
When you enrol in the Global Payment Service, there are no fees for receiving payments in any currency except USD, which will attract a fee anywhere in the 0-1% range.
If you want to withdraw money from your Payoneer account, the fee you’ll pay varies depending on whether you’re withdrawing funds to a bank account in the same currency or a different currency:
If it’s the same currency, a £1.50 fee applies.
If you’re withdrawing to a bank account in a different currency, Payoneer adds a margin of up to 2% above the mid-market exchange rate.
How do I set up a Payoneer account for my ecommerce store?
You can register for a Payoneer account by completing the following steps.
Navigate your way to the Payoneer website and click on the “Register” link in the top right-hand corner of the screen. Choose a company account.
You’ll then need to fill out a registration form with your company information. You’ll need to provide your full name, email address and date of birth, along with the company name, a website URL and the type of business you run.
The next step is to enter your address and mobile number.
Now it’s time to create a password and set up a security question for your account. You’ll also be required to upload the details of a valid ID document, such as your driver’s licence or passport.
In a nutshell
Pros
Expanding into major global markets. Payoneer offers accounts in multiple currencies, which can help your ecommerce business save money if you want to expand into major markets like the US, Europe and China.
Easy to set up and use. Payoneer’s sign-up process is straightforward and its online platform makes it simple to manage your account. There’s also a mobile app so you can manage your balances on the go.
Supports multiple currencies. The Global Payment System lets you receive payments in eight currencies – GBP, EUR, USD, AUD, CAD, CNY, JPY and MXN.
Access to funds. You can withdraw funds from your account via local bank transfer or by loading them onto a prepaid MasterCard linked to your account.
Cons
Disappointing exchange rates. Payoneer’s margin of 2% above the mid-market exchange rate is quite high.
Slow support. Payoneer offers multilingual customer support 24/7; however, some users have complained about slow response times from Payoneer’s support team.
How does Payoneer compare to other services?
Table: sorted by a combination of service offering and the amount your recipient will receive
If you want to see how Payoneer’s fees and features compare to those of its competitors, check out the table below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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