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This article was last updated May 27, 2014, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
Payoneer, an industry-leading global payments company, provides innovative payment solutions for a borderless world. So far more than 2,000 companies worldwide use Payoneer as their global payout provider and Payoneer serves more than two million customers.
One of the most recent to announce its partnership with Payoneer was the Internet giant Google, which will use Payoneer to process their payments for Google Trusted Stores. The Google Trusted Stores program helps customers identify merchants they can trust online. The Trusted Stores badge is awarded to ecommerce sites that demonstrate a track record of reliability and exceptional customer service.
Google stands behind their merchants that have earned the Trusted Store badge with a $1,000 lifetime purchase protection for shoppers. Payoneer was selected to deliver purchase protection consumer payouts in select countries where Google Trusted Stores operates. Payoneer CEO, Scott Galit, explained that using Payoneer to make online payments will increase sales for merchants and build confidence for consumers, thanks to the system’s seamless, automated payment process that meets Google’s high standards for technology, security and service.
What Does Payoneer Do?
The most utilized function of Payoneer is to send funds to businesses and individuals. There are a lot of services that can do that, like long-known PayPal, but Payoneer allows you to send funds wherever they may be locate, in mass payouts or single payouts, with the ability to send funds in the currency and payout method of their choice.
Payoneer services are available in more than 200 countries and include flexible ways to receive your funds such as bank funds transfers, prepaid debit cards, international wire transfers, and local eWallets. Transactions can be completed in over 60 currencies, too, making Payoneer a truly global platform. Check out their complete list of countries and currencies, here.
Funds can be transferred in quite a few different markets such as for affiliates so they can immediately receive commissions and payouts, while avoiding fees. Payoneer even works with stock photography websites to distribute royalties and commissions. Check out the other markets available with Payoneer.
Payoneer makes account management easy by offering a multi-lingual mobile app that lets you view your account balance and have it tabulated in 20 different currencies. The app is available in 19 languages, and gives you direct access to your account to review your transactions and payment history. The app is available in the Apple store and on Google Play.
At this time, residents of the United States are not able to apply for the Payoneer account. If you are a US resident, however, and want to receive incoming funds from a company that pays with Payoneer, that is doable –here’s how. Additionally, Payoneer currently only accepts applications from companies that can transfer at least $5,000 per month.
The Payoneer Prepaid Debit MasterCard
Payoneer issues its own prepaid plastic, a MasterCard that is honored worldwide everywhere MasterCard is accepted, and works just like any other prepaid debit card and can be used to make purchases online, in stores, and at ATMs. Since this card isn’t a conventional full-fledged credit card, however, it can only be used after you load it or prepay it with funds of your own. While that may limit your borrowing capacity, all other prepaid cards work that same way.
The advantages of using the Payoneer Prepaid Debit MasterCard include the fact that you do not need a bank account to qualify for the card and there are no overdraft fees, and payees will have cash in hand within 2 hours of the transfer. The best benefit of this card is the fact that it comes with multilingual customer support and comes with low cost payouts.
Anyone age 18 or older can sign up for the Payoneer card in order to receive payments from any of the thousands of companies that use Payoneer. Payees can receive funds at an ATM using the Payoneer Prepaid Debit MasterCard. Check out their Prepaid MasterCard FAQs page for additional information.
Terms and Conditions
- Annual account maintenance is $29.95 per year and will be withdrawn from your available account balance each year.
- A card replacement fee will be charged in the amount of $12.95 per card.
- ATM withdrawal or POS/Bank teller cash disbursement fee of $3.15 per transaction. Additional fees may be applied by the ATM provider for cash withdrawals.
- ATM decline fee of $1.00 per transaction.
- ATM balance inquiry of $1.00 per transaction.
- A monthly inactivity fee may be collected if no transactions and no payments have been posted to your card within the last 30 days. If assessed, the charge will be a recurring charge that you’ll have to pay each month until funds are added.
Additional fees and other specific information could not be located because Payoneer keeps referring users to “see a full list of pricing and fees….via your online My Account page.” Additionally, some fees are different depending on your country of residence. For example:
- There is a foreign transaction fee applied to any transaction processed in a currency other than your own. The currency conversion rate is “based on either a wholesale market rate or the government-mandated rate in effect one day prior to the processing date for the transaction and may include all charges assessed by MasterCard.”
- If you close your account any funds remaining in the account can be redeemed. You may be charged a redemption fee, unless you ask for the funds to be transferred to another card managed by Payoneer.
*Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.