Whether you’re involved in e-commerce (running an independent website or an Amazon store) or freelancing, collecting payments is crucial.

Payoneer, a leading payment platform, simplifies the process of collecting money from foreign platforms into domestic bank accounts. Compared to other platforms, Payoneer’s payment collection process is relatively straightforward, with lower transaction fees.

This article will discuss the pros and cons of using Payoneer, guide you through the registration process step-by-step, share strategies for collecting money with Payoneer, and answer potential questions you might have.

What is Payoneer?

Founded in 2005, Payoneer is a global online payment processing platform headquartered in New York. It is widely used for collections and payments worldwide.

Currently, Payoneer operates in over 190 countries, supports more than 70 currencies, serves over 5 million customers, and is an official partner recommended by more than 2,000 markets and platforms, including Amazon, eBay, Airbnb, Fiverr, and Upwork.

What Can I Do with Payoneer?

Collections

For those involved in cross-border e-commerce, Payoneer allows you to send payment requests to customers. They can make payments via credit cards, online banking deductions, or direct bank transfers.

Freelancers can connect their Payoneer account to platforms like Upwork or Commission Junction. This is similar to having a local bank account in a foreign country, enabling you to directly receive payments in various currencies.

Moreover, you can receive money from another Payoneer user’s balance without any charge.

Payments

With Payoneer, you can make payments to anyone worldwide, whether they use Payoneer or not.

Inside Payoneer, you have the option to establish a multi-currency account. Benefiting from low exchange rates and transaction fees, you can convert the funds in your account to any desired currency.

Additionally, you can apply for a Payoneer prepaid card to make purchases or withdraw cash anywhere in the world in the local currency.

Managing Multiple Platform Stores

Payoneer is highly beneficial for those in cross-border e-commerce. Through Payoneer’s merchant center, you can manage stores across various markets, platforms, and networks from a single location.

Directly from the Payoneer backend, you can view your income, expenses, balances, and transaction records. This feature also allows you to carry out data analysis and reporting.

How to Register for Payoneer

Payoneer offers personal and business account types, which have similar functions.

• A personal account is usually used by individual freelancers.
• A company account is typically used for cross-border e-commerce and store openings. If you open an Amazon Europe, UK, Lazada overseas, etc., you need to register a corporate account to collect payments. The information on your Payoneer’s account must match the registration information on the e-commerce platform.

Try to complete the registration information in one go, as the page may time out, requiring you to refill the form. If refilling, ensure the information matches the previously filled details to avoid a review.

Click the link to register a Payoneer account

1. On the registration page, fill in your:

• • Name, email address, and date of birth. Manual review and ID document upload will follow, so ensure the name and birthday details match the ID document.

2. Fill in the address, including the house number.

• • Input the correct mobile phone number as a mobile phone verification code will be required.

3. Fill in your password, security questions, and identity information.

• • • The password should have a minimum of 7 characters, including at least 1 letter (a-z) and a number.
    • For security questions, it’s advisable to write down the answers. If you do not log in to your account for a while, you’ll need to answer the security question. Remember, English letters are case-sensitive.
    • Identity information: ID number or passport number. You will need to upload an ID photo later, so ensure the numbers are correct.

4. Add an UnionPay debit card or a bank card. Use your own card if possible.

• • • • ID number: Input the ID number.
      • Account name (English): fill in the bank card holder’s name, with the first name first and last name last.
      • Account number: Fill in the domestic bank card number, usually 16 or 19 digits.
      • The branch name, province, and city name, using the full name of the branch provided by the issuing bank.
      • It’s recommended to provide a real link for the store URL to aid the audit process. The main URL plus https:// is the link that reviewers can click to access the website. Failure to provide or providing an incomplete URL may result in a failed review.

After completing the above information, you’ll be directed to the registration success page.

5. Check your mailbox. You should have received an email from Payoneer, asking you to provide additional information.

• • Log in to the account and fill in 2 more security questions. It’s advisable to note them down.
  • Upload photos of the front and back of your ID card.

Once the submission is successful, a staff member will call to confirm some details, such as the account’s purpose, where payments will be accepted, etc.

If everything checks out, your account will be approved. I received the approval email within an hour.

Payoneer’s Handling Fees

Collection: Receiving money from Payoneer’s partners or other Payoneer users is free of charge.

• A 3% fee is applied when using Payoneer’s payment request function.
• A fee of 2.9% is applied when using Payoneer’s e-commerce platform.

Withdrawal: There is a 1.2% handling fee when withdrawing funds from your Payoneer account to a local bank account.

Payment: Making payments to other Payoneer users is free of charge.

• If you use Payoneer’s global payment service to make payments to bank accounts in other countries, a 2% fee applies, with a minimum charge of $1.

Advantages and Disadvantages of Using Payoneer

Advantages of Payoneer:

• The payment and collection speed is very fast, typically completed within 24 hours.
• The operation and use are straightforward. You just need to register an account to make global payments and collections, eliminating the need for multiple bank accounts or payment platforms.
• Compared with other payment collection platforms, Payoneer’s fees are relatively low. Using Payoneer’s multi-currency account, you can conduct currency exchanges and transfers at lower than market exchange rates and handling fees.

Disadvantages of Payoneer:

• Although Payoneer is usable in many countries, there are still some regions where Payoneer accounts can’t be used. You can view details on Payoneer’s official website.
• The customer service of Payoneer is sometimes not timely and effective, and you might have to wait a while for a response or problem resolution.

Payoneer FAQ

• How many Payoneer accounts can a person or company have?

A person or company can have up to 5 accounts, with each account requiring a different email address for registration.

• Can a personal Payoneer account be converted into a company account?

No, you cannot directly switch to a company account. You must apply for a separate company account. A person can have 1 personal account and 1 company account under their name.