Payoneer is one of the world’s leading payment solutions that allows businesses and professionals to connect with the global market. The platform offers its users and businesses mass payout services regardless of their geographical location.
The platform is well-known for its customer care and support among over 4 million users worldwide. Its users include small and large businesses, professionals, bloggers, etc.
When it comes to using the platform, there are a few pros and cons that users bear in mind. While these pros and cons are not exclusive lists, they should give users a rough idea of what the platform offers. Given below are the pros and cons of using Payoneer below.
Pros of using Payoneer
There are some pros to using Payoneer for its users. First, Payoneer facilitates cross-border payments for users across more than 200 countries and territories. Sending payments to other users is as easy as operating a bank account.
Through these payments, the platform opens many opportunities for businesses worldwide to grow and expand their business worldwide. The platform also supports 7 of the major currencies around the world.
Payoneer allows its users to bill their customers online without additional tools or software. It automatically sends requests to payers when a Payoneer user requests payments, allowing its users to delegate the billing process onto the platform.
Similarly, it helps payers pay using many different options. Therefore, it also makes the receipts process of its users much more effortless.
Another pro of using Payoneer for users, particularly professionals, is its integration with many different online marketplaces, freelancing platforms, and digital networks. It means Payoneer provides them with an all-in-one solution for managing their income and payments online.
For example, the platform has an affiliation with Airbnb, allowing hosts to receive payments from guests through the platform without worrying about managing their income.
Payoneer is also well-appreciated among its users for its customer support. Payoneer employs over 300 customer service employees around the globe that provides its users support in over 70 different languages. They offer 24/7 support to their customers.
They also have a live chat feature, which allows users to chat with their representatives without calling them. Similarly, they can also assist their online ticket system or email.
To top everything off, Payoneer has low costs related to internal transfers or withdrawing funds. Transferring funds from one Payoneer account to another is free of charge to its users.
Similarly, users withdrawing funds to their bank accounts is also free.
Some other charges, mostly commission-based, are low compared to some other platforms. Therefore, these low charges make Payoneer one of the best and preferred platforms among users all around the globe.
Cons of using Payoneer
There are also some disadvantages associated with using Payoneer. While most of its services are inexpensive or free, its prepaid MasterCard service charges are high. Users have to pay $3 to withdraw funds from their Payoneer MasterCard and $1 to check their balance at an ATM.
These charges may not all relate to Payoneer, and some may be from MasterCard. However, the fees are still high. Other card-related charges include a $29.95 annual fee and a $12.95 card replacement fee.
Some users have complained that Payoneer blocked or froze their accounts without a prior warning. The platform did not return those balances for users with balances in these accounts.
While these instances may depend on certain factors, such as suspected fraud or government rules and regulations, Payoneer’s control over accounts is undeniable.
As long as users don’t engage in any suspicious or malicious activities, they won’t have to face this problem. Payoneer also does not provide support for blocked accounts.
Some other users also complain about the platform’s slowness of the customer card department. As mentioned above, the platform has over 300 customer care representatives.
However, it also has over 4 million users. That means every customer care representative serves over 13,000 users.
In normal circumstances, all users shouldn’t need help simultaneously. However, during the busy season, their response times may increase to 5-7 business days. When users need an urgent response, their response time may be a huge disadvantage.
Conclusion
Payoneer is one of the leading financial services providers around the world. The platform works in over 200 countries and territories.
Using the platform has many advantages, which include cross-border payments, billing services, affiliations with top marketplaces, customer services, etc.
However, it may also have some disadvantages. Its cons include high MasterCard service charges, sudden account blocking or freezing, and slow customer service response times.