What Is Payoneer And How It Works - 2022 Review

Vova Even Nov 03, 2022
32 People Read
What Is Payoneer And How It Works - 2022 Review

Disclosure: Hi! It's Vova :) Some of the links in this article may be affiliate links. I get a commission if you purchase after clicking on the link, this does not cost you more money, and many times I can even get a nice discount for you. This helps me keep the content free forever. For you. Thank you! :) 

What Is Payoneer And How It Works - All You Need To Know

Hi! Thank you for visiting my blog. My name is Vova Even, and I have been an active Amazon seller since 2016. I also share tutorials, hacks, and trade secrets on YouTube and Udemy. My goal is to help new, and advanced Amazon FBA sellers save more money while growing consistently.

In today's article, I describe the nitty-gritty of a cutting-edge online banking solution called Payoneer. What it is, who it is for, how and why to use it, can you get capital from Payoneer, does it offer credit/debit cards — I explain it all here.

Not only that, but I also share "
exclusive saving offer" for new Payoneer users, it's linked below for you.. So, if you've any of these concerns in mind, you've come to the right place!

For this post, I was invited as a guest at the Payoneer headquarters in Petah Tikva, Israel. Matan Samovsky, the host and Partnership Manager at Payoneer, was very thorough throughout, and I've done my best to expound on every point he made in detail here.

But in case you're not an ardent reader, don't worry because I also recorded my time at Payoneer, and the video is embedded right below, so you can watch it now. Still, if there's any issue, feel free to bring it up. I'm always happy to help. :)

Key Offers I Share in this Article

  1. Create your free Payoneer account and enjoy these benefits:

    1. A 1.8% withdrawal from the bank (The regular fee is 2%)

    2. ZERO fees for receiving USD into your Payoneer account (The regular sign-up fee is 1%)

    3. Get a gift of $25 when your account balance reaches $1,000

  2. Payoneer Capital Advance Offer Review - All You Need To Know

Freebies & Additional Resources for Amazon FBA Sellers:

  1. Free - 3 eBooks, 3 courses, valued at over $1200

  2. Amazon FBA Community on Facebook

What is Payoneer and Who It Serves

Founded in 2005, Payoneer is a cross-border payments platform that enables more than four million businesses and professionals from over 200 countries and territories to pay and get paid easily. Beyond that, it supports transactions in 150+ currencies, which is more than many other services available online.

Payoneer has also garnered various industry awards and recognitions over time. Recently, it was listed on the Nasdaq Stock Market under the symbol "PAYO." But this is only general information to satisfy you that your funds are safe and secure with Payoneer.

The company serves various verticals, including but not limited to online sellers, eCommerce consultants, freelancers, service providers, and digital marketers. There are also different marketplaces, such as Airbnb, that natively work with Payoneer. And some other eCommerce marketplaces such as Amazon, Wish, Lazada, eBay, and Walmart that have specifically formed partnerships with Payoneer to allow their sellers to connect with it and get paid directly.

While talking about the eCommerce sector, Matan shared that Payoneer has a vision – which is something the company is actively pursuing as well – to develop a solution that meets the financial requirements of any eCommerce organization. In this post, I focus primarily on Amazon eCommerce, where Payoneer is one of just five regulated payment service providers that are approved.

Myself, I've been an active user of Payoneer since 2016.

How Payoneer Helps Receive Money

One of the main solutions Payoneer offers for eCommerce businesses is receiving accounts in different currencies. It makes this possible by partnering up with premier banks in some of the world's most prominent economies. That means you can get paid by international clients and marketplaces as if you had a local bank account in their countries.

For example, if you're selling on Amazon US and want to receive some amount, you can sign up to Payoneer for free and instantly get a USD bank account.

The link above also grants special benefits to you!

1) 1.8% withdrawal to bank (instead of 2%)

2) 0% fees for receiving USD to your Payoneer account (regular sign-up is 1%)

3) Free $25 gift when you reach your first 1K dollars in the account

It wouldn't just be an option to get paid in US dollars, but rather you will get a legitimate bank account with a real routing and account number. It will be an account that you alone will manage, and your clients will perceive it as your original bank account in the United States.

In the same way, Payoneer also provides instant bank accounts in GBP and EUR. But in case you need more options, such as if you have customers in Hong Kong, you can also get help with that.

How to Get Capital Advance for Your Amazon Business

Payoneer offers a capital advance solution for Amazon and Walmart sellers. It's available in multiple currencies, including USD, GBP, EUR, CAD, and MXN. The advance is a fixed, interest-free amount. Payoneer instead purchases an equivalent share of your future account receivables for a predetermined cost.

In general, most traditional banking systems don't know how to evaluate an eCommerce business. "It's a gap that has been widening immensely since the rise of the eCommerce sector, and we at Payoneer have worked diligently to close it," said Matan. He explained that if your Amazon store is connected to Payoneer, we autonomously get the data required to evaluate your business conditions and provide you with instant capital to invest in new markets, new products, PPC, or anything you deem necessary.

As a Payoneer user, I, too, have benefited from this cash advance offer. It's a long story, but I'll cut it short to share the crux of what happened. So the thing is, sometimes, on Amazon, even if things are going well and you can see a steady stream of income flowing in, it takes a while for the money to hit your account. So was the case with me. My sales were booming, and I needed to pay my supplier to get more inventory, but I hadn't yet received my payment. That's when Payoneer came in handy.

I actually have another video with Matan and Valeria from Payoneer that's solely focused on the capital advance solution, and I also shared how this loan helped me in detail there. It's embedded below, so if you want to know more about how it may benefit you, you must watch.

You can also get more info about the capital advance offer

How Payoneer Simplifies Payments

Payoneer offers a vast ecosystem of network partners, including global suppliers, manufacturers, and factories. That implies you can make free payments between Payoneer accounts.

Several eCommerce businesses use this service to pay their suppliers and even service providers and freelancers on a regular basis. Many of those suppliers and service providers are also integrated with Payoneer, making it easier for them to pay directly via the website. You can likewise withdraw the funds too to your local currency bank account.

What is Payoneer New Commercial Business Card

One of the most recent products released by Payoneer is the New Commercial Card. Previously, Payoneer had a debit card, but this latest one functions as a credit card. Its global acceptability, like any other business card on the market, is what makes it so amazing. You can use your New Commercial Business Card to pay for various types of professional needs, such as PPC advertising, social media marketing, online reputation management, brand development, etc. You can also use it for sponsoring your Amazon products.

Another advantageous aspect of this card is that there is no fee for USD charges. For example, if you choose to spend $500 on Google Ads, just $500 will be deducted from your account; no additional funds will be taken out. There are no USD transaction fees. However, a small yearly cost remains the same as with the old debit card.

Besides this, Payoneer provides cashback programs. The amount is dependent on your spending, volume, and demands, but you can inquire with your local Payoneer team for more information.

Get Your Free Payoneer Account Now

Payoneer has exclusively provided me with an affiliate link that, if you use it to create your free account, will give you premium benefits not available to other users. Here they are:

  1. A 1.8% withdrawal from the bank (The regular fee is 2%)

  2. Free of loading fee - No fees for receiving USD into your Payoneer account (Regular sign-up fee is 1%)

  3. Get a gift of $25 when your account balance reaches $1,000

To get started, simply click here. If you already have an active Payoneer account and would like to request a capital advance of up to $750,000, click here. Leverage the offer you are interested in and if there's any question, feel free to ask in the video's comments section. I'll turn around as soon as possible.

And before I leave, I'd like to state that it was an honest review. Payoneer is a useful tool designed to facilitate the payment and receipt of funds for both people and businesses. Use it to your advantage, and you will thank me down the road.

Cath you later!


Vova :)

Disclosure:  Hi! It's Vova :) Some of the links in this article may be affiliate links. I get a commission if you purchase after clicking on the link, this does not cost you more money, and many times I can even get a nice discount for you. This helps me keep the content free forever. For you. Thank you! :)