Payoneer is a payment platform which links merchants and customers for secure online transactions. Customers can pay online with a bank account or credit card after receiving requests for payment or invoices from businesses. The money is subsequently transferred to the Payoneer account of the business, where it can be deposited into a bank account or used using a Payoneer debit card.
Payoneer does not allow you to charge your clients directly, in contrast to POS systems. Instead, a company will have to use the platform to request payment and wait for the consumer to do so. Payoneer is also unlike your standard merchant account because it wasn’t set up with a bank and doesn’t have any money in it. Instead, money is sent straight to your company’s Payoneer account, where you must transfer it to your bank.
Payment options supported by Payoneer
In six distinct markets, Payoneer accepts payments and direct transfers into the local receiving accounts:
- US and Europe
- United Kingdom
Customers can use Payoneer to send you local payments in these locations, whether they are consumers or businesses. Clients can now conduct ACH transfers within the US. Credit cards can also be used by customers all over the world to make payments. And other Payoneer account holders can do the same.
Online marketplaces frequently use Payoneer as a backend payment method for vendors or freelancers. As a result, each of these platforms—for instance, Amazon, Airbnb, Fiverr, and Upwork—would deposit money straight into your Payoneer account on the ground in the authorised region.
Payoneer transactions from non-business companies or individuals are not permitted and the platform does not accept payments made through PayPal or other e-wallets.
Canceling a payment on Payoneer
As per information provided by the Team from Payoneer at the Payoneer support center, you are required to contact Payoneer Customer Care in case you want to proceed with canceling a payment that you’ve executed. The details that you may need to keep handy to submit include:
- The Date of the payment
- The Amount of withdrawal
- Payment ID No. for the respective payment (it is displayed on your withdrawal confirmation page in the case of a Withdraw to bank)
- The Reason for canceling the withdrawal (In the case of a withdrawal to bank
If the withdrawal or the transfer has already been processed, it cannot be canceled.
Benefits of Using Payoneer
Mentioned below are some of the advantages and benefits of using Payoneer:
- Service for Cross-Border Payment: Payoneer enables simple and seamless payment transactions whether you transfer or accept payment, just like maintaining your bank account. Better earnings are encouraged with lower operational and transactional costs thanks to this capabilities. Additionally, you can accept payments via the software in a variety of currencies, including the Australian Dollar, Chinese Yuan, and Japanese Yen.
- Quick and Easy Billing: Commercial enterprises benefit when they can efficiently provide a quick and simple method for customers to obtain their billing bills. Your customers can pay you using any method they feel comfortable with thanks to the programme, which enables you to issue compensation requests.
- Completely Integrated Approach: Globally extensive networks and businesses are integrated with Payoneer. This makes it simple to pay money to business partners and employees. The payments made through these partners are automatically credited to a Payoneer-registered account.
- Connected Platforms: Payoneer eliminates the need to direct your users or customers to another website in order to collect money. They are able to use their platforms thanks to the software. They only need to incorporate Payoneer with it. Through the integration of APIs, this connection can be made.
- Multilingual Support Available 24/7: Payoneer offers 24/7 customer support in several languages to make sure you get the help you need anytime you run into problems or have inquiries. This implies that regardless of the language you speak, you can anticipate replies to all of your questions at any time during the day.
You can also check out A full guide to Payoneer payment gateway