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Requesting a Refund on Payoneer Transaction

Pranjal by Pranjal
May 6, 2022
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Requesting a Refund on Payoneer Transaction
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What is Payoneer?

Payoneer is a cross-border payment service. It enables businesses and professionals to transact across around 200 currencies and nations. Payoneer has been operating for nearly five years, but in that time, they’ve amassed a sizable user base and worked with some of the most well-known firms, including Google, Fiverr, Getty Images, and Airbnb.

The brand’s goal is to empower everyone and provide them with the opportunity to transact – from one-person operations to more giant corporations.

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To give you a sense of what Payoneer is, some other options in the industry are PayPal, Neteller, EntroPay, and Wise. Payoneer is believed to be more economical than some of these options in some cases – but at the end of the day, it all depends on your personal needs.

How to use Payoneer?

This is how you would utilize Payoneer if you were going to transact with a beneficiary.

  1. To transact, both you and the beneficiary must have a Payoneer account.
  2. Convert the payment amount using the current currency rate.
  3. Transfer the funds to the account of the beneficiary.
  4. The money is subsequently transferred to the beneficiary’s local bank account (fees will apply).

You have the following options if you want to be paid:

  1. If you’re invoicing a client directly, you’ll give them your receiving account details, which they’ll use to make a bank transfer. You can also request a payment through Payoneer, which will be sent to your client through email.
  2. If you’re working with an affiliate platform, you’ll be able to select Payoneer as a payment method. This method allows you to receive large sums of money.
  3. Finally, you can accept payments from another Payoneer account into your Payoneer account.

Pros and Cons of Payoneer

Pros:

  • Make and receive transactions almost anywhere in the world quickly and conveniently.
  • A diverse range of payment options to meet your requirements
  • When compared to other platforms, the currency conversion fees are fair.

Cons:

  • The service terms and conditions are pretty severe and complicated.
  • Other costs might be levied, and these can quickly mount up.
  • Currency conversion is only available for funds deposited into your Payoneer account. This feature is also restricted to business transactions only.

Refunding a Payoneer Transaction

To dispute a transaction, Payoneer recommends contacting and resolving the issue with the merchant at first. If the payment is still not refunded by the merchant, you can contact Payoneer for help. It can take as much as 90 days to dispute a card transaction with Payoneer. If the basis for your disagreement is that a service was not given or a product you paid for was not delivered, you have only 30 days from the transaction date to submit a dispute.

Services provided by Payoneer 

Global Payments 

This service gives you an international receiving account that will enable you to take payments in various currencies. When you receive a foreign currency payment, it is transferred into your Payoneer account. However, you only can consider signing up for global payment services as a business. In addition to collecting payments, you will be able to make free payments to global consumers.

Currency Conversion

Once you begin receiving foreign currencies in your Payoneer account, you can exchange the funds for a currency of your choice, such as your home currency. Payoneer swaps currency at the interbank rate and charges a 0.5 per cent commission on the amount converted. You will be charged an extra 2% if you withdraw money to a bank that employs a different currency.

This service is only available for business transactions and can be utilized only if you have money in your Payoneer receiving account. These fees and taxes will vary based on your organization and transaction volume. You can save thousands of dollars each month by using Payoneers’ currency conversion service.

Billing

If you need to bill a customer, you can do it with a single click. Payoneer will then send them a payment request, and the money will be sent immediately into your receiving account. Likewise, this service is limited to businesses who want to bill for goods and services. This solution is especially beneficial for freelancers and enterprises to streamline their financial operations.

Supplier and Contractor Payments 

You can make free payments into other Payoneer accounts as a Payoneer user. For example, if your contractors and suppliers have Payoneer accounts, you can pay them without converting currencies or dealing with bank accounts. Many large corporations use Payoneer for a reason.

Conclusion

Overall, Payoneer is an excellent platform to utilize only for commercial transactions. They also provide valuable services for firms who want to transact on a single platform. Some of their processes are more complicated than they need to be, but sending and receiving funds is simple once you grasp how everything works. You can also connect Wise and Payoneer for Transfer of money. Over time, Payoneer’s fees can also quickly pile up, although this is true of most sites of this type.

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