Review on Payoneer by Benaiah A. Akinlade
PAYONEER: A Pioneer in Global Payment Services Making Financial Transactions Seamless Between Companies and Freelancers Based Abroad.
In the modern day finance industry, technology has really taken a giant stride in ensuring that payment systems are easier than ever before. Gone are the days when service provision is only limited to be provided by experts living in the same geographical location as their employers. Expert services by freelance professionals can be provided from any part of the globe as the world keeps getting smaller and becoming a global village.
This poses a new challenge to employers on how to pay these freelance professionals that have provided adequate services adequately and efficiently. Different payment structures have been developed in order to solve the problem of swiftly getting funds sent across the globe without stress. Many companies are not comfortable with employing the services of freelance professionals based abroad because processing payment requests from is strenuous and takes too much time to complete, majorly due to difference in national currencies.
Payoneer is one of the very many global payment services where you can send and receive funds from anywhere in the world in three currencies; USD, EURO, and GBP. When you register for a Payoneer account, three virtual bank accounts are opened for you to receive payments in USD, EURO, and GBP. You can also link your local bank accounts to your Payoneer account so that you can easily withdraw your foreign currencies to your local currencies (NGN), as I was able to add my two of my Nigerian banks to Payoneer. You can also request for a Payoneer Card which you can use on ATMs. You are eligible to place order for the card when you have received USD 2,000 or its equivalent in EURO or GBP in your account. Payoneer also allows you to request for a payment after you have received a minimum of USD 5,000 USD or its equivalent in EURO or GBP
You can receive funds from different companies such as Fiverr, Wish, Upwork, and Airbnb among many others. You can also receive payments from other Payoneer account holders as well as send money to them. There is a monthly withdrawal limit of USD 111,000 which can be increased on all Payoneer accounts
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I have not been able to send or receive payments through my Payoneer account, due to the fact that I haven’t been able to get employed by a company or platform that pays using the Payoneer service, but the ease at which the platform is usable and navigable including the services provided is commendable, as it makes the freelance job a good prospect of earning legitimate income.
I also discovered that the Payoneer platform is run like a community project where payment services is not the only thing you can do. There is an opportunity to seek employment and apply for positions at Payoneer for different professional fields with encouraging conditions of service, only that you need to be based in USA or HongKong.
Pros
- Payments from a Payoneer account to another Payoneer account is free.
- There is an encouraging reward for referring people to use Payoneer.
- You can pay non Payoneer customers directly from your Payoneer account to their local bank account through bank transfer.
- There is a 2-step verification process in place to protect your account.
- The platform is available on mobile and web applications.
- Payoneer provides employment opportunities for professionals
Cons
- Payoneer cannot issue cards to customers who have a Russian address.
- The required condition and funds to own a Payoneer card and Request a payment may be too expensive for some people.
